Report Description

Saudi Arabia Drilling Services Market is anticipated to grow at a steady pace in the forecast period, 2024-2028, Saudi Arabia is anticipated to invest significantly in the domestic upstream sector to increase crude oil production capacity to about 13 million barrels/day by 2027, which is anticipated to be a major factor driving the market during the forecast period.

The drilling of unconventional deposits, which necessitates directional or horizontal drilling to improve contact with the pay zone and significantly boost output, is one factor that is predicted to fuel the market for drilling services.

Increasing Production Capacity in Saudi Arabia

The demand for oil and gas has increased. This is explained by the acceleration of economic development. In Saudi Arabia, this movement was already well-established. Nonetheless, in recent times, use of oil and gas has also increased significantly in rising nations. People have now extra money due to the fast industrialization of emerging nations, and as a result, they are spending it on more pleasures, which raises the demand for oil and gas from Saudi Arabia.

The development of the market is anticipated to be constrained during the projected period by increased investments in renewable energy, as well as emission reduction and other environmental targets.

The largest unconventional natural gas field in the world, the Jaffurah Shale play, has attracted significant investment, and as a result, the unconventional segment of the market is anticipated to expand at the fastest rate throughout the projected period.

The nation is attempting to boost production capacity to take advantage of the high price environment, which is anticipated to improve Saudi Arabia's economic earnings. In 2021, Saudi Arabia produced an average of 9124.7 thousand barrels of crude oil per day. To meet its goals, the nation wants to expand gas output by over 50% by 2030 and increase crude oil production capacity to nearly 13 million barrels per day by 2027.

Rising Saudi Aramco Investment in Drilling Services Market

Saudi Aramco awarded subsurface and Engineering, Procurement, and Construction (EPC) contracts totaling USD10 billion in December 2021. For the first ten years of development, capital spending in the field is predicted to total USD68 billion. In addition to supporting the nation's future aspirations for producing hydrogen and lower-carbon electricity, the area is anticipated to bring in petrochemicals company.

According to Saudi Aramco, upstream capital expenditures increased from SAR 73,651 (USD 19,640) million in 2020 to SAR 88,758 (USD 23,669) million in 2021, a 20.5% rise. Additionally, state-owned oil and gas company Saudi Aramco announced intentions to increase capital expenditures (CAPEX) to USD 40–50 billion in 2022, up nearly 50% from 2021, with further growth anticipated through 2025.

The market is anticipated to be strongly driven during the projected period by such major targets and investments for accomplishing the targets.

Recent Developments

  • The modification work for four KFELS B Class jack-up rigs was finished by Keppel O&M in October 2022. These rigs are anticipated to be chartered by Arabian Drilling Company (ADC) and ADES Saudi Limited Company (ADES) and to generate more than USD 250 million in revenue over the following three to five years. Saudi Aramco is anticipated to use the jack-up rigs.
  • In September 2022, Saudi Arabia awarded a long-term directional drilling contract to National Energy Services Reunited Corp. (NESR). Directional drilling (DD), measurement while drilling (MWD), performance drilling, well engineering, and logging while drilling (LWD) services are all included in the contract's scope and will be provided for a maximum of four years.


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Market Segmentation

The Saudi Arabia Drilling Services Market is divided into services, application, end user  region and competitive landscape. Based on Services, the market is segmented into Directional Drilling (Measurement While Drilling, Logging While Drilling, Rotary Steerable System and Others and Non-Directional Drilling. Based on Application the market is divided into Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater).  Based on End User, the market is segmented into Oil & Gas, Mining, Water Exploration, and Others. Based on Region the market is segmented into Eastern Region, Northern & Central Region, Western Region, Southern Region.

Market Players

Major market players in the Saudi Arabia Drilling Services Market are Dowell Schlumberger Saudi Arabia Limited Company, Weatherford Al-Rushaid Co. Ltd., Halliburton Company, Baker Hughes Saudi Arabia Ltd, Saudi Aramco Nabors Drilling Company, National Oilwell Varco Inc., Valaris PLC, Noble Corporation PLC, Saipem SpA, Arabian Drilling Company.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Services

By Application

By End User

Regional scope

Eastern Region, Northern & Central Region, Western Region, Southern Region

Key companies profiled

Dowell Schlumberger Saudi Arabia Limited Company, Weatherford Al-Rushaid Co. Ltd., Halliburton Company, Baker Hughes Saudi Arabia Ltd, Saudi Aramco Nabors Drilling Company, National Oilwell Varco Inc., Valaris PLC, Noble Corporation PLC, Saipem SpA, Arabian Drilling Company

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Saudi Arabia Drilling Services Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

            ·         Saudi Arabia Drilling Services Market, By Service:

o   Directional Drilling

§  Measurement While Drilling

§  Logging While Drilling

§  Rotary Steerable System and Others

o   Non-Directional Drilling

            ·         Saudi Arabia Drilling Services Market, By Application:

o   Onshore

o   Offshore

§  Shallow Water

§  Deepwater

§  Ultra-Deepwater

            ·         Saudi Arabia Drilling Services Market, By End User:

o   Oil & Gas

o   Mining

o   Water Exploration

o   Others

            ·         Saudi Arabia Drilling Services Market, By Region:

o   Eastern Region

o   Northern & Central Region

o   Western Region

o   Southern Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Drilling Services Market.

Available Customizations:

 TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
Saudi Arabia Drilling Services Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

1.1. Market Definition

1.2. Scope of the Market

1.3. Markets Covered

1.4. Years Considered for Study

1.5. Key Market Segmentations

2.    Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3.    Impact of COVID-19 on Saudi Arabia Drilling Services Market.

4.    Executive Summary

5.    Voice of Customers

6.    Saudi Arabia Drilling Services Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Services (Directional Drilling (Measurement While Drilling, Logging While Drilling, Rotary Steerable System and Others) and Non-Directional Drilling)

6.2.2.    By Application (Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater))

6.2.3.    By End User (Oil & Gas, Mining, Water Exploration, Others)

6.2.4.    By Region

6.2.5.    By Company 2022

6.3.  Market Map

7.    Northern & Central Region Drilling Services Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Service

7.2.2.    By Application

7.2.3.    By End User

8.    Western Region Drilling Services Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Service

8.2.2.    By Application

8.2.3.    By End User

9.    Eastern Region Drilling Services Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Service

9.2.2.    By Application

9.2.3.    By End User

10. Southern Region Drilling Services Market Outlook

10.1.       Market Size & Forecast

10.1.1. By Value

10.2.       Market Share & Forecast

10.2.1. By Service

10.2.2. By Application

10.2.3. By End User

10.2.4. By Country

11. Market Dynamics

11.1.       Drivers

11.1.1. Continuous Launch of New Tools & Services to Boost Production to Shape Market Dynamics

11.2.       Challenges

11.2.1. Increasing Inclination towards Adoption of Clean Energy Technologies May Obstruct Market Growth

12. Market Trends & Developments

12.1.1. Developments in the Hydrocarbon Industry & New Oil Field Discoveries to Bolster Market Prospects

13. Policy & Regulatory Landscape

14. Saudi Arabia Economic profile

15. Company Profiles

15.1.        Dowell Schlumberger Saudi Arabia Limited Company

15.1.1. Business Overview

15.1.2. Key Revenue and Financials (If Available)

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. Key Product/Services

15.2.       Weatherford Al-Rushaid Co. Ltd.

15.2.1. Business Overview

15.2.2. Key Revenue and Financials (If Available)

15.2.3. Recent Developments

15.2.4. Key Personnel

15.2.5. Key Product/Services

15.3.       Baker Hughes Saudi Arabia Ltd

15.3.1. Business Overview

15.3.2. Key Revenue and Financials (If Available)

15.3.3. Recent Developments

15.3.4. Key Personnel

15.3.5. Key Product/Services

15.4.       Halliburton Company

15.4.1. Business Overview

15.4.2. Key Revenue and Financials (If Available)

15.4.3. Recent Developments

15.4.4. Key Personnel

15.4.5. Key Product/Services

15.5.       Saudi Aramco Nabors Drilling Company

15.5.1. Business Overview

15.5.2. Key Revenue and Financials (If Available)

15.5.3. Recent Developments

15.5.4. Key Personnel

15.5.5. Key Product/Services

15.6.       National Oilwell Varco Inc.

15.6.1. Business Overview

15.6.2. Key Revenue and Financials (If Available)

15.6.3. Recent Developments

15.6.4. Key Personnel

15.6.5. Key Product/Services

15.7.       Valaris PLC

15.7.1. Business Overview

15.7.2. Key Revenue and Financials (If Available)

15.7.3. Recent Developments

15.7.4. Key Personnel

15.7.5. Key Product/Services

15.8.       Noble Corporation PLC

15.8.1. Business Overview

15.8.2. Key Revenue and Financials (If Available)

15.8.3. Recent Developments

15.8.4. Key Personnel

15.8.5. Key Product/Services

15.9.       Saipem SpA

15.9.1. Business Overview

15.9.2. Key Revenue and Financials (If Available)

15.9.3. Recent Developments

15.9.4. Key Personnel

15.9.5. Key Product/Services

15.10.     Arabian Drilling Company

15.10.1. Business Overview

15.10.2. Key Revenue and Financials (If Available)

15.10.3. Recent Developments

15.10.4. Key Personnel

15.10.5. Key Product/Services

16. Strategic Recommendations

17. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Increasing inclination towards adoption of clean energy technologies may obstruct market growth.

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The dominant region in Saudi Arabia drilling services market is Eastern region, as in the eastern region there are maximum number of drilling wells that are in operation.

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As field projects are underway and crude oil consumption is increasing, there is likely to be an increase in demand for drilling services in Saudi Arabia.

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The key players in the Saudi Arabia drilling services market include Dowell Schlumberger Saudi Arabia Limited Company, Weatherford Al-Rushaid Co. Ltd., Halliburton Company, Baker Hughes Saudi Arabia Ltd, Saudi Aramco Nabors Drilling Company, National Oilwell Varco Inc., Valaris PLC, Noble Corporation PLC, Saipem SpA, Arabian Drilling Company.

profile

Parvati Sharma

Account Manager BD
Press Release

Saudi Arabia Drilling Services Market is expected to Register a high CAGR in the Forecast Period

May, 2023

Growing demand for energy consumption and rising drilling project investments to propel the Saudi Arabia Drilling Services Market growth in the forecast period.