The oilfield services market in Middle East was exposed to increased exploration and production activities in the past five years 2009-2014. The fundamental outlook of the oilfield services during the last five years surged with the increased capital spending in the market and a robust demand for energy. The spurred investments in the deepwater and ultra deep water upstream segments, changed viewpoints of the NOCs in Middle East, enhanced production techniques, hiked drilling activities and other market dynamics harbored the need of OFS in Middle East.
The companies which provide drilling services such as Noble Drilling Corporation, Transocean, Nabors Industries and others were engaged in providing the services on contractual basis. These companies provides drilling rigs, associated equipments and tools along with the related crew, and charged the upstream companies on day rate basis majorly. Global OFS and drilling services industry underwent significant changes during the former five years 2009-2014 which resulted from volatile commodity prices, capital spending by E&P companies and unconventional drilling and production activities.
Oilfield services companies cater to a large number of services. The Oil Country Tubular Goods (OCTG) comprising of the drill pipes, casings and other equipments has been the largest and fastest growing segment of oilfield services in Middle East. The second largest share in the oilfield services of Middle East was held by the pressure pumping services. The demand of the pressure pumping services marched upwards due to increased demand in hydraulic fracturing and high demand for pumps & treating iron. A year on year growth was witnessed in the pressure pumping market in Middle East, driven by surged fracking intensity and cementing, acidizing and multi stage hydraulic fracturing.
The drilling services industry of Middle East demonstrated strong fundamentals, a well-built growth and increased activity as compared to any other region across the globe during the past few years 2009-2014. The demand for drilling services is budding up with growing drilling activities in onshore as well as in offshore oil fields. Some of the drilling services like directional drilling, land drilling, offshore drilling, well service and work over are becoming essence, with the amplified development of oil & gas exploration and production activities.
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Ankur Gupta, Head Marketing
Ken Research Private Limited