Key players in South & Central America Drilling Services Market include Halliburton Co.(U.S.), Schlumberger Ltd. (U.S.), Baker Hughes Inc. (U.S.), Weatherford International Plc (Ireland), and Superior Energy Services Inc. (U.S.).
(PRWEB) April 20, 2015
The drilling services market in South & Central America was valued at $36,063.9 million in 2014, which is estimated to reach $47,889.5 million by 2019, at a CAGR of 5.8% from 2014 to 2019.
Browse through the TOC of South & Central America Drilling Services Market for an analysis of industry trends and segments, with the help of various tables and figures.
Directional drilling is most frequently adopted in offshore applications. However, in the South & Central America region, most of the directional wells are drilled onshore. As per the study, in the next five years, the offshore application is expected to gain an additional share in Brazil, Argentina, and Venezuela whereas the onshore application share is set to decline. However, the offshore application of directional drilling services is set to constitute a major part of the overall market, which is due to an increase in offshore drilling activities, particularly in the deepwater and the ultra-deepwater regions.
Capital spending by exploration and production companies is on the rise; this trend is expected to continue in the near future. In South & Central America, Brazil and Venezuela lead the E&P spending, this is largely driven by deep-water activities.
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The rising energy demand exerts pressure on the field operators to increase the production of oil. As the existing oil & gas reserves are depleting, the need for directional drilling services is gaining its pace. On account of heavy demand for oil and continuous reduction in the replacement of depleting hydrocarbon reservoirs, the offshore drilling services market will experience a tremendous increase in demand in the years to come.
Brazil held the largest market share of 36% in 2014 within the South & Central America drilling services market, followed by Venezuela with a market share of 26%.
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The main services in the concerned market are drilling waste management, contract drilling, logging while drilling, and directional drilling. The market has been analyzed in terms of major countries in the South & Central American market, such as Brazil, Argentina, and Venezuela. Offshore is the main application of the South & Central America drilling services market with 52.4% of the market share in 2014. Key players dominant in drilling service market are Schlumberger Ltd. (U.S.), Weatherford International Plc (Ireland), Halliburton Co. (U.S.), and Baker Hughes Inc. (U.S.).
Europe Oilfield Services Market
The European oilfield services market was valued at $45,592.5 million in 2014, and is projected to reach $60,017.5 million by 2019, at a CAGR of 5.7% from 2014 to 2019. The growth of this market can be attributed to the rise in exploration activities of new reserves, which requires increased drilling activities.
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