(PRWEB) June 05, 2014
Russia is the leading producer of oil in Europe. Russia produced 10,280 million barrels per day as per 2011 estimates. It accounted for nearly 59% of the total Europe production. Russia is the world’s second-largest oil producing country after Saudi Arabia. Norway produced 2,039 million barrels per day in 2011, and accounted for 12% of the total production. High-energy consuming countries such as the U.K., France, and Germany have negligible production and high demand, hence are dependent on Russia and the Middle East. Significant production from offshore fields and an annual investment of around $29,000 million on offshore field development may be the further market drivers for rental equipment in the country.
The European & Eurasian oilfield equipment rental market is estimated to be around $4,321.2 million for the year 2013, and is expected to reach $8,441.0 million by 2018, with a CAGR of 14.3%.
Browse through the market data tables, figures and detailed ToC on the “European & Eurasian Oilfield Equipment Rental Market”.
South & Central America Well Intervention Market
South & Central America includes Brazil, Venezuela, Mexico, and Argentina as major oil producers. The South & Central America region has about 17.6% of the world’s proven oil reserves. Venezuela, the country with the highest oil reserves, accounts for about 90.0% of the oil reserves in this region, most of which is heavy & extra-heavy crude. The reserve to production (R/P) ratio in this region is very high and shows a growing trend with the discovery of new reserves signifying high exports in this region.The South & Central America well intervention services market was valued at $2,013.8 million in 2013, and is projected to reach $3,987.3 million by 2018, to grow at a CAGR of 14.6% from 2013 to 2018.
Asia-Pacific Well Intervention Market
The consumption of oil & gas in the Asia-Pacific region has been increasing at a steady rate since 2001, and this trend is expected to continue to 2030. The consumption of crude oil, particularly in China and India, has increased by nearly 60% as compared to 2006. Oil reserves are limited, and its supply-demand balance would be stable only till 2024. The region has less than 4% of the world’s proven reserves, implying a high rate of redevelopment and rehabilitation of oilfields in the region. This leads to a great need for well intervention/workover services in order to increase the oil supply within the region and achieve the energy security. The Asia-Pacific well intervention services market was valued at $1,239.8 million in 2013, and is projected to reach $2338.2 million by 2018, to grow at a CAGR of 13.5% from 2013 to 2018.
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