Africa Drilling Services Market is Estimated to Reach $5,632.8 Million in 2019 - A Report by MicroMarket Monitor
(PRWEB) April 25, 2015 -- The African drilling services market was valued at $18,019.2 million in 2014, and is estimated to reach $22,169.5 million by 2019, at a CAGR of 4.2% during the forecast period of 2014 to 2019.
Browse through the TOC of Africa Drilling Services Market for an analysis of industry trends and segments, with the help of various tables and figures.
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Directional drilling is the most frequently employed service in the onshore application segment of the African drilling services market. This is due to the fact that most directional wells in the African region are drilled onshore. The onshore application segment of the African drilling services market is expected to gain additional share in the coming years, considering the high energy requirement potential in most onshore areas such as Angola, Nigeria, Algeria, and Egypt. Leading oil companies are making investments in the African region to increase their profit margins. The onshore application segment of the African drilling services market is projected to constitute a major part of the overall market due to continuous increase in oil demand from Asian countries.
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Capital spending by exploration and production companies has been on rise in the past few years and is expected to lead the way in the coming years as well. In the African region, Angola and Nigeria led the E&P investments, which were largely driven by shallow water activities.
The rising demand for energy is putting pressure on field operators to increase oil production. The depletion of existing oil & gas reserves has necessitated exploration of new reservoirs, which, in turn, is fueling the growth of the directional drilling services segment of the African drilling services market. The offshore drilling application segment of the African drilling services market is also expected to witness tremendous growth in the coming years due to the continuous increase in energy demand and the depletion of existing hydrocarbon reservoirs.
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Angola held the largest market share in the African drilling services market in 2014, accounting for a market share of 27.9%. It was followed by Nigeria with a market share of 22.9%.
The main services in the concerned market are logging & bottom hole survey, tubing/packer failure & repair, stimulation, artificial lift, and others. On the basis of geography, the market has been segmented into countries such as Egypt, Angola, and Nigeria. Offshore is the main application of the African drilling services market and held 61.7% of the market share in 2014. The key players in the African drilling services market are Schlumberger Ltd. (U.S.), Weatherford International Ltd. (Ireland), Halliburton Co. (U.S.), and Baker Hughes Inc.(U.S.).
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