Summary

Market Size
Global Oilfield Services Market reached US$ 283.16 billion in 2023 and is expected to reach US$ 451.51 billion by 2031, growing with a CAGR of 6.01% during the forecast period 2024-2031.
Oilfield service (OFS) is in vital importance in the upstream operations of the oil and gas sector, primarily in offshore assets. Oilfield equipment and services encompass all the goods and services utilized in the upstream sector for petroleum production and exploration. The commercial enterprises involved in this industry provide services for the production, upkeep, and restoration of equipment utilized in the extraction and transportation of oil. Areas of expertise for effective field operations encompass the identification of energy sources, assessment of drilling and formation conditions, management of energy data, geological sciences, and several other related services.
Oilfield services encompass specialist services integral to hydrocarbon exploration, drilling, well management, well completion, intervention, production enhancement, and reservoir appraisal, all aimed at ensuring the effective functioning of oil and gas fields globally.
Oilfield services are specifically designed to tackle a wide range of problems, by adjusting to different geological conditions, depth intricacies, and well structure. Their versatility is shown in their ability to provide support for a wide range of applications, including traditional drilling, unconventional shale plays, offshore deep-water projects, and assisted oil recovery techniques.
An emphasis on technology-driven efficiency and environmentally responsible practices characterizes the development of the oilfield services business in these regions. The customization of these services to suit the specific requirements of different regions demonstrates a dedication to maximize the extraction of hydrocarbons while successfully moving towards a more environmentally friendly energy future. Sustained advancement in oilfield services will be crucial in satisfying changing extraction requirements and conforming to worldwide environmental concerns.
Market Dynamics
Technological Advancements And Expanding Shale Gas Production: A Catalyst For Growth In The Oil And Gas Sector: 
Shale gas refers to a kind of natural gas that is confined within shale strata. As a result of the limited permeability of the shale deposit, these gasses are unable to enter the well. Nevertheless, the progress in technology, notably in the areas of directional drilling and hydraulic fracturing, has significantly contributed to the augmentation of shale gas extraction from these crucial reservoirs. Conducting shale exploration in the oilfield necessitates a diverse array of equipment and services. Specifically, China possesses the most extensive shale reserves, with a significant proportion of its output originating from the Sichuan Basin situated in the Chongqing region. The nation increased its production to 30 billion cubic meters per year starting in 2020 and intends to further increase it to 80-100 billion cubic meters per year by 2030, using sophisticated drilling equipment and technology employed in shale gas exploration.
Growth in energy demand and profitable investment prospects in the oil & gas sector are expected to drive up production and exploration activity in the next years. For example, i3 Energy PLC granted Baker Hughes GE an oilfield service contract to conduct drilling operations at the Liberator and Serenity assets located in the North Sea. The majority of global oil output is expected to come from conventional onshore oil. According to the DNV-GL Energy-Transition-Outlook, the rise in oil production in 2022 amounted to 83 million barrels per day (MBB). Furthermore, the output of unconventional onshore oil is projected to increase double to roughly 22 million barrels per day by 2035, representing almost 30% of the total global crude oil production. Therefore, it is anticipated that the ongoing expansion of production and exploration operations in the oil and gas sector will stimulate market growth in the next years.
Impact Of Crude Oil Price Volatility, Safety Concerns, And Geopolitical Uncertainties:
The oil and gas sector is currently facing rigidity in crude oil prices, which may be ascribed to the fluctuations in the combination of demand and supply of crude oil. Besides intensifying competition between the US, OPEC countries, and non-OPEC countries, this fluctuation greatly upsets the market demand. The increased cost of oil leads to delays in forthcoming projects and investments, therefore halting drilling operations and causing a decline in oilfield production. Therefore, it is expected that fluctuations in crude oil prices will impede the pace of market expansion.
The primary deterrent considerations for the global market are the growing worries over operational safety and pollution resulting from extraction, refining, transportation, and other activities conducted in oil and gas sectors. Drilling activities present environmental and worker safety hazards. Therefore, the application of rigorous safety protocols, utilization of environmentally friendly drilling fluids, and ongoing innovation to reduce environmental effects are anticipated to minimize the consequences of the restrictions.
Furthermore, the investment in oilfield services has been sometimes adversely affected by volatile oil prices and geopolitical uncertainties. The presence of these uncertainties leads to market volatility, which in turn impacts the demand for exploration and production activities and, consequently, restricts the utilization of oilfield services.
Market Segment Analysis
The global oilfield services market is segmented based on type, service, location of deployment, and region.
Based on the service, production dominated the market :
Increasing efforts in oil recovery and well-testing in existing oil and gas fields are expected to result in the production sector capturing a greater market share. This area encompasses a range of oilfield services, including artificial lift systems, floating production vessels, support vessels, well-testing services, subsea equipment, enhanced oil recovery, digital oilfield facilities, and other production services.
In October 2023, Transocean declared that it has successfully obtained a fresh extension contract for three of its onshore drilling rigs. One of those drilling rigs is currently being used in India through a contractual agreement with Reliance Industries Limited, at a daily hire cost of US$ 330,000. The contract was extended until October 2025, with a higher daily rate of US$ 348,000. The rig will undergo a 45-day preparation period once the present contract is over in December 2023, before starting the new contract.
The projected growth of the completion and workover segment is attributed to the extensive utilization of hydraulic fracturing services and wireline logging services in the oilfield throughout the forecast period. Petroleum and gas resource production and development, as well as the supply of solutions for evaluating stimulation performance, determining water shutdown, and ensuring tube and multiple casing integrity in oil wells, expedite the completion and workover phase. Other notable services examined within this sector include well intervention, completion fluid management, sand control, and mud logging.
Market Geographical Share
The oilfield services market in North America is estimated to account for the largest share:
North America possesses one of the most advanced offshore oil and gas sectors worldwide, particularly concentrating on the extensive reserves in the Gulf of Mexico and offshore Alaska region. The expansion of drilling depths over time has led to a substantial growth in the quantity of technically recoverable reserves, which has in turn attracted investments in the offshore oil and gas industry of the region. Owing to the aforementioned considerations, the region is also a prominent global hub for the oilfield services industry, with the majority of the market share originating from the United States.
Due to significant investments made by the United States in strengthening its oil and gas production capabilities, the Gulf of Mexico has emerged as a prominent hub for offshore drilling rig services. The Gulf of Mexico is the primary source of the region's abundant natural resources, such as oil and gas.
Owing mostly to the growing number of wells being drilled and fracked in shale and tight reservoirs, the United States is projected to become one of the greatest markets for oilfield services. The basins' low breakeven price substantiates this hypothesis. An exponential surge in demand for oilfield services in the region has been driven by the recent emergence of shale plays, horizontal drilling, and fracking.
It is anticipated that the United States will maintain its position as the leading player in North America's oil and gas industry throughout the projected timeframe. The United States is a prominent global producer of crude oil and natural gas, with an anticipated capacity to meet roughly 60% of the world's oil demand in the next years. Nevertheless, due to the adverse consequences of the armed conflict between Russia and Ukraine, the United States implemented limitations on the importation of oil, processed petroleum products, natural gas, and coal from Russia. Consequently, the escalation of gasoline prices and the subsequent rise in inflationary pressures throughout the United States resulted in a decrease in the capital budget and spending, limited production, and a reduction in the number of drilling rigs by the operating businesses in 2022.
Russia-Ukraine War Impact Analysis
Invasion of Ukraine by Russia has had profound human, economic, and commercial consequences. It has caused enormous disruptions to people's lives and means of subsistence, as well as supply networks, industries, and economies.
The energy sector, similar to all other industries, is currently functioning in a volatile operating environment.
Prior to the whole intensification of the war, oil prices were already increasing systematically worldwide. Nevertheless, with Russia's invasion of Ukraine, the world crude oil price surged from approximately $76 per barrel in early January 2022 to beyond $110 per barrel by March 4, 2022.
The incursion into Ukraine had a significant impact on energy markets worldwide, notably in Europe, which continues to be the primary market for Russian oil and gas because European countries lack these abundant energy resources. Consequently, Europe serves as the primary source of income for Russia, and the European Union recognises its reliance on the Russian hydrocarbon sector.
Nevertheless, following Russia's invasion of Ukraine in February 2022, the US administration, led by President Biden, issued an executive order on 8 March 2022 that prohibited the importation of Russian oil, natural gas, and coal.
Concurrently, the United Kingdom declared its plan to prohibit hydrocarbon products originating from Russia. Also, the European Union announced its intention to reduce Russian oil imports by two-thirds. Both the incursion into Ukraine and the subsequent responses from Western nations caused a significant surge in the cost of oil and gas. The demand for hydrocarbons has surged as economies resume operations and enter stages of economic recovery.
By Type
Equipment Rental
Field Operation
Analytical Services
By Service
Geophysical
Drilling
Completion & Workover
Production
Processing & Separation
By Location of Deployment
Onshore
Offshore
By Region
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
Middle East and Africa
Key Developments
In September 2023, SLB entered into a subsurface technology deal with INEOS Energy, the energy sector of INEOS, a multinational chemical and industrial corporation. INEOS Energy will form a partnership with SLB's Performance Centre in Aberdeen to jointly develop and advance subsurface technologies, including as artificial intelligence capabilities, in order to enhance operational performance for ongoing expansion, new investment opportunities, and carbon capture and storage (CCS) projects.
In April 2023, QatarEnergy, previously known as Qatar Petroleum, a government-owned petroleum corporation of Qatar, reached an agreement with Shell PLC to get a 40% investment stake in the C-10 block situated in the offshore region of Mauritania. A joint exploration effort between Shell PLC and QatarEnergy has been undertaken to investigate the C-10 block, located around 50 kilometers offshore Mauritania, Africa.
Canada possesses the third-largest estimated crude oil reserves globally, following Venezuela and Saudi Arabia. Out of these deposits, 96% are comprised of oil sand. The country's oil reserves are characterized by a high density and a significant proportion of sand particles. As a result, the transportation of oil from the lower part of the oil well to the surface necessitates the use of high pressure and intervention of the wellbore. Consequently, this leads to an intensified need for oilfield services in the country.
Market Competitive Landscape
The major global players in the market include Schlumberger Limited, Weatherford International PLC, Baker Hughes Company, Halliburton Company, Transocean Ltd, Valaris PLC, China Oilfield Services Limited, Nabors Industries Inc., Basic Energy Services Inc., OiLSERV, and Expro Group.
Why Purchase the Report?
To visualize the global oilfield services market segmentation based on type, service, lcoation fo deployment, and region, as well as understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development. 
Excel data sheet with numerous data points of the oilfield services market with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as Excel consisting of key products of all the major players. 
The global oilfield services market report would provide approximately 86 tables, 85 figures, and 224 pages.
Target Audience 2024
Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
Emerging Companies

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Type
3.2. Snippet by Service
3.3. Snippet by Location of Deployment
3.4. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Technological Advancements and Expanding Shale Gas Production: A Catalyst for Growth in the Oil & Gas Sector
4.1.2. Restraints
4.1.2.1. Impact of Crude Oil Price Volatility, Safety Concerns, and Geopolitical Uncertainties
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
5.5. Russia-Ukraine War Impact Analysis
5.6. DMI Opinion
6. By Type
6.1. Introduction
6.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
6.1.2. Market Attractiveness Index, By Type
6.2. Equipment Rental *
6.2.1. Introduction
6.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
6.3. Field Operation
6.4. Analytical Services
7. By Service
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
7.1.2. Market Attractiveness Index, By Service
7.2. Geophysical *
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Drilling
7.4. Completion & Workover
7.5. Production
7.6. Processing & Separation
8. By Location Of Deployment
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location Of Deployment
8.1.2. Market Attractiveness Index, By Location Of Deployment
8.2. Onshore *
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Offshore
9. By Region
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
9.1.2. Market Attractiveness Index, By Region
9.2. North America
9.2.1. Introduction
9.2.2. Key Region-Specific Dynamics
9.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
9.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
9.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location of Deployment
9.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.2.6.1. The US
9.2.6.2. Canada
9.2.6.3. Mexico
9.3. Europe
9.3.1. Introduction
9.3.2. Key Region-Specific Dynamics
9.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
9.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
9.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location of Deployment
9.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.3.6.1. Germany
9.3.6.2. UK
9.3.6.3. France
9.3.6.4. Russia
9.3.6.5. Spain
9.3.6.6. Rest of Europe
9.4. South America
9.4.1. Introduction
9.4.2. Key Region-Specific Dynamics
9.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
9.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
9.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location of Deployment
9.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.4.6.1. Brazil
9.4.6.2. Argentina
9.4.6.3. Rest of South America
9.5. Asia-Pacific
9.5.1. Introduction
9.5.2. Key Region-Specific Dynamics
9.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
9.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
9.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location of Deployment
9.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.5.6.1. China
9.5.6.2. India
9.5.6.3. Japan
9.5.6.4. Australia
9.5.6.5. Rest of Asia-Pacific
9.6. Middle East and Africa
9.6.1. Introduction
9.6.2. Key Region-Specific Dynamics
9.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
9.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
9.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Location of Deployment
10. Competitive Landscape
10.1. Competitive Scenario
10.2. Market Positioning/Share Analysis
10.3. Mergers and Acquisitions Analysis
11. Company Profiles
11.1. Schlumberger Limited *
11.1.1. Company Overview
11.1.2. Product Portfolio and Description
11.1.3. Financial Overview
11.1.4. Key Developments
11.2. Weatherford International PLC
11.3. Baker Hughes Company
11.4. Halliburton Company
11.5. Transocean Ltd
11.6. Valaris PLC
11.7. China Oilfield Services Limited
11.8. Nabors Industries Inc.
11.9. Basic Energy Services Inc.
11.10. OiLSERV
11.11. Expro Group (*LIST NOT EXHAUSTIVE)
12. Appendix
12.1. About Us and Services
12.2. Contact Us