Companies in this industry support oil and gas field operations on a contract basis. Major companies include Baker Hughes, China Oilfield Services, Halliburton, Nabors Industries, National Oilwell Varco, Saipem, Schlumberger, Transocean, and Weatherford International.
Worldwide, the oil and gas field services industry generates about $200 billion in revenue and is forecast to reach about $240 billion by 2020, according to Douglas-Westwood. Field service locations are determined by oil and gas production and reserves. Some of the largest oil and gas reserves are in Venezuela, Saudi Arabia, Canada, and Iran. Discovery of new reserves is also increasing oil and gas field services demand in areas like Brazil and West Africa.
The US oil and gas field services industry includes about 12,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $90 billion. Some companies in the industry provide drilling services, but oil and gas well drilling is covered in a separate industry profile.
Demand is driven by oil and gas prices. The profitability of individual companies depends on technical expertise and efficiency of operations. Large companies can offer a broad range of services. Small firms can compete effectively by specializing in a particular type of service or geographic area.
PRODUCTS, OPERATIONS & TECHNOLOGY
Major services include preparing wells for production, maintaining and enhancing the output of producing wells, and exploration. Additional services include well surveying (other than geophysical surveying and mapping); cleaning out, bailing, and...