Oilfield Equipment Rental Market in the Middle East 2015-2019
About Oilfield Equipment Rental
The extraction of oil and gas requires a wide range of oilfield equipment. These equipment are usually rented by oil and gas operators to lower their capital expenditure. Increase in oil and gas exploration, especially development of unconventional reserves, is expected to result in the growth of the oilfield equipment rental market. Oilfield rental equipment can be classified into drilling equipment, well completion equipment, and well intervention equipment based on the stage at which they are used during exploration and production.
Technavio's analysts forecast the oilfield equipment rental market in the Middle East to grow at a CAGR of 12.43% in terms of revenue over the period 2014-2019.
Covered in this Report
Technavio's report, Oilfield Equipment Rental Market in Middle East 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the landscape of the oilfield equipment rental market in the Middle East and its growth prospects in the coming years. The report also includes segmentation based on equipment type and application. The report also includes a discussion about the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Oilfield Equipment Rental Market in Middle East 2015-2019
Technavio recognizes the following companies as the key players in the Oilfield Equipment Rental Market in Middle East: FMC Technologies, Schlumberger, Superior Energy Services, Tasman Oil Tools and Weatherford International
Other Prominent Vendors in the market are: Aos Orwell, Basic Energy Services, Chesapeake Oilfield Services, Ensign Energy Services, Greene's Energy Group, Key Energy Services, Oil States International and Precision Drilling
Commenting on the report, an analyst from Technavio’s team said: “Integrated oil and gas companies in the Middle East have reduced their investment in equipment manufacturing as the equipment can be easily rented from the market. Moreover, by renting equipment, the overall capital cost for the operator will reduce, and liability for performance is transferred to the equipment provider. This encourages various oilfield operators to use rental equipment for oilfield operations, which will increase the market for rental equipment in the Middle East significantly during the forecast period.”
According to the report, the growing number of oil and gas discoveries in the Middle East is expected to propel the oilfield equipment rental market. For instance, in 2014, Saudi Aramco discovered eight new oil and gas fields in Saudi Arabia. The company also plans to start production from the Arabiyah and Hasbah offshore gas fields, which would produce 2.5 bcf/d of natural gas. Similarly, in April 2015, the Kuwait Oil Company discovered four new oil fields in Kuwait. These discoveries are considered encouraging and should be followed by development and production. Also, in March 2015, BP made another significant gas discovery in the North Damietta Offshore Concession in the East Nile Delta, Egypt. Therefore, a growing number of hydrocarbon discoveries will enhance the E&P activities during the forecast period, which will boost the demand for rented oilfield equipment.
Further, the report states that vendors find it difficult to meet the customized demand, which is one of the serious threats in the oilfield equipment rental market.
FMC Technologies, Schlumberger, Superior Energy Services, Tasman Oil Tools, Weatherford International, Aos Orwell, Basic Energy Services, Chesapeake Oilfield Services, Ensign Energy Services, Greene's Energy Group, Key Energy Services, Oil States International, Precision Drilling
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