Europe Wireline Services Market - Growth, Trends, and Forecast (2018 - 2023)
Growth in oil & gas drilling and production activities, due to decreasing breakeven oil & gas production price, recovery in oil prices, technological advancements, and the increasing focus on deep & ultra-deepwater reserves are expected to drive the demand for wireline services in Europe, during the forecast period.
Rising Number of Projects to Drive the Market
The 29th Licensing Round in the United Kingdom, which culminated in March 2017, saw the UK Oil and Gas Authority offer 25 licenses for 111 blocks and part blocks to 17 companies. A healthy interest in a combination of the frontier and mature acreage across the UKCS, from both larger companies and smaller independents is expected to drive momentum for greater exploration and production activities. In 2016, 36 exploration wells were drilled in the Norwegian continental shelf, with 18 discoveries made. The growth of resources from these discoveries was about 58 million standard cubic meter of oil equivalents. Most of the discoveries were small and near existing or planned infrastructure. With the incremental opening up of the Norwegian and Barents Sea areas for exploration and development and the technological advances that facilitate activities in these challenging areas, drilling activities in Norway are expected to remain at healthy levels for the foreseeable future. The growing number of exploration and production projects in major oil-producing countries are expected to drive the wireline services market in the region.
Recovery in Oil Price and Lower Breakeven Oil Prices to Drive the Market in Norway
Weak oil prices have limited the spending of the Norwegian oil & gas industry. During 2013-16, the annual CAPEX spending dropped by more than 35%. To achieve maximum production with minimum spending, the vast majority of drilling took place in the North Sea, where the risk factors were lower, given the proven petroleum systems of the continental shelf. This has resulted in lower average breakeven oil prices in Norway. With oil price recovery and lower breakeven oil prices, the exploration and production activities in the country are expected to gain momentum, in turn, driving the wireline services market during the forecast period.
Key Developments in the Market
August 2017: Repsol SA awarded Archer a services contract. This is the second contract between the two companies. According to the contract, Archer will provide services related to perforating, washing, and cementing operation, wireline operations, and downhole mechanical bridge plugs.
The major players include - Baker Hughes A GE Company, Halliburton Company, Schlumberger Limited, SGS SA, Weatherford International PLC, amongst others.
Reasons to Purchase This Report
Current and future Europe wireline services market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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