How Is The Oil And Gas Supporting Activities Market Segmented?
The oil and gas supporting activities market covered in this report is segmented –
1) By Type: Well Maintenance, Exploration, Well Developing
2) By Drilling Type: Offshore, Onshore
3) By End-Users: Crude Petroleum Comprises, Natural Gas Extraction Comprises
Subsegments:
1) By Well Maintenance: Workover Services, Well Servicing, Well Integrity Management
2) By Exploration: Geological And Geophysical Services, Seismic Data Acquisition, Exploration Drilling
3) By Well Developing: hydraulic fracturing, Directional Drilling, Cementing Services
What Is Driving The Oil And Gas Supporting Activities Market? Economic Growth In Emerging Markets Driving The Oil And Gas Supporting Activities Market
The oil and gas supporting activities market was mainly driven by rapid growth in emerging markets in the historic period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. For instance, in September 2024, according to the HM Revenue and Customs, a UK-based government agency, Total government revenues from UK oil and gas production amounted to $9.9 billion (£9 billion) in the financial year 2023, a rise from $1.54 billion (£1.4 billion) in 2022, representing an increase of $8.36 (£7.6 billion). Thus, strong economic growth boosted the demand for oil and gas, and this drove the oil and gas supporting activities market during the historic period.
What Is Driving The Oil And Gas Supporting Activities Market? Natural Gas Demand Fuels Growth In The Oil And Gas-Supporting Activities Market
The growing demand for natural gas is expected to propel the growth of the oil and gas-supporting activities market going forward. Natural gas is a fossil fuel created when layers of organic material, primarily marine microbes, deteriorate underground for millions of years while subjected to extreme heat and pressure. Natural gas is used in a variety of oil and gas-supporting activities to power pipelines that transport oil and gas from production sites to refineries. For instance, in September 2023, according to the Energy Information Administration, a US-based government agency, the US natural consumption increased by 1% to reach 89.7 billion cubic feet per day (Bcf/d) in 2023 from 88.6 billion cubic feet per day (Bcf/d) in 2022. Therefore, the growing demand for natural gas drives the growth of the oil and gas-supporting activities market.
Who Are The Major Players In The Global Oil And Gas Supporting Activities Market?
Major companies operating in the oil and gas supporting activities market include Schlumberger Ltd, TechnipFMC plc, Saipem S.p.A., Halliburton, Weatherford International plc, Petrofac Ltd, Aibel, Calfrac Well Services Ltd., Patterson-UTI Energy Inc., Trican Well Service Ltd, Baker Hughes Company, National Oilwell Varco, TechnipFMC, Subsea 7 S.A, Wood PLC, Transocean, McDermott International, Oceaneering International, Archer, John Wood Group, Seadrill, MRC Global, Tidewater, Aker Solutions, GulfMark Offshore, Helix Energy Solutions Group, Core Laboratories, ProPetro Holding Corp., Expro Group, Bristow Group, Precision Drilling, Superior Energy Services, Helmerich & Payne, RPC Inc.
What Are The Key Trends Of The Global Oil And Gas Supporting Activities Market? Efficiency And Cost Savings Through Rig-Less Technology In Well Decommissioning
Companies providing support activities for oil and gas operations are using rig-less technology to reduce turnaround time for decommissioning of wells. Rig-less P&A refers to decommissioning of oil wells wherein companies need not replace tubes and drill pipes while placing primary or secondary barriers, thus offering significant cost savings over rig-based operations. Also, the equipment used for rig-less P&A can also be operated at a water depth of 1600 feet. For instance, some of the major companies using rig-less technology include Baker Hughes, Halliburton, Oceaneering International, Schlumberger, and Weatherford.
What Are The Key Trends Of The Global Oil And Gas Supporting Activities Market? Innovative Products Transforming The Oil And Gas Supporting Activities Market
Major companies operating in the oil and gas supporting activities market are focused on developing new innovative products, such as natural gas analyzers. A natural gas analyzer is a device used to measure the composition of natural gas. For instance, in December 2022, ABB Ltd., a Switzerland-based electrification and automation technology provider, launched Sensi+, an analyzer for natural gas quality monitoring. It is a single instrument for continuously measuring H2S, H2O, and CO2 pollutants in natural gas streams for custody transfer, tariff compliance, and process monitoring. It provides safer, simpler, and more effective pipeline monitoring and operations. Its quick responsiveness also makes it possible to react quickly to process disruptions, which reduces waste and methane emissions.
Regional Outlook For The Global Oil And Gas Supporting Activities Market
North America was the largest region in the oil and gas supporting activities market in 2024. Middle East was the second largest in the oil and gas supporting activities market. The regions covered in the oil and gas supporting activities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the oil and gas supporting activities market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Oil And Gas Supporting Activities Market?
The oil and gas supporting activities market includes revenues earned by entities by logging, cementing, casing, perforating, fracturing, and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Oil And Gas Supporting Activities Industry?
The oil and gas supporting activities market research report is one of a series of new reports from The Business Research Company that provides oil and gas supporting activities market statistics, including oil and gas supporting activities industry global market size, regional shares, competitors with a oil and gas supporting activities market share, detailed oil and gas supporting activities market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas supporting activities industry. This oil and gas supporting activities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
