Global Oilfield Services – Onshore on the Rebound
Douglas-Westwood’s (DW) NEW quarterly publication The World Oilfield Services Market Forecast provides unique insight into the global oilfield services (OFS) market. The product delivers historic, current and future drilling, completion & workover expenditure, forecasting 21 common oilfield service lines including rig & crew, cementing, well testing, logging and production chemicals.
With a forecast through to 2021 and utilising a proprietary methodology, DW’s World Oilfield Services Market Forecast provides granular analysis of a market which is expected to steadily increase from $178 billion (bn) in 2016 to $252bn in 2021, after falling 52% over 2014 to 2016 as a result of the oil price crash. Following OPEC’s co-ordinated production cut, DW expect a rebound in US unconventional drilling activity, with the global OFS market set to see 5% year-on-year growth over 2017-2021.
The forecast includes a regional assessment of total OFS spending, with additional in-depth analysis of each service line at a national level (country-by-country breakdown of the top 30 country markets for oilfield expenditure). DW’s detailed service line models include workover, as well as drilling and completion for the onshore & offshore markets, providing unparalleled insight into the OFS sector.
Taking into account the latest macro-economic trends through explicit commodity price inputs to all service line models, DW’s OFS forecast provides up-to-date analysis of one of the most important and fast moving markets in the oil & gas sector.
DW’s new Sectors online data and analysis service (drilling & production database) generates the wells drilled forecast which drives DW’s OFS forecast. Sectors is continuously updated, providing detailed hydrocarbon production and drilling data for 66 countries worldwide, covering 98% of global production. This established foundation provides a base for the further modelling of footage and drilling days — key drivers of OFS spending.
The World Oilfield Services Market Forecast contains:
- Oilfield services expenditure data— generated in-house using models exclusive to DW; the OFS market forecast utilises DW’s own D&P models for wells drilled, footage, drilling days and hydrocarbons production.
- Full global coverage— the only product to provide country-by-country analysis of the 66 largest global OFS markets.
- Detailed analysis— regional overview with data and analysis of historic, current and future OFS spending by service line in the onshore and offshore markets. Service line analysis and data at a regional and national level for the onshore and offshore markets.
- Industry insight – hundreds of man-hours per quarter of industry consultation to ensure accurate and reliable data inputs. Service line specific insight from industry participants has been provided throughout the report.
- Comprehensive experience— gained from 25 years of research, the forecast has been developed through exposure to industry-leading M&A engagements including numerous diligence exercises conducted for oilfield services organisations worldwide. This has included opaque or less publicised markets such as China, the Middle East and Russia.
- Quarterly updates— for the highest level of accuracy, a subscription option is available for quarterly reports. DW’s models are continually updated, allowing for regular updates and detailed knowledge of expected trends in OFS activity.
- Contact us for analyst support— through DW’s network of global offices, DW can provide further regional specific information from local analysts.
- $178bn spent globally in 2016, rising to $252bn in 2021
- Onshore US rebound to be main driver of growth. North America to see 11% year-on-year expenditure increases over next five years
- Offshore expenditure to peak in 2018 at $59bn
- Production chemicals market accounting for 5% of global OFS spend
- The offshore rig & crew market, which accounted for 61% of total offshore expenditure in 2016, will decline to $32bn by 2021.