Drilling and Production
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DW’s World Oilfield Equipment Market Forecast Q1 2017, now in its 3rd year, shows an onshore market recovering from one of the worst downturns in living memory. The forecast, now covering 2017-2021, shows an anticipated recovery averaging 4% year-on-year growth for onshore oilfield equipment expenditure.
Douglas-Westwood’s 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.
Co-ordinated production reduction led by OPEC and supported by eleven non-OPEC oil-producing states has led to significant changes to the near-term outlook for the oil & gas sector worldwide. DW forecasts a balanced market in 2017, though a return to an oversupply in 2018 is likely due to the implementation of projects sanctioned before the downturn.