The
Global increase in the drilling activities in order to cater the
energy requirements of industrial and nonindustrial sectors has
direct implications on the global contract drilling market. Rapid
growth in population of different countries has further created an
additional pressure on governments to supply the life line energy.
Requirement of high capital expenditure and technical capabilities
for the purpose of maintaining and purchasing the drilling equipments
has augmented the market for contract drilling services. The service
provider companies carry out all the drilling operations on the
behalf of principal company as per the terms of contract. Movement
towards the offshore drilling activities that require special
expertise to carry out the drilling operations has further given a
boost to such companies that are specialized in providing drilling
services on a contract basis.
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Segmentation
of the contract drilling market can be done on the basis of service
type, contract length, terrain types and geographies. Sometimes the
principal companies require only a particular type of service that
forms only a part of the drilling process. Depending upon the tenure
of the project contract drilling market can be classified into short
term and long term contract drilling market. Contract length for such
product depends upon the size of the project or the number of wells
that are to be drilled. Contract drilling services can be used to
serve both the onshore and offshore drilling operations. Onshore
contract drilling companies are taking advantage of the investments
by principal companies to exploit unconventional shale gas, shale oil
and coal bed methane reservoirs. Advancement in drilling technologies
has led to a shift of contract drilling companies towards the
offshore areas in search of oil and gas reservoirs. Companies are
willing to invest in exploring the shallow as well as the untapped
deep and ultra deep water areas.
Geographical
segmentation of the contract drilling market can be done by
identifying the major oil and gas producing countries. Major
countries include the United States, Canada and Mexico in North
America; Russia and Offshore areas of the United Kingdom and Norway
in the North Sea. Middle East and African segment include major oil
producers such as Saudi Arabia, Iran, Iraq, Kuwait, Angola Libya and
Nigeria. Surge in the development of oil and gas industry in the
African continent is expected to be beneficial for the contract
drilling companies willing to invest in the African market. The Latin
America segment includes countries such as Brazil, Venezuela,
Argentina and Colombia. Increased drilling operations in the offshore
areas of Brazil coupled with the surge in drilling activities to tap
the shale gas reserves of Argentina has the potential to attract the
contract drilling companies.
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Rising
energy demands, increase in the onshore and offshore drilling
activities, advancement in drilling technologies and the movement
towards development of unconventional sources of energy are the major
drivers for the contract drilling market. High capital requirement
for purchase and maintenance of drilling equipments is the major
restraint to the contract drilling market. Untapped hydrocarbon
reserves of North African nations can act as the opportunities for
the contract drilling market
Some
of the key players of the contract drilling market include companies
such as Schlumberger Limited, Basic Energy Services, Sidewinder
Drilling, Inc., Baker Hughes Incorporated and Halliburton.
This
research report analyzes this market on the basis of its market
segments, major geographies, and current market trends. Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Middle East and Africa
- Latin America
This
report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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This
report is a complete study of current trends in the market, industry
growth drivers, and restraints. It provides market projections for
the coming years. It includes analysis of recent developments in
technology, Porter’s five force model analysis and detailed
profiles of top industry players. The report also includes a review
of micro and macro factors essential for the existing market players
and new entrants along with detailed value chain analysis.
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