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Oil and gas exploration is getting more natural due to technological advancement. Oilfield equipment enabled horizontal drilling, deep drilling, and exploration of unconventional hydrocarbons economically viable. Industrial leaders are interestingly investing in drilling operation for exploration of oil and gas. The oilfield equipment and services refer to all the product and services associated with upstream energy industry. It includes drilling, well completion, well logging, well intervention, and many more.
In most of the cases oil and gas operator hire oilfield service contractor who carries out drilling operation. Oilfield equipment not only assists in setting up oil and gas wells but also provide end-to-end solution to manufacture, repair, maintain tools and equipment used for drilling wells.
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A number of tasks have to be performed to get hydrocarbon such as geophysical survey, exploration, well testing, production, processing, and reservoir testing along with commissioning and decommissioning of a project. Therefore, oilfield equipment is vital part of the exploration and production of oil and gas.
Oilfield equipment rental market is divided into equipment and application. Equipment is further bifurcated into drilling equipment, pressure & flow control equipment, fishing equipment, and other equipment. Drilling rigs accounts the largest market share in oilfield equipment which drills oil wells in the earth subsurface.
Oilfield equipment is used in onshore and offshore application. The operational cost in offshore application is quite expensive than onshore application. However, onshore application accounts maximum share of oilfield equipment market owing massive investment and expanding projects.
Economic growth is driven by infrastructural development, massive energy consumption, globalization, urbanization, and many other factors. For steady economic growth, production of oil and gas is essential in order to meet the enormous energy demand. Oil and gas operators are investing at larger scale to meet growing demand of hydrocarbon which expected to boost the growth of the oilfield equipment rental market.
In Paris agreement, world leaders agreed to keep average global temperature rise well below 2 °C, which is only possible through mass adoption of renewable energy. Growing adoption of renewable energy sources to mitigate the rising GHG emission and uncertainty in the prices of oil and gas is limiting the growth of the oilfield equipment rental market.
The major oilfield equipment rental companies are Schlumberger, Baker Hughes, a GE company, Halliburton, Weatherford, Technip, Superior Energy Services , Transocean, BJ Services, Petrofac, COSL - China Oilfield Services Limited, Worley, McDermott International Inc., Bechtel Corporation, Wood, National Oilwell Varco, and Stallion Oilfield Services.
The oilfield equipment rental market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to account the largest market share for the growth of the oilfield equipment rental market. Incessant exploration and production of oil and gas, and growing exploration activities for unconventional hydrocarbon is fuelling the oilfield equipment rental market in North America. Norway, Russia, Germany, UK, etc. are the largest oil and gas producing countries in Europe. Oil and gas companies are investing in drilling activities to meet the growing demand for hydrocarbon, which expected to boost the oilfield equipment rental market in Europe. The enormous potential of growth in Asian countries such as China, India, Indonesia, Japan, etc. owing to numerous infrastructural projects, massive energy demand, and growing population. Government is very keen to invest in exploring more oilfields in their region in order to reduce dependence on import of oil and gas which helps to leverage the growth of the oilfield equipment rental market in Asia Pacific. The oil baron countries in middle east such as Saudi Arabia, UAE, Iran, Iraq, Kuwait, etc. make a substantial contribution to the world’s oil demand. These countries are eager to increase their production capacity that augmenting the growth of the oilfield equipment rental market in MEA.
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