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The Russia oilfield services market size reached USD 17.85 billion in 2022 and is projected to hit USD 19.04 billion in 2023. The market value is anticipated to surpass USD 27.59 billion by 2030, recording a 5.4% CAGR over 2023-2030.
Fortune Business Insights™ presents this information in its latest report titled “Russia Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operations, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore), and Forecasts, 2023-2030”.
The increased natural gas exploration and production is driving the market in Russia. Oilfield services support oilfield drilling, production, and exploration. They also cover the handling and moving of gas and oil. The market size is increased by rising oil and gas demand from the automobile, power generation, and other important sectors.
COVID-19 Pandemic Caused Various Roadblocks for the Market
The oil & gas industry around the world was significantly impacted by COVID-19. A decrease in exploration and production activity was caused by fluctuations in the demand for oil & gas. For companies in the sector, disruptions brought on by the pandemic created various obstacles. These factors had a fleeting impact on the market growth.
GMB-178 – A Hydraulic-mechanical Shoe – Used at the Priobskoe Field
In May 2022, at the Priobskoe field, a 178mm casing with GMB-178 no. 30 was run in the hole for the first time. Field trials of a hydraulic-mechanical shoe showed a positive effect of using the system, resulting in field trials being performed successfully. Hydraulic-mechanical shoe GMB-178 is designed for reaming previously drilled wellbore while casing running. The rotation of the reaming shoe is achieved by reciprocating the casing up and down with no need to rotate the string itself.
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Advancing Petrochemical Sector to Augment Market Share through 2030
By 2030, Russia hopes to increase production to about 20 million tons annually by implementing additional measures to support the growth of the petrochemical sector. In addition, the Russian Ministry of Energy announced a strategy in March 2019 with USD 40 billion investment for the development of petrochemicals until 2025. Therefore, it is anticipated that the Russia oilfield services market growth will be driven by the expanding petrochemical infrastructure associated with oil and gas exploration.
Top Players Prioritize Investments in Oilfield Services Equipment
Top companies in Russia have sufficient rig fleets and equipment to meet international standards. The majority of oilfield service companies are expanding their investments in equipment that meets international quality requirements and equipment designed specifically for adverse weather situations. To keep up with the best service providers on the market, numerous technological developments have emerged.
Notable Industry Development:
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 5.4% from 2023 to 2030
Value (USD Billion)
By Type, Service, and Application