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The global wireline services market size is projected to reach USD 14.13 billion by the end of 2027. The increasing demand for oil and gas across the world will emerge in favour of market growth. According to a report published by Fortune Business Insights, titled “Wireline Services Market Size, Share & COVID-19 Impact Analysis, By Well Type (Open Hole and Cased Hole), By Service (Electric Line and Slick Line), By Location (Onshore and Offshore), By Application (Well Completion, Well Intervention, and Well Logging), and Regional Forecasts, 2020-2027” the market was worth USD 11.07 billion and will exhibit a CAGR of 6.8% during the forecast period, 2020-2027.
Wireline service is the maintenance of an oil and gas wellbore with the help of wireline tools. It is inclusive of a cabling technology that is crucial to oil and gas exploration activities. The rising demand for energy and oil and gas resources will have massive impact on the growth of the overall market in the coming years. The presence of several large-scale companies will provide impetus to the growth of the market in the foreseeable future. Technological advancements have played a huge role in the growth of the market in recent years and the growing investments in the integration of advanced concepts such as AI and IoT will have a positive impact on the growth of the market in the coming years. The increasing number of oil and gas exploration activities across the world will bode well for the market in the coming years.
Egypt’s Ministry of Petroleum and Mineral Resources Signs $1 Billion Deal for Drilling of 12 Oil Wells
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The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. Among all factors, company collaborations are the most widely adopted strategy among major businesses in this sector. In September 2018, Egypt’s Minister of Petroleum and Mineral Resources announced that it has signed several deals accounting to $1 billion for drilling of 12 oil wells in the Mediterranean. The Ministry signed respective deals with several international firms for the same. The amount spent in this deal is indicative of the potential held by wireline services across the world and this will certainly encourage companies of smaller scale. Increasing number of such company collaborations will have a huge impact on the growth of the overall market in the forthcoming years.
Increasing Oil and Gas Exploration Activities will Emerge in Favor of Market Growth
The rising demand for oil and energy across the world, coupled with the increasing investments in the exploration of oil and gas activities will emerge in favor of growth of the overall market. The massive demand for oil and gas across the world has created several growth opportunities for the companies operating in this sector across the globe.
Schlumberger and Weatherford Among the Leading Companies across the Globe
The wireline services market derives growth from the presence of several large-scale companies across the globe. The rising demand for oil and gas across the world has encouraged companies to invest more in the integration of advanced concepts. Schlumberger and Weatherford are among the leading companies that have stood out in the past few years.
List of the Key Companies Profiled:
• Schlumberger (Texas, US)
• Baker Hughes (Texas, US)
• Halliburton (Texas, US)
• Weatherford (Texas, US)
• China Oilfield Services Limited (Beijing, China)
• National Oilwell Varco (Texas, US)
• Archer Limited (Bermuda, United Kingdom)
• Superior Energy Service Inc. (Texas, US)
• FMC Technologies (Texas, US)
• Weir Oil and Gas (Glasgow, United Kingdom)
• Emerson (Missouri, US)
• Weltec (Allerod, Denmark)
• Schneider Electric (Rueil Malmison, France)
• Siemens (Munich, Germany)
• Petrofac (Saint Helier, Jersey)
October 2018: Baker Hughes, a GE company, McDermott International, Inc., and L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro, have received the subsea contract for India’s Oil & Natural Gas Corporation’s (ONGC) largest deepwater project, the development of block DWN-98/2 in the Krishna Godavari basin.
The global wireline services market is segmented on the basis of:
Value (USD Billion)
By Well Type