Oil & Gas Drilling Support Services in China - Industry Market Research Report

Oil & Gas Drilling Support Services in China - Industry Market Research Report

Oil & Gas Drilling Support Services in China

Revenue for the Oil and Gas Drilling Support Services industry is expected to increase at an annualized 13.6% over the five years through 2023, to $92.8 billion. The world price of crude oil has risen significantly over the past five years. However, major oil companies have increased investment in oil and gas exploration and development, which has led to a significant enhancive in demand for industry services over the period. In 2020, world demand for oil and gas decreased as a result of the COVID-19 outbreak, which led to a decline in revenue in the year. In 2021, international oil prices rose sharply year-on-year, revenue rose sharply by 19.7% from 2020. In 2022, tensions between Russia and Ukraine led to a sharp rise in crude oil prices. Industry revenue is anticipated to grow by 6.8% in 2023. Profit margins have recovered to 2.3% of industry revenue in 2023.

The Oil and Gas Drilling Support Services industry provides support services for oil and gas mining companies. These services include directional drilling, drilling ahead, underground operations, oil testing, well testing, well logging, derrick erection, derrick repair and derrick removal. Oil and gas prospecting activities are not included in the industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.