Petroleum & Natural Gas Support Activities in the UK - Industry Market Research Report

Petroleum & Natural Gas Support Activities in the UK - Industry Market Research Report

Petroleum & Natural Gas Support Activities in the UK

Oil and gas support companies' revenue is highly susceptible to fluctuations in oil and gas prices, which is why COVID-19 and the Russian invasion of Ukraine have wreaked havoc on the industry. The COVID-19 pandemic led to a significant proportion of investment being deferred because of social distancing restrictions that lowered demand for fuel and led to historically low oil prices over 2020-21. The vaccination roll-out supported the reopening of economies and the ramping up of industry activity, which applied upward pressure on oil and gas prices. In turn, this made exploration and drilling activity viable, with industry operators benefitting greatly. Despite a substantial loss in 2020-21, industry-wide revenue is expected to grow at a compound annual rate of 3.8% to £7.2 billion over the five years through 2022-23.

This industry provides oil and gas well services on a fee or contract basis to firms that extract oil and gas. This includes traditional prospecting methods such as geological observations, and invasive work such as directional drilling, re-drilling, test drilling, spudding, and derrick erection and maintenance. It also incorporates draining and pumping services, and the liquefaction and regasification of gas for transportation.

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.