Nigeria Wireline Logging Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Nigeria Wireline Logging Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Nigeria wireline logging services market is expected to grow approximately at a CAGR of more than 1% during the forecast period. Factors such as the development of deepwater and ultra-deepwater reserves, coupled with growing drilling and completion activities in Nigeria are expected to drive the wireline logging services market during the forecast period. However, high volatility of crude oil prices along with militant attacks on oil and gas facilities in Nigeria are expected to restrain the growth of the market being studied.

Key Highlights

• The E-line segment is expected to hold the maximum share in the market, in 2019, owing to its higher accuracy and reliability.
• Factors such as increasing offshore oil and gas discoveries coupled with the liberalization in the industry in Nigeria are expected to create opportunities for the players involved in the market.
• The Nigerian oil & gas industry is expected to be driven by the increasing inflow of investments and the government's efforts of redesigning investment and growth strategies. This, in turn, is expected to boost the demand for wireline logging services in Nigeria during the forecast period.

Key Market TrendsE-Line Segment to Dominate the Market

• In 2018, the E-line segment accounted for the maximum share in the wireline logging services market and is expected to continue its dominance during the forecast period as well in Nigeria.
• Electrical line (E-line) is a cable that is utilized to lower the tools and transmit data to the surface and to the tools deployed. An e-line can perform the slickline job and can also help to evaluate (log) the formation when the data must be sent to the surface.
• E-lines consists of single strands or multi-strands. E-Line is a more value-added deployment method, as it covers both requirements, i.e. it can intervene on a mechanical level and collect data about well conditions too.
• The market for E-Line wireline logging services in Nigeria has been growing, owing to there being a higher number of old wells (conventional) that require intervention and monitoring. In addition, a number of downhole tools that were previously deployed by coiled tubing can now be deployed using E-Line, which is more cost-effective.
• Owing to the above-mentioned properties, the demand for e-line wireline logging services has been growing over the forecast period.

Investments in Oil and Gas Industry and Supportive Government Policies to Drive the Market

• Nigeria is one of Africa's biggest economies and among the most populous in Africa. The country is relatively politically stable when compared to other African Nations.
• In 2018, China National Offshore Oil Corporation (CNOOC) announced its plan to increase investments in the Nigerian oil and gas sector, especially its offshore investments, to about USD 17 billion. Out of that USD 17 billion, CNOOC would invest USD 3 billion in its existing portfolio in the country’s offshore oil and gas operations.
• According to the National Bureau of Statistics, the Foreign investment inflow into Nigeria’s oil and gas industry rose by 259% to reach USD 85.62 million in the first quarter of 2018. Moreover, the offshore industry has witnessed increased investment leading to an increase in average offshore rig count in the past few years in Nigeria.
• Further, the Nigerian National Petroleum Corporation (NNPC) is also taking steps to attract massive investments in the nation’s oil and gas industry. Hence, with increased investment from foreign players and government initiatives, the wireline logging services industry is expected to witness significant demand during the forecast period.

Competitive Landscape

The Nigeria wireline logging services market is moderately consolidated. Some of the key players are Energy Quest Oilfield Ltd., FloSmart Energy Services Ltd., Baker Hughes Company, Schlumberger Ltd., and Halliburton Company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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