The oil and gas wells drilling services industry includes companies primarily engaged in oil and gas wells drilling services for others on a contract or fee basis. This industry also includes contractors specializing spudding in, drilling in, re-drilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies.
The global oil downstream activities market has shown a slight decline in the past years with a CAGR of over -4.9%. The year 2017 also recorded decline in this market with a net value of $240 billion as per TBRC’s in-house consultants.
TBRC’s latest report shows the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the oil and gas wells drilling services market to grow at a positive CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
Oil and gas wells drilling companies are adopting 3D visualization systems to reduce project cycle times and increase drilling accuracy. 3D visualization system generates a 3D model of a wellbore and real-time drilling data to monitor and optimize drilling process. This system facilitates automatic diagnosis of drilling problems and improves and streamlines collaboration by allowing geoscientists and drilling engineers to virtually locate, see, and test drilling sites, resulting in significant cost savings of up to20% and reduction in non-productive drilling time by 20%. These systems are integrated with asset teams by means of software, thus facilitating precise and accurate placement of drill sites. Major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark.
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TBRC’s latest report will cover in depth understanding and calculated impacts of each market factor on a global as well as regional level, to analyze the best investment strategy for this market.
Companies included in the report are Schlumberger Ltd, Halliburton, Transocean Ltd., Weatherford International plc, and Baker Hughes Incorporated.
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