The oil and gas supporting activities industry comprise of establishments which provide support activities on a contract or fee basis for oil and gas operations such as exploration, drilling and extraction.
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The market is valued at $191 billion in 2017 due to the increased demand for supporting services by oil and gas manufactures in the world as the oil price stabilizes and new investment increases.
The oil and gas supporting activities market in The Business Research Company’s report is segmented into three segments, namely crude oil & natural gas, oil and gas wells drilling services and oil and gas supporting activities. While the first segment accounts for more than 85% of the market share, the remaining is attributed to the other two segments.
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The USA was the largest country in the oil and gas supporting activities market in 2017, accounting for more than one-fifth of the market share. This was mainly due to large production of shale oil in the country which increased demand for supporting activities for oil extraction. The USA was followed by Russia and China as the next largest countries in the market.
Halliburton was the largest competitor in the oil and gas supporting activities market, followed by Saipem S.p.A and Schlumberger Ltd. Halliburton Company is a provider of services and products to the upstream oil and natural gas industry. The company is headquartered in Texas and employs around 50,000 people.
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