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, redrilling, 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.
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The oil and gas market services market is valued at nearly $244 billion in 2017 due to a gain in stability going forward because of rising demand for crude oil from developing nations and the expected stabilization of the oil price following recent falls.
Middle East was the largest geographic region accounting for almost one-fourth of the global market.
The market is split into segments: Oil and gas supporting activities, oil and gas wells drilling services, and crude oil and natural gas.
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The USA was the largest country accounting for nearly one-sixth of the market share. The USA was followed by China and Russia.
Schlumberger Ltd. was the largest competitor, followed by Halliburton, Transocean Ltd., Weatherford International plc, and Baker Hughes Incorporated. Schlumberger provides technology and services for reservoir characterization, drilling, production, and processing to the oil and gas industry. The company is headquartered in Houston, Texas and employs around 100,000 people.
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