Major companies in the oil and gas wells drilling services market include Baker Hughes Co, Schlumberger Ltd. , Halliburton, China Oilfield Services Ltd. , Transocean Ltd. , Helmerich & Payne, Inc. , Weatherford International plc, Nabors Industries Ltd.
New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oil And Gas Wells Drilling Services Global Market Report 2022" - https://www.reportlinker.com/p06247573/?utm_source=GNW , Valaris PLC, and Saipem. The global oil and gas wells drilling services market is expected to grow from $112.66 billion in 2021 to $121.03 billion in 2022 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $154.62 billion in 2026 at a CAGR of 6.3%. The oil and gas wells drilling services market consists of sales of oil and gas wells drilling services by entities (organizations, sole traders or partnerships) that undertake oil and gas wells drilling services for others on a contract or fee basis.The oil and gas wells drilling services industry includes contractors specializing in 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. The main types of oil and gas wells drilling services are onshore drilling services and offshore drilling services.Onshore drilling entails driving a drilling rig deep into the earth to reach fossil fuels. Onshore drilling services include the construction of oil and gas wells for production, exploration, and appraisal, as well as other types of wells such as vertical, deviated, and horizontal wells. The various services offered include directional drilling, non-directional drilling and the machine parts used are rigs, pipes, bits, reamers and others. North America was the largest region in the oil and gas wells drilling services market in 2021.Middle East was the second largest region in the oil and gas wells drilling services market. The regions covered in the oil and gas wells drilling services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The rapid pace of innovation in the oil and gas exploration and drilling technologies is boosting production volumes and reducing production costs.Technological advances are allowing oil and gas wells drilling companies to enhance oil and gas recovery rates and considerably reduce production costs . For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance oil and gas production levels and cut down costs associated with exploration and drilling .Other areas of rapid technological advances in the oil and gas market include hydraulic fracturing and horizontal drilling. Thus, advancements and innovation in exploration and drilling technologies are expected to drive the oil and gas wells drilling services market during the forecast period. The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the oil and gas wells drilling services market in 2020 as fears over COVID-19 resulted in lower oil prices, exasperated by a price war when the members of the OPEC cartel were unable to agree on production cuts in February 2020, resulting in a decline in the dollar price of WTI Crude per barrel falling from around $50 to around $25.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the oil and gas wells drilling services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy. In addition, current oil prices are uneconomic for many operators and are likely to result in lower supply in the medium term, as operators cut activity or cease trading, resulting in an upturn in prices. 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. For Instance, some of the major companies offering 3D visualization technology companies include eDrilling, Hexagon, Mechdyne, Landmark. The countries covered in the oil and gas wells drilling services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam. Read the full report: https://www.reportlinker.com/p06247573/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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