Well Cementing Services Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2567
Well Cementing Services Market is set to witness strong growth owing to the increasing drilling activities, primarily across North America, Europe, and Middle East. For instance, in 2018, China National Offshore Oil Corporation (CNOOC) announced its plan to drill 132 exploration wells in the year, along with bringing five projects to production. Technological advancements in the well cementing equipment and services to address the challenges encountered in offshore drilling will further complement the business outlook.
Ongoing government strategies and plans to enhance crude oil production will drive the well cementing services market size. In November 2017, the Nigerian National Petroleum Corporation (NNPC) has set a target of 2.3 million barrels per day of crude oil production for 2018 when compared with production of 1.8 million barrels per day in 2017. Moreover, growing spending toward exploration of new discoveries across Central and South Africa will complement the industry landscape.
Growing demand for crude to meet the rising petroleum product requirement will foster the well cementing services market share. As per the EIA, the consumption of petroleum and other liquids from non-OECD countries is projected to increase to 74.8 million b/d in 2040 from 44.8 million b/d in 2012. Furthermore, upliftment of sanctions from western nations has increased the crude production in several countries including Iran which will stimulate the business growth.
Growing exploration and production activities to recover unconventional hydrocarbon resources including shale oil & gas, tight oil and coal bed methane will spur the well cementing services market growth. In 2018, Petrobras announced plans to invest USD 60.3 billion toward the exploration & production with an expected O&G production of 2.88 million barrels per day (bbl/d).
The U.S. well cementing services market will expand on account of growing E&P investments coupled with availability of proven and potential shale oil reserves shale. In 2018, Hess announced its plan to invest USD 2.1 billion to continue exploration in the offshore Guyana and for Bakken Shale in the North Dakota. Furthermore, increasing oil consumption in the company will propel the industry growth. The U.S. consumption of crude oil increased from 18.5 Million bbl/d in 2012 to 19.4 Millionf bbl/d in 2015.
Several countries including Indonesia, Mexico, the UAE, and Ghana have introduced licensing round for E&P of conventional and unconventional blocks, which will fuel the well cementing services market size. For instance, in 2018, Indonesia has launched exploration bid around offering 24 conventional and two unconventional blocks which combines mix of shallow-water, deep-water and onshore, near-infrastructure and frontier acreage.
Key players operating across the well cementing services market are focusing toward inorganic growth ventures to expand their business presence. For instance, in 2018, ExxonMobil and MagnaBond entered into a three-year joint development agreement to develop innovative technologies that could enhance the cost-effective evaluation of tubing, casing, and well cementing.
Eminent well cementing services market participants include Schlumberger, GE Baker Hughes, Halliburton, Weatherford, Gulf Energy, Calfrac Well Services, and China Oilfield Services amongst others.
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