The global oil and gas supporting activities market, a part of the oil and gas industry, declined at a compound annual growth rate (CAGR) of around -11% during the historic period. The oil and gas industry showed a drastic decline. The growth is mainly due to the fall in the global crude oil and natural gas price which directly affects the oil and gas supporting activities market.
In the forecast period, the global oil and gas supporting activities market size is expected to be over $240 billion by 2021, growing at a CAGR of nearly 6%. This is expected due to the expected demand for supporting services by oil and gas manufactures in the world as the oil price stabilizes and new investment increases. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global oil and gas supporting activities market in the future.
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Companies providing support activities for oil and gas operations are using rig-less technology to reduce turnaround time for decommissioning of wells. Rig-less P&A refers to decommissioning of oil wells wherein companies need not replace tubes and drill pipes while placing primary or secondary barriers, thus offering significant cost savings over rig-based operations.
Major companies in the oil and gas supporting activities market, offering new technology include Halliburton, Saipem, Schlumberger Ltd., Baker Hughes Incorporated, Weatherford International plc, China Oilfield Services Ltd., Calfrac Well Services Ltd., Trican Well Service Ltd. And Petrofac
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