Future Market Insights delivers key insights on the APAC upstream oil and gas services market in a new publication titled “Upstream Oil and Gas Services Market: Asia Pacific Industry Analysis and Opportunity Assessment, 2016-2021”. The APAC upstream oil and gas services market is estimated to be valued at US$ 52.6 Bn by 2016 end, and is anticipated to expand at a CAGR of 4.0% over the forecast period (2016-2021).
Upstream oil and gas services are the services provided for exploration and production of oil and gas on offshore and onshore fields in order to increase production efficiency and production lifespans of projects. Upstream process involves various stages such as the search for underwater and underground oil and gas fields, drilling of wells and subsequently operating them. Upstream services segment comprises services involved in upstream process such as maintenance and operation for drilling equipment, sampling of fluids and decommissioning involved in various stages within upstream processes.
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Due to a high urbanisation rate and rapid industrialisation coupled with a growing population and increasing ownership of automobiles, there is a huge demand for crude oil and hydrocarbons in the APAC region. In addition, recovery in crude oil prices is highly anticipated and the market growth is expected to return to pre-2014 levels in the coming years.
In order to meet the Increasing demand for energy and petrochemicals in Asia Pacific, it has become evident to increase productivity from mature and new oil and gas reserves. Exploration of unconventional oil and gas resources is increasing and deep-water exploration activities is also gaining traction. Various small scale and large scale technological advancements, for increasing productivity and decreasing overall production cost, are playing a crucial role and the market growth for upstream oil & gas services in Asia Pacific is expected to pace up over the coming years.
However, volatility in oil and gas prices, environmental and technological concerns related to exploration and production activities in harsh, remote and hostile locations, accompanied by operational challenges in deep and ultra-deep waters, are expected to remain key challenges in the regional upstream oil and gas services market growth through 2021.
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On the basis of service type, the market is segmented into inspection, repair & maintenance, sampling, decommissioning, remotely operated vehicle (ROV) drills support, subsea umbilical, risers, and flowlines (SURF) support, well stimulation, well logging, Seismic and geophysical services, and others.
Surf support, ROV drill support, and seismic & geographical services segments are estimated to account for more than one-fourth share in the China upstream oil & gas services market by 2016 end
Surf support, well stimulation, and well logging segments are estimated to represent more than half of the shares in the total incremental opportunity created in the India upstream oil & gas services market between 2016 and 2021
Regional market projections
On the basis of region, APAC upstream oil and gas services market is segmented into eight key countries, namely, Australia, New Zealand, Indonesia, Myanmar, China, India, Malaysia, and Vietnam. China upstream oil & gas services market is anticipated to exhibit relatively higher growth rate over the forecast period. Anticipated economic recovery in the country is expected to increase demand for crude oil, which in turn, is expected to drive the market for upstream oil & gas services in the country. Market in other countries is also expected to experience a V-shape recovery, however, at a moderate CAGR over the forecast period.
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Some of the key players reported in this study of APAC upstream oil and gas services market include Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Petrofac Limited, Weatherford, TECHNIP, China Oilfield Services Limited, Transocean Ltd., Flour Corporation, and Saipem S.p.A. Key market players are focusing on research and development for sampling techniques. They are also making investments in product innovation for remotely operating vehicles’ drill support services in order to provide oil & gas customers with light, medium and heavy ROVs that can be used for deeper exploration & drilling services.