LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Oilfield Services Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of oilfield services and acts as an all-inclusive guide for making smart purchasing decisions.
“A gradual recovery in global oil and gas prices will be one of the major factors contributing to the growth of the OFS industry,” says SpendEdge procurement analyst Anil Seth. “North America is considered as the largest market for OFS owing to the demand for OFS from the shale industry in the region,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Oilfield Services Market:
- Growth in exploration of unconventional oil and gas reserves
- M&A among OFS providers
- Rise in OFS costs for buyers
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Growth in exploration of unconventional oil and gas reserves
In recent years, oil and gas exploration from unconventional reserves is gaining popularity, which is motivating countries to explore the commercial viability of their unconventional sources.
M&A among OFS providers
Globally, OFS companies are engaging in M&A activities to expand their service portfolio. This will help the suppliers gain a better bargaining power over their buyers. Also, the buyers can rely on integrated service providers for the entire spectrum of OFS requirements.
Rise in OFS costs for buyers
In the oilfield services market, the prices of oil and gas are stabilizing, which will increase the cost of their services. Also, the rise in OFS costs will affect the profit margins of IOCs. However, it will provide a better opportunity to the IOCs to negotiate on the quality of products and services offered.
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