DUBLIN--(BUSINESS WIRE)--The "Global Open Hole Logging Services Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The growing drilling activity, increasing smart well completion projects, technological advancements in the open hole logging, and increasing exploration and production activity in rough geological terrains, are expected to drive the market during the forecast period.
During 2016-17, the average rig count had increased by about 27%. The growth in the rig count is due to operators' increased profit margins during the period. The increased profit margins were due to the increase in oil prices after 2016, and reduction in the breakeven oil prices in the majority of the oil and gas fields, caused by the better process efficiency and cost savings through sustainable exercises, such as major changes in drilling strategy to optimize the production. The growth in drilling activity is expected to drive the open hole logging market during the forecast period.
In order to increase the productivity of the well, operators are increasingly opting smart and complicated well completion. The open hole logging provides data before well completion process, and hence, helps with well completion decisions. With the increasing well completion complications, the demand for open hole logging data is expected to increase, in turn, driving the market during the forecast period.
Saudi Aramco, the government-owned oil company, is responsible for all exploration, drilling, and production activities in Saudi Arabia. The international companies have access to oil fields in Saudi Arabia through joint ventures with Saudi Aramco. In July 2017, Saudi Aramco announced the plans to invest USD 300 billion over the next decade. The heavy investments by Saudi Aramco are expected to drive the drilling and production activity in Saudi Arabia, in turn, driving the open hole logging market in the country during the forecast period.
Key Developments in the Market
- June 2017: ExxonMobil announced the plans to triple the oil production in Permian Basin in the US to 600,000 barrels per day by 2025. The company also has plans to increase the tight oil production by fivefold from Delaware and Midland basins during the same period.
- Baker Hughes
- A GE Co.
- Schlumberger Limited
- Halliburton Company
- Nabors Industries Ltd
- Superior Energy Services Inc.
- China Oilfield Services Market
- RECON Petrotechnologies Ltd
- Pioneer Energy Services
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