DUBLIN--(BUSINESS WIRE)--The "Global Oilfield Equipment Rental Services Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
Decreasing breakeven oil prices, growing investments in upstream oil & gas sector, and stability in oil prices are expected drive the upstream oil & gas activities, in turn, driving the oilfield rental equipment market during the forecast period.
Since the oil price crisis in mid-2014, the offshore activities have declined significantly. But during 2016-17, with stability in oil price, the offshore drilling activity stabilized. During 2014-17, the breakeven oil prices for offshore production had declined significantly. For instance, some of the North Sea fields' oil production now breaks even at as low as USD 25 per barrel. During the forecast period, the offshore oil production cost is expected to further reduce, owing to technological development and focus on efficient operations.
The oil prices are also forecasted to witness a substantial increase during the next five years. Hence, increasing oil prices and lower offshore production breakeven costs are expected to drive the offshore oil & gas activity. The offshore operations are complex in nature, and hence, require sophisticated equipment. As a result, the spending on rental equipment for offshore operations is significantly higher than for similar onshore operations. Therefore, the growing offshore activities is expected to have a substantial positive impact on the market during the forecast period.
Key Developments in the Market
- November 2017: OLIO Resources Sdn Bhd and Tasman Oil Tools formed a joint venture, OLIO Tasman Oil Tools Sdn Bhd. The joint venture company will supply drilling rental tools, wellbore clean up, and pressure control solutions to oil & gas operators in Southeast Asian region.
- Halliburton Company
- Schlumberger Ltd
- Superior Energy Services Inc.
- Precision Drilling Corporation
- Parker Drilling
- Basic Energy Services
- Oil State International Inc.
- AOS Orwell Ltd
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