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Oil & Gas Drilling Support Services in China: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Oil & Gas Drilling Support Services Market Research Report | Jul 2016

IBISWorld’s Oil & Gas Drilling Support Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Industry Statistics & Market Size
Revenue
$36bn
Annual Growth 11-16
1.0%
Annual Growth 16-21
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Profit
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Employment
285,337
Businesses
83
Industry Analysis & Industry Trends

In 2016, the Oil and Gas Drilling Support Services industry is expected to generate $36.5 billion. Over the five years to 2016, revenue has been growing at an annualized rate of 1.0% per year. Since the second half of 2014, international oil prices have been falling. As such, major oil companies have reduced investment in oil and gas exploration and development, resulting in a significant reduction in the overall workload of the oil and gas service industry. Revenue has showed a downward trend in the three years to 2016.

A major feature of this industry is the existing oligopoly among the three state-owned oil companies, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC).... purchase to read more

Industry Report - Starting a New Business Chapter

Large capital investment

A large capital investment is required to establish operations in this industry. Firms need to invest heavily in large-scale equipment, such as land-based and offshore drilling rigs of various sizes. The industry also requires substantial working capital. Service companies should be able to fund activities until day-rate or progress payments (in the case of a lump-sum contract) are made.

Established reputation

Companies with good reputations established through successful projects in the past, are more likely to succeed. This is particularly true for obtaining contracts related to ongoing well maintenance.

High technology

Oil and gas drilling support service activities have high requirements for technologies... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Oil & Gas Drilling Support Services Industry?

The Oil and Gas Drilling Support Services industry provides support services for oil and gas mining companies, including directional drilling, drilling ahead, underground operations, oil testing, well testing, well logging, derrick erection, derrick repair and derrick removal. Oil and gas prospecting activities are not included in this industry.

Industry Products
Drilling servicesOil well servicesSupplies of equipment and chemicalsTransportationOther mining services
 
Industry Activities
Well testing and loggingWell cementing and completionDirectional and vertical drillingUnderground operations and oil testingCleaning out, bailing and swabbing wellsDerrick erection, repair, removal and related services


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