Gas and Oil In-Depth Analysis of Upstream Oil & Gas Services in Global Market 2016-2021

The oil & gas industry operates in three main sectors, namely, upstream, midstream, and downstream. The upstream sector, which is majorly associated with the exploration and production of oil and natural gas, utilises numerous services across different operations, spanning from searching for oil and gas to drilling wells, and operating them. The process, in itself, is very bulky and requires heavy machinery and specialised services for the complete process.
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The APAC upstream oil & gas service 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 (20162021).

- Increasing productivity and decreasing overall production costs to play a crucial role in the market growth

High urbanisation rate and industrialisation, growing population, and increasing vehicle ownership are leading to a high demand for crude oil and hydrocarbons in the region. Recovery in crude oil prices is highly anticipated and the market growth is expected to return to pre-2014 levels over the coming years.

- SURF support segment in China is forecasted to register a CAGR of 6.2% over the forecast period

In China, SURF support service segment is anticipated to register a CAGR of 6.2% over the forecast period in terms of market value. In 2015, ROV drill support, SURF support, and well stimulation segments accounted for a collective share of 50.0% of the Indian upstream oil & gas service market. India stands as the second largest refiner in Asia Pacific region after China. Growth of the remotely operated vehicle (ROV) drill support and sampling segments are estimated to be driven by increasing deep-water offshore exploration drilling.
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- Upstream Oil and Gas Services market is anticipated to exhibit relatively higher growth rate in China over the forecast period

On the basis of region, APAC upstream oil & gas service 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.

- Key market players are focussing on R&D for sampling techniques and investing in product innovation for ROV Drill Support

Some of the key players reported in this study of APAC upstream oil and gas service 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.
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