Upstream Services Global Market Top Key Players: Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Petrofac Limited (Jersey), Weatherford (U.S.), TECHNIP (U.K)

Global Upstream Services Market by type (Pressure Pumping, Tubular Goods, Waste Management, Coiled Tubing, Completion, Intervention, Well Fluids, Wireline), well type (Onshore, and Offshore), and Region – Forecast till 2023

Market Highlights:-
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. As per the study conducted by Market Research Future, the global market for upstream services is likely to grow at the CAGR of around 4%.

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Industrial Lubricants Market Top Key Players:-

The major key player in global upstream services market are Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Petrofac Limited (Jersey), Weatherford (U.S.), TECHNIP (U.K), China Oilfield Services Limited (China), Transocean Ltd. (Switzerland), Flour Corporation (U.S.), and Saipem S.p.A. (Italy), GE Oil & Gas (U.S.) and they are highly capable to give the finest service in the industry.

Industry News:-

In June, 2017 – Nigerian National Petroleum Corporation (NNPC), FIRST Exploration & Production (First E&P) and Schlumberger signed a tripartite agreement for development of the Anyala and Madu fields under OML 83 and OML 85, offshore Nigeria.

In March, 2017 – Houston-based Halliburton Co. (NYSE: HAL) plans to have hired more than 2,000 U.S. oil field workers by the end of the first quarter. The hiring is in support of a sharp increase in demand for oil field services as the upstream sector builds momentum on what many assume is the end of the persistent oil downturn.

In January, 2017 – Halliburton (NYSE: HAL) announced it has signed a contract with Shell Iraq Petroleum Development to provide drilling services for sustained production at Shell's Majnoon Oil Field in Southern Iraq. Under the contract Halliburton will mobilize three rigs to drill development wells and carry out work over activities over the next two years.

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Upstream Services Global Market – Segmentation
The scope of global upstream services market is segmented into two major segments which are explained below:

Upstream Services Market By Type
• Pressure Pumping
• Tubular Goods
• Waste Management
• Coiled Tubing
• Completion
• Intervention
• Well Fluids
• Wireline
• Others

Upstream Services Market By Well Type
• Onshore
• Offshore

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Global Upstream Services Market Analysis:-
The global upstream services market is going to be positive during the forecast period as oil producing countries are again investing in new projects due to rise in oil prices, which is being reflected in the high revenue of the service providers. The Middle East alone has a projected CAGR of ~ 6.0% for the forecast period. Mergers & Acquisitions would help stablilize the volatile environment so that service providers can manage their debts and survive in market. At country level, governments are also creating favorable policies, and are making heavy investments so that private ventures and public companies fulfil the nations’ energy demand, mutually.

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