Global Upstream Services Market Is Booming Worldwide 2023 By Major Players - Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Petrofac Ltd, Weatherford, TECHNIP, China Oilfield Services Ltd, Transocean Ltd., and Saipem S.p.A.

The estimated value of the global upstream services market is USD 148 billion by 2023 with a CAGR of 4.10% during forecast period. Oil & Gas industry is one of the major revenue generating industries which has pushed the market for exploration and production activities, where, upstream services methods is one of them. In other words, the growth in the oil & gas industry will create a positive impact on the market for global upstream services. Reviving fossil fuel demand is expected to result in a rise in demand for the Upstream Services market.

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The oil and gas industry has been experiencing severe revenue contraction post April 2014, following oil price decline. Persistent price downfall had a profound impact on the investments in the oil & gas industry, particularly the upstream sector. However, recent adjustments the oil prices have instigated a positive outlook for this industry. Changes in demand-supply dynamics is expected to induce a rise in the number of oil wells, thereby driving the upstream services market. Increasing demand for oil and gas is also expected to fuel the demand in the upstream services market.

Competitive Analysis
The global market for upstream services is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their upstream services systems. Market leaders are rigorously involved in R&D activities, so as to develop feasible product, which fulfils all the client requirement over their upstream operations.

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.

In October, 2016 – GE (NYSE:GE) and Baker Hughes (NYSE:BHI) announced that the companies have entered into an agreement to combine GE's oil and gas business ("GE Oil & Gas") and Baker Hughes to create a world-leading oilfield technology provider with a unique mix of service and equipment capabilities.

Prominent 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.

Upstream Services Market Segments Analysis

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

Global Upstream Services Market, By Well Type
o Onshore
o Offshore

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Table of Content

1 Executive Summary

2 Scope of The Report

2.1 Market Definition

2.2 Scope of The Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market Size Estimation

2.5 Forecast Model

3 Market Landscape

3.1 Porter’s Five Forces Analysis

3.1.1 Threat of New Entrants

3.1.2 Bargaining Power of Buyers

3.1.3 Bargaining Power of Suppliers

3.1.4 Threat of Substitutes

3.1.5 Segment Rivalry

3.2 Value Chain/Supply Chain Analysis

4 Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

Continued……

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