Nigeria Oilfield Equipment Rental Services Market 2020 Business Insights -

The report elaborates the complete details covering product definition, product type, and application. The report covers useful details which are categorized based on Oilfield Equipment Rental Services production region, major players, and product type which will provide a simplified view of the Oilfield Equipment Rental Services industry. The Oilfield Equipment Rental Services market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Oilfield Equipment Rental Services market which will help the emerging market segments in making vital business decisions.

The Nigeria oilfield equipment rental services market is expected to grow at a CAGR of over 2% during the forecast period.

Oilfield Equipment Rental Services Market Segmentation:  

This report on Nigeria Oilfield Equipment Rental Services market is a detailed research study that helps provides answers and pertinent questions with respect to the emerging trends and growth opportunities in this industry. It helps identify each of the prominent barriers to growth, apart from identifying the trends within various application segments of the Nigeria market for Oilfield Equipment Rental Services. Collecting historical and recent data from various authentic resources and depending on all the factors and trends, the report presents a figurative estimate of the future market condition, along with compound annual growth rate (CAGR).

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Nigeria Oilfield Equipment Rental Services market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including Schlumberger Limited, Baker Hughes Company, Halliburton Company, Weatherford International Plc, and TechnipFMC Plc, amongst others.

Offshore Segment to Dominate the Market

- Nigeria's offshore oil and gas industry continues to expand, albeit not very fast, opening up more market opportunities. The growth of Nigeria's offshore exploration and production activities has been mainly driven by the efforts of governments in their region, such as providing key incentives and supporting policies to unlock the investment opportunity, as well as a growing list of international oil and gas companies interested in exploring alternative fields to replace the maturing offshore producing sites.
- The China National Offshore Oil Corporation has mobilized a USD 3 billion investment, in addition to the USD 14 billion already spent on its existing oil and gas operations in the West African country. A large share of this investment goes into the operations in Nigeria. One of the most ambitious ultra-deep offshore projects is the Egina oil field in water depths of between 1,400 and 1,700 meters. Total projected that the oil field is expected to peak at 200,000 barrels/day.

Increasing Investments to Maintain the Country’s Production is Expected to Drive the Market

- Nigeria is one of the largest and oldest oil producers in Africa. The oil and gas sector is one of the most important sectors in the country’s economy, accounting for more than 90% of the country’s exports and 80% of the Federal Government’s revenue.
- As of 2018, Nigeria has the largest oil and gas reserves in the African region, with around 37 billion barrels of oil and 47.2 billion cubic meter (bcm) of gas. With a production of 2.05 million barrels per day in 2018, which is approximately more than 20% of the total production in Africa, Nigeria continues to dominate African oil production.         

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This independent 90 pages report guarantees you will remain better informed than your competition. With over 50 tables and figures examining the Oilfield Equipment Rental Services market, the report gives you a visual, one-stop breakdown of the leading products, submarkets and market leader’s market revenue forecasts as well as analysis to 2025.

Key Takeaways from this Report

Impact of low unit costs, diversified product ranges and intense competition on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regional analysis of the market
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)           

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This release was published on openPR.