LONDON – Douglas-Westwood (DW) has announced the publication of the World Oilfield Services Market Forecast, a new quarterly publication that will offer insight into the global oilfield services (OFS) market. The firm says that the product delivers historic, current, and future drilling, completion and workover expenditure, forecasting 20 common oilfield service lines including rig and crew, cementing, well testing and logging.
According to the forecast report, the OFS market is expected to steadily increase from $192 billion in 2016 to $241 billion in 2020, after falling 38% year-on-year from 2014 to 2015.
The forecast includes a regional assessment of total OFS spending, with additional in-depth analysis of each service line at a national level (country-by-country breakdown of the top 30 country markets for oilfield expenditure). The detailed service line models include workover, as well as drilling and completion for the onshore and offshore markets, providing insight into the OFS sector.
Taking into account the latest macro-economic trends through explicit commodity price inputs to all service line models, DW says its OFS forecast provides up-to-date analysis of one of the most important and fast moving markets in the oil and gas industry.
DW says that its World Drilling & Production Forecast (D&P) contains a wells drilled forecast which drives the firm’s OFS forecast. The firm says that its D&P forecast is continuously updated, providing detailed hydrocarbon production and drilling data that covers 96% of global production. This established foundation provides a base for the further modeling of footage and drilling days, which are key drivers of OFS spending.
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