DUBLIN, May 14, 2015 /PRNewswire/ --Research and Markets
(http://www.researchandmarkets.com/research/pbjq2f/saudi_arabia_oil) has announced the addition of the "Saudi Arabia Oil Field Equipment Rental Market Forecast and Opportunities, 2020" report to their offering.
Saudi Arabian market for oil field equipment rental is projected to grow at around 11% through 2020
The eastern region of the country accounts for a lion's share in Saudi Arabia's oil field equipment rental market, and the region's dominance is expected to continue over the next five years. Drilling equipment rental segment accounts for majority of equipment rental revenues, followed by production equipment rental segment.
Oil industry is getting increasingly affected by fluctuating crude oil prices resulting in low investments being made by companies across the globe. The oil field services market is directly dependent on the number of operational oil rigs. In spite of anticipated decline in overall global rig count in 2015, Saudi Arabia plans to carry out its oil field operations in accordance to its pre-existing exploration and production plans, thereby boosting oil field equipment rental market in the country. The biggest reason attributable to this is the country's unwillingness to lose its share in global oil & gas exports. Additionally, the country's increasing interest in exploring its shale oil reserves is expected to increase rig count in the coming years, which would have a positive impact on the equipment rental market.
Trends & Developments
- Rig Count in Saudi Arabia to Increase in 2015 Despite the Recent Drop in Crude Oil Prices
- Cost Optimization to Support the Desired Production Rate
- Red Sea Deep Water Exploration Plans to be Delayed
- China's Sluggish Economic Growth Processes Further Drops Crude Oil Demand
- Saudi Arabia in Process to Create Shale Revolution
- Halliburton Company
- Schlumberger N.V. (Schlumberger Limited)
- Chesapeake Energy Corporation
- Weatherford International public limited company
- Precision Drilling Corporation
- Parker Drilling Company
- Superior Energy Services Inc.
- Oil State International Inc.
- Basic Energy Services Inc.
- FMC Technologies, Inc.
For more information visit http://www.researchandmarkets.com/research/pbjq2f/saudi_arabia_oil
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SOURCE Research and Markets