Market Research Report
World Land Drilling Rig Market Forecast 2017-2021
|Published by||Douglas-Westwood||Product code||244573|
|Published||will be released||Content info||
Delivery time: 1-2 business days
The report is essential reading for companies wanting to better understand where and when to make investment decisions, giving a detailed understanding of the outlook for land drilling rig market at both a macro and granular level. The report includes analysis for oil & gas production, onshore wells drilled, active drilling rigs required, forecast rig utilisation, fleet capacity & features, plus the competitive landscape.
Global land drilling rig market to recover following significant declines>Global land drilling rig market to recover following significant declines
The global land drilling rig market is expected to see a recovery from 2017, as commodity prices recover and drilling activity increases. This follows significant declines in drilling activity over the previous eighteen months, a trend expected to continue in 2016, following announcements of further reductions to capital expenditure as operators seek to minimise costs and maximise drilling efficiency in the downturn environment.
However, even with sustained low oil prices, demand for high-HP, high-specification is expected to rise over the forecast period, with the number of rigs drilling rated above 1,250HP forecast to increase at over 10% CAGR 2016-2020. A rise in horizontal drilling in Russia, as well as planned development of unconventional reserves in Saudi Arabia and China, will contribute towards this growth. Onshore field developments in Iran and Kuwait are also expected to result in high demand for high-HP rigs.
Recent technological developments within the market have been driven by the requirement to improve drilling efficiency. Sustained low oil prices have also resulted in an increased trend towards the recycling of components from idle rigs in the North American market. In the downturn environment, contractors are also seeking to capitalise on new, alternative markets, such as the Vaca Muerta region in Argentina, for their high-specification rigs.
Despite the recovery forecast in drilling activity, and the subsequent growth in the land rig market, neither the capable fleet size nor the number of operational rigs or rigs drilling is expected to reach 2014 levels by 2020. Subsequently, while the outlook for the market is relatively positive over the next four years, when compared with the trends seen over the previous eighteen months, it is unlikely to experience the level of activity seen in the pre-downturn environment until well into the 2020s.
This 5th edition of the World Land Drilling Rig Market Forecast covers all key commercial themes relevant to players across the value chain in the land rig sector:
The report includes the very latest market outlook based on DW Drilling & Production data and reflects the current low oil price environment.
DW's market forecasting is trusted by sector players worldwide, with clients including the world's top-10 oil & gas companies, top-10 oilfield services companies and top-10 private equity firms.
The report is essential reading for land rig contractors, rig manufacturers, oilfield service companies, oil & gas operators and financial institutions wanting to better understand where and when to make investment decisions.
Our proven approach includes: