Growing technological advancements in oil & gas and increasing demand for crude oil and natural gas are fueling the market demand.
According to TechSci Research report “Middle East Wireline Service Market – By Country, Competition, Forecast and Opportunities, 2028F,” the Middle East Wireline Service Market is expected to register robust growth during the forecast period 2024-2028, Rising investment in oil and gas sector and technological advancements in the oilfields are the main driving force behind the growth of the middle east wireline service market.
The term “wireline” in the oil and gas industry typically refers to the use of multi-conductor, single conductor, or slickline cable, or “wireline,” as a means of transportation for the collection of subsurface petrophysical and geophysical data as well as the provision of well construction services like pipe recovery, perforating, plug setting, well cleaning, and fishing. Subsurface geology, reservoir features, and production characteristics are described and analyzed using the subsurface geophysical and petrophysical data.
Routine maintenance must be done in the wellbore using wireline equipment because wireline services are multiline cables or a high-tension single strandline. It carries out a variety of tasks, including recovering pipes and intervening, evaluating reservoirs, and more. Additionally, it provides perfect service delivery. It has benefits including assessing the characteristics of rock in reservoirs and high data speed in networking. Dropping the maintenance and non-operational rig downtime can significantly lower overall expenses while also dramatically increasing the market income for wireline services. The demand for wireline services is expected to increase due to rising investments in enhancing E&P activities at various locations and the industry’s ability to adapt to new technologies.
New well drilling and completion requires a large investment, although Saudi Arabia offers some of the lowest drilling costs worldwide. According to Saudi Aramco, the average upstream lifting cost in 2021 and 2020 was 3USD per barrel.
One of the world’s largest hydrocarbon deposits is in Saudi Arabia. The government has taken steps to expand investment in renewable energy and sustainable solutions, but the oil industry remains the foundation of the economy. In a market with high prices, the government wants to increase its earnings during the following ten years. With further growth anticipated through 2025, Saudi Aramco has revealed plans to increase its capital expenditures (CAPEX) to USD 40–50 billion in 2022, up close to 50% from 2021.
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The Middle East Wireline Service Market is divided into well type, service, location, application, and region.
Based on Well Type, the market is segmented into Open Hole and Cased Hole. Due to the advantages the companies offer, such as the ability to determine the state of the cement, corrosion, and perforation, the cased hole segment is anticipated to account for the largest market share. Gamma-ray and neutron porosity can both pass through a cased hole. Moreover, measures of hydrocarbon saturation, porosity, and producibility can provide more accurate insights into the thermal degradation and interval transit. The deployment of sensors to measure every aspect of reservoirs on-site and in real-time, is expected to cause the open hole segment to expand at a significant rate as well.
Based on Service, the market is segmented into Electric Line and Slick Line. Electric lines are predicted to hold the biggest market share because they increase efficiency and prevent capital waste by knowing the capacity of oil fields. Standard cable wire is used to retrieve tools and equipment, and it is projected that this area of the market will continue to increase due to limited mechanical functioning.
Based on location, the market is segmented into Onshore and Offshore. Based on region, the market is segmented into Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, and Rest of Middle East.
Based on Application, the market is divided into Well Completion, Well Intervention, and Well Logging. The increased demand for drilling new wells for generating shale gas and crude oil exploration is considered to have increased the market share held by the well logging segment. The existence of mature and old oil wells, which creates a demand to increase an oil well’s efficiency, is expected to lead to the growth in the well intervention market. Due to a growing desire for real-time data to monitor the well, the well completion market is also expected to expand.
Major market players in the Middle East Wireline Service Market are: –
- Schlumberger Limited
- Halliburton Company
- Baker Hughes Company
- Expro Group
- Weatherford International PLC
- OilServ FZCO
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“The market share will be fueled by oil and gas firms investing more in digital technologies to increase worker productivity. The market is anticipated to be driven by elements like rising investments, expanding gas infrastructure development, and expanding desalination plant capacity over the forecast period. The significant analytical application developments in the O&G sector, together with a growing focus on reservoirs and production optimization, will propel market expansion due to which market is expected to grow in the future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Middle East Wireline Service Market Market– By Well Type (Open Hole and Cased Hole), By Service (Electric Line and Slick Line), By Location (Onshore and Offshore), By Application (Well Completion, Well Intervention, and Well Logging), Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F has evaluated the future growth potential of Middle East Wireline Service Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Middle East Wireline Service Market.
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