Growing energy consumption and increased drilling investments are set to drive growth in the Saudi Arabia Drilling Services Market.
TechSci Research’s report, “Saudi Arabia Drilling Services Market – By Region, Competition Forecast & Opportunities, 2018-2028F,” forecasts robust growth from 2024-2028. Key drivers include rising oil and gas demand and the discovery of new oil reservoirs using advanced geological tracking tools.
Directional drilling, a technique employed in oil extraction, positions wells directly above reservoirs to extract oil. This method differs from traditional vertical drilling, often done at an angle.
State-owned company Saudi Aramco intends to increase capital expenditures to USD 40–50 billion in 2022, up nearly 50% from 2021, with further growth expected through 2025.
The refurbishment of old fields and new offshore projects are essential for driving the drilling services market in Saudi Arabia. The country’s unconventional gas deposits, notably the Jafurah Shale play, hold significant investment potential and are expected to contribute to increased gas production by 2030.
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The Saudi Arabia Drilling Services Market is categorized by services, application, end user, region, and competitive landscape.
In terms of services, it includes Directional Drilling (such as Measurement While Drilling, Logging While Drilling, Rotary Steerable System, and others) and Non-Directional Drilling. The market for drilling services is expected to lead the industry, driven by increased production from technically advanced wells and the discovery of new reserves in complex formations. Rotary Steerable Systems (RSS) are in high demand due to their cost-effectiveness and faster penetration rates. Logging While Drilling (LWD) services are also expected to expand significantly due to efficient operations and technological advancements.
Application-wise, it encompasses Onshore & Offshore (Shallow Water, Deepwater & Ultra Deepwater). The offshore segment is expected to expand significantly due to decreased operating costs, driving increased spending and market growth.
End users include Oil & Gas, Mining, Water Exploration, and Others. Investments in hydrocarbon assets and new reserve discoveries will drive growth in the oil and gas segment. The mining industry is also expected to grow as expansion strategies are implemented for existing sites and new reserves are exploited.
Major market players in the Saudi Arabia Drilling Services Market: –
- Dowell Schlumberger Saudi Arabia Limited Company
- Weatherford Al-Rushaid Co. Ltd.
- Halliburton Company
- Baker Hughes Saudi Arabia Ltd
- Saudi Aramco Nabors Drilling Company
- National Oilwell Varco Inc.
- Valaris PLC
- Noble Corporation PLC
- Saipem SpA
- Arabian Drilling Company
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“Despite increased investments in renewable energy and environmental standards, significant market growth is expected during the forecast period due to the development and commercialization of sizable domestic non-associated natural gas reserves,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The report, “Saudi Arabia Drilling Services Market – By Services, Application, End User, Region, Competition, Forecast and Opportunities, 2018-2028F,” assesses the future growth potential of the market, providing insights on size, structure, and trends. It aims to offer valuable market intelligence for investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the Saudi Arabia Drilling Services Market.
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