Hyderabad, Andhra Pradesh -- (SBWIRE) -- 05/14/2012 -- A unique market forecast
Douglas-Westwood has published the third edition of its Russian Onshore Oilfield Services Market Report – a report which details the multi-billion dollar opportunity in the sector through to 2014.
Key findings of the report highlight strong recovery in the Russian drilling and oilfield service markets. Douglas-Westwood forecasts drilling, workover and seismic acquisition expenditure approaching $28 billion per annum by 2014. Exploration activity has decreased, due to the economic decline. Reductions in exploratory drilling have fallen in line with estimates detailed in the 2009 edition. However, recovery has begun, with this new report projecting growth in both exploration and development drilling over the forecast period.
As forecast by Douglas-Westwood in previous editions, the divestment of in-house assets continues to shape the competitive landscape and the alliance between indigenous and ‘Western’ oilfield service providers has evolved in parallel. The report provides estimates of market share for major indigenous and Western players.
Market evolution
In addition to the ongoing drilling and maintenance activity within mature producing regions, the exploration and development of some of Russia’s most prospective frontier zones will continue. Since Douglas-Westwood started analysing the industry, Eastern Siberia has grown, as forecast, into a multi-billion dollar oilfield services market.
Growth is also expected in equipment markets, especially within newbuild rig manufacture. The rate at which rigs will need to be delivered is set to surge, as average well depth/complexity increase and the conditions in which wells are being drilled evolve. The Russian Onshore Oilfield Services Market Report overviews expenditure for newbuild rigs and provides estimates of future rig requirements.
The market model
The report has been produced with the development of a bespoke market model over several years and is unique in providing a systematic breakdown of the OFS industry by region. It also provides a comprehensive examination of future costing in the drilling and workover sectors and exclusive market forecasts for the next five years.
The report is designed for executive readers and does not assume the reader has a detailed technical knowledge of the subject or the characteristics of the Russian market, its evolution or buying practices.
Each major region (Timan-Pechora, Volga-Urals, Eastern Siberia, Western Siberia) is analysed separately in the report, and forecasting has been done by a multitude of cost centres including drilling, workover, completion, seismic acquisition, directional drilling, domestic rig and electrical submersible pump manufacture."
For further information visit http://www.reportreserve.com/report/the-russian-onshore-oilfield-services-market-report-2010-2014-report-537642