Drilling Service Type Held the Largest Market Share of 70.7% within the South American Oilfield Services Market

Date: 2015-08-05

“Oilfield services are required throughout the lifespan of an oil & gas well. The increasing exploration and production activities across South America and new areas of unconventional resources are the major drivers for the growth of the oilfield services market. In recent times, there have been many developments in terms of offshore and unconventional explorations and production. The increasing energy demand has pushed the exploration and production companies to push their limits towards unconventional hydrocarbon resources in South America. These E&P activities for unconventional resources demand oilfield services in order to produce and make the operations economically viable.

The oilfield services market is estimated to grow at a CAGR of 5.8% from 2014 to 2019. The market has been segmented into types of services, which include pressure pumping services, OCTG, drilling services, and coiled tubing services, among others. In 2014, the drilling service type held the largest market share of 70.7% within the South American oilfield services market, followed by pressure pumping services and oil country tubular goods (OCTG). 
The report has profiled the leading players of the market along with their developments (new product launches, mergers & acquisitions, expansions & partnerships, agreements, collaborations, and joint ventures) over the past few years and strategies adopted by them to sustain and strengthen their position in the South American oilfield services market. Baker Hughes Inc., Schlumberger Ltd., Weatherford International Plc, and Halliburton Co. are some of the key players engaged in this market.

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