Market Trends of Europe Wireline Logging Services Industry
This section covers the major market trends shaping the Europe Wireline Logging Services Market according to our research experts:
Growing Offshore Operations to Drive the Market
- With an expected production of 90% of European crude oil from offshore only, the offshore operations are expected to grow significantly in comparison to onshore operations.
- The Rosebank/Lochnager field, which is under the planning phase, is one of the most significant prospects in the UK Continental Shelf, with an expected 530 MMbbl of recoverable oil. Exploration and Production operations in this field are expected to act as a driving force for the wireline logging market.
- In 2019, the opening of the North Sea, Norwegian Sea, and Barents sea south for petroleum activities by the Norwegian Government will be boosting the offshore oil and gas market, hence the operations like wireline logging.
- In 2018, with more than 100 active offshore rigs in the United Kingdom in comparison to only 4 at onshore, the market for wireline logging services in the offshore sector is dominating since the past several years.
- With a significant share of offshore projects for ongoing and future, the wireline logging market will be showing significant growth in the offshore segment.
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Russia’s Emergence as a Major Market For Wireline Logging Services
- In 2018, the Russian federation forecast to drill 10,700 more wells. with more than 9500 wells drilled as of 2019 already. Such large-scale drilling and production operations will be requiring logging services at a considerable level.
- The undeveloped Lukoil discoveries Rakushechnoye oil and gas field, Dolginskoye oilfield, Vostochno-Priberezhny are expected to be pushed to production phase in the forecast period. Russia is drilling new wells in the existing fields such as Sakhalin-1, Chayvo, the Odoptu-Sea field, and the Lebedinskoye field for any further discoveries which will generate demand for wireline logging service market.
- In April 2018, a Chinese rig operator announced the discovery of a large natural gas field in Russia's Kara Sea and development of Vladimir Filanovsky field by Lukoil in the Russian sector of the Caspian Sea, which is further expected to attract subsea wireline and perforating manufacturers in the country.
- The country is continuously exploring the north sea region as it has high potential. The success of this field will be driving the European wireline logging service market further.
- Demand for wireline services in Russia is expected to continue to increase, in line with the drilling volume, driven by the considerable increase in the number of rigs and a higher proportion of rigs being used for horizontal drilling.
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