Oman Directional Drilling Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 20.48 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oman Directional Drilling Market Analysis
The Oman directional drilling market is expected to grow at a CAGR of more than 20.48% over the period of 2020-2025. Factors such as drilling in unconventional reserve, which involves directional or horizontal drilling to increase contact with the pay zone, as well as increase the production significantly are expected to drive the directional drilling services market during the forecast period. However, the volatile crude oil prices and cost-cutting measures due to the reduced oil demand and falling prices amid COVID-19 is likely to hinder the growth of the market being studied.
- The onshore segment is expected to witness significant growth during the forecast period, the rising interest in the development of unconventional resources, like tight gas, has also helped the market for directional drilling to grow in the country.
- The more ambitious projects, such as offshore fields and unconventional fields. The offshore region in the country remains largely unexplored. Such projects have the potential to significantly increase the oil and gas activity in the country, in turn, providing market opportunities.
- Natural gas production growth is significant, supported by the promising developments in several new projects in Oman, this is likely to propel the growth of the Omani directional drilling market over the forecast period.
Oman Directional Drilling Market Trends
This section covers the major market trends shaping the Oman Directional Drilling Market according to our research experts:
Onshore to Dominate the Market
- The onshore traditionally directional drilling was associated with conventional oil and gas production, but with the advent of unconventional resources, the scope for directional drilling has increased in the country.
- The development of the Khazzan-Makarem gas field is a prime example of the development of unconventional resources. The field is a tight gas field with estimated reserves of around 100 trillion cubic feet. The production from the field started in 2017, and it was around 1 billion cubic feet per day in 2019.
- Phase 2 of the Khazzan Gas Project got approval in April 2018, and as of February 2019, BP Oman was planning to invest around USD 16 billion in the first and second stage development of the project.
- The second phase is expected to be completed by the end of 2020, and an added production of half billion cubic feet per day is expected by the start of 2021 when Ghazeer field starts producing.
- As of March 2020, Oman had around 55 active rigs (all onshore), representing an inclination toward onshore drillings market.
Increase in Natural Gas Production to Dominate the Market
- Gas has been playing an important role in the Omani energy sector, since early 2000, and this trend is expected to continue during the forecast period.
- In 2018, the country's natural gas production reached 3.5 billion cubic feet per day (bcf/d), representing an increase of 11.4%, as compared to the previous year. The plans for Mabrouk North East field follow the successful development of the Khazzan gas field by BP.
- The second phase of the project, known as Ghazeer, is currently underway, and it is expected to increase gas production in the Khazzan field, from the current level of around 1 bcf/d to 1.5 bcf/d.
- In the first half of 2019, the country's natural gas production reached 3.8 bcf/d during the same period.
Oman Directional Drilling Industry Overview
The power rental market is fragmented. Some of the key players in this market include Petroleum Development Oman, Total SA, Schlumberger Limited, Baker Hughes Company, Halliburton Company.
Oman Directional Drilling Market Leaders
-
Petroleum Development Oman
-
Total SA
-
Schlumberger Limited
-
Baker Hughes Company
-
Halliburton Company
*Disclaimer: Major Players sorted in no particular order
Oman Directional Drilling Market Report - Table of Contents
-
1. INTRODUCTION
-
1.1 Scope of the Study
-
1.2 Market Definition
-
1.3 Study Assumptions
-
-
2. RESEARCH METHODOLOGY
-
3. EXECUTIVE SUMMARY
-
4. MARKET OVERVIEW
-
4.1 Introduction
-
4.2 Market Size and Demand Forecast in USD billion, till 2025
-
4.3 Recent Trends and Developments
-
4.4 Government Policies and Regulations
-
4.5 Market Dynamics
-
4.5.1 Drivers
-
4.5.2 Restraints
-
-
4.6 Supply Chain Analysis
-
4.7 PESTLE Analysis
-
-
5. MARKET SEGMENTATION
-
5.1 Location of Deployment
-
5.1.1 Onshore
-
5.1.2 Offshore
-
-
5.2 Types
-
5.2.1 Rotary Steerable System (RSS)
-
5.2.2 Conventional
-
-
-
6. COMPETITIVE LANDSCAPE
-
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
-
6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
-
6.3.1 Petroleum Development Oman
-
6.3.2 Total SA
-
6.3.3 Schlumberger Limited
-
6.3.4 Baker Hughes Company
-
6.3.5 Halliburton Company
-
6.3.6 Occidental Petroleum Corporation
-
6.3.7 Oman Oil Company SAOC
-
6.3.8 Precision Drilling Corporation
-
6.3.9 Royal Dutch Shell PLC
-
6.3.10 Nabors Industries Ltd
-
- *List Not Exhaustive
-
-
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oman Directional Drilling Industry Segmentation
The Oman directional drilling market report includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
| Types | |
| Rotary Steerable System (RSS) | |
| Conventional |
Oman Directional Drilling Market Research FAQs
What is the current Oman Directional Drilling Market size?
The Oman Directional Drilling Market is projected to register a CAGR of greater than 20.48% during the forecast period (2024-2029)
Who are the key players in Oman Directional Drilling Market?
Petroleum Development Oman, Total SA, Schlumberger Limited, Baker Hughes Company and Halliburton Company are the major companies operating in the Oman Directional Drilling Market.
What years does this Oman Directional Drilling Market cover?
The report covers the Oman Directional Drilling Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Oman Directional Drilling Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Oman Directional Drilling Industry Report
Statistics for the 2024 Oman Directional Drilling market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oman Directional Drilling analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
