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Petroleum & Natural Gas Support Activities in the UK: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Petroleum & Natural Gas Support Activities Market Research Report | SIC B09.100 | Feb 2017

Decreased exploration activity has had a negative effect on the industry's performance

IBISWorld’s Petroleum & Natural Gas Support Activities market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Halliburton Company Halliburton Company market share
Technip UK Ltd Technip UK Ltd market share
Transocean Ltd Transocean Ltd market share
Industry Statistics & Market Size
Revenue
£7bn
Annual Growth 12-17
-0.4%
Annual Growth 17-22
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Profit
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Employment
19,296
Businesses
230
Industry Analysis & Industry Trends

For a number of years, declining reserves and falling production from the UK’s oil and gas fields have led to less oil and gas drilling, reducing demand for the industry’s services. UK sources of oil and natural gas are becoming scarcer, causing a drop in the exploration activity that the industry largely depends on. Falling oil prices since 2014 exacerbated the downturn in exploratory drilling. Overall, the maturity of North Sea oil reserves is a problem that is likely to damage the industry indefinitely.

Rigs operating on the UK continental shelf are involved in drilling exploration, appraisal and digging development wells. Although wells are drilled onshore, the main focus of drilling activity is offshore... purchase to read more

Industry Report - Industry Investment Chapter

The industry has medium level of capital intensity. For every £1.00 spent on capital in the industry, £4.02 is spent on wages. Activity relies heavily on a variety of equipment, including sophisticated offshore and onshore oil and gas drilling rigs, but much of this equipment is leased. It is often the exploration firms rather than contracted support companies that take on the expenditure. Nonetheless, support firms spend a great deal on keeping their technology up to date.

Those employed by the industry tend to be highly skilled. Positioning and operating drilling rigs, including offshore rigs of various types, requires considerable skill. Much of the industry's capital equipment is operated around the clock, which also adds to employment requirements.

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Industry ProductsRelated ReportsTable of Contents

What is the Petroleum & Natural Gas Support Activities Industry?

This industry provides oil and gas well services on a fee or contract basis to firms that extract oil and gas. This includes traditional prospecting methods such as geological observations, and invasive work such as directional drilling, redrilling, test drilling, spudding, and derrick erection and maintenance. It also incorporates draining and pumping services, and the liquefaction and regasification of gas for transportation.

Industry Products
Development wellsAppraisal wellsExploration wellsOther services
 
Industry Activities
Drilling oil and gas wellsCementing wellsPlugging abandoned wellsWell draining and pumpingErecting drilling derricks


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