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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 is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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 - Starting a New Business Chapter

Substantial amounts of capital are required to establish operations providing oil and gas extraction support services. Firms need to invest heavily in large-scale equipment, such as offshore drilling rigs of various sizes.

Work tends to be won by firms offering not only a competitive price, but also having an established track record, making it difficult for new entrants to establish themselves. This is particularly true for contracts relating to ongoing well maintenance. The industry also has substantial working capital requirements. Firms need to be able to fund their activity until day-rate or progress payments (in the case of a lump-sum contract) are made. Non.. purchase to read more

 


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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