Support
activities for oil and gas operations industry comprise establishments which
provide support activities on a contract or fee basis for oil and gas
operations such as exploration, drilling and extraction.
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The
substantial reason for the growth of the oil and gas supporting activities
market from $192 billion in 2017 to $242 billion by 2021 is the increased
demand for supporting services by oil and gas manufactures in the world as the
oil price stabilizes and new investment increases.
The
market can easily split into crude oil & natural gas, oil and gas wells
drilling services and oil and gas supporting activities out of which crude oil
& natural gas comprises of four-fifth of the market, and the rest is shared
by oil and gas wells drilling services and oil and gas supporting activities.
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The
USA was the largest country in the oil and gas supporting activities market in
2017, accounting for nearly one fourth of the market. This was mainly due to
large production of shale oil in the country which increased demand for
supporting activities for oil extraction followed by Russia and China.
The
top five competitors in the market made up to nearly 17% of the total market in
2017. Halliburton was the largest competitor with nearly 5% of the
market, followed by Saipem S.P.A, Schlumberger Ltd., Baker Hughes Incorporated,
Weatherford International plc.
Halliburton
Company is a provider of services and products to the upstream oil and natural
gas industry. The company is headquartered in Texas and employs around 50,000
people.
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