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Impact of Covid-19 on Oilfield Integrity Management Services Market

Oilfield Integrity Management Services: Introduction

·         Integrity management comprises effective management of corporate assets in order to gain maximum value, profitability, and returns while safeguarding personnel, community, and the environment

·         Oilfield integrity management services deal with the effective management of oilfields and various oil & gas activities

·         The oil & gas industry is changing its conventional business models. It is focusing on smarter operations. This is likely to boost the demand for oilfield integrity management services during the next few years.

·         Oilfield integrity management services consist of planning, predictive maintenance & inspection, corrosion management, data management, monitoring system, and other services for the oil & gas sector

Key Drivers of Global Oilfield Integrity Management Services Market

·         Global demand for oilfield integrity management services is expected to increase during the forecast period, owing to rise in offshore exploration and production of oil and gas reserves across the world. Offshore drilling activities are also increasing to meet the rising demand for crude oil. According to the World Oil, around 27,000 wells were drilled in the U.S. in 2018, an increase over those (around 24,000) drilled in 2017.

·         Thus, growth in oil and gas exploration activities is anticipated to boost the global oilfield integrity management services market during the forecast period

COVID-19 Impact Analysis

·         The COVID-19 pandemic has significantly impacted the oil & gas sector. Oil prices have been declining. The need for refined products is also declining due to industrial slowdowns and travel restrictions. Large oil & gas companies are cutting down on capital and operational expenditures. This is expected to filter down to suppliers and oilfield service companies.

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Major Developments

·         On February 17, 2020, Halliburton launched SPIDRlive Self-Powered Intelligent Data Retriever, an unconventional well testing and fracture interaction monitoring technology that acquires real-time well data without the need for intervention to reduce costs and improve fracture understanding for greater recovery. The SPIDRlive retriever combines quartz-based hardware and proprietary modeling software to capture high-resolution, high-accuracy, and high-frequency data from the wellhead without running downhole equipment.

Middle East & Africa to Hold Major Share of Global Oilfield Integrity Management Services Market

·         Based on region, the global oilfield integrity management services market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         Middle East & Africa dominated the global oilfield integrity management services market in 2019. The market in the region is expected to expand at a significant pace during the forecast period. Middle East & Africa is rich in onshore oil reserves and is investing in the exploration of offshore sites. This is anticipated to boost the demand for oilfield integrity management services in the region. Middle East & Africa is also investing in digital technologies for oilfield activities.

·         The market in North America is anticipated to expand at a healthy pace during the forecast period, with the increase in offshore discoveries of new oil and gas reserves in the region. Furthermore, rise in production of unconventional resources, such as shale oil and oil sands, is estimated to positively impact the oilfield integrity management services market in North America in the near future.

·         Europe is anticipated to account for considerable share of the global oilfield integrity management services market during the forecast period. Russia, Norway, the U.K., and countries in CIS are among the major producers of offshore oil and gas in the region.

·         The market in Asia Pacific is estimated to expand at a moderate pace during the forecast period, owing to increase in demand for oil and gas in the region. The oil & gas sector in the region is developing at a steady pace. It is experiencing foreign investments.

·         The oilfield integrity management services market in Latin America is projected to hold low share of the market, expanding at a sluggish pace in the next few years

 

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Key Players Operating in Global Market

Some of the leading companies operating in the global oilfield integrity management services market are:

·         Baker Hughes Company

·         Schlumberger Limited

·         Halliburton

·         John Wood Group PLC

·         SGS SA

·         Oceaneering International, Inc.

·         Emerson Electric Co.

·         Saipem

·         Weatherford

·         Siemens

·         National Oilwell Varco.

·         Bureau Veritas

·         FLUOR

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