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Westwood Global Energy Group’s World Drilling & Well Services Market Forecast – previously known as the World Oilfield Services Market Forecast – presents the latest view on prospects for one of the largest areas of total oilfield services expenditure.
The global DWS market is expected to see a sustained recovery over 2018-2022, led by a rebound in onshore US activity, according to Westwood Global Energy Group’s latest World Drilling & Well Services Market Forecast report, complemented by the online Sectors DWS data module.
Westwood Global Energy Group’s World Drilling & Well Services Market Forecast presents the latest view on prospects for one of the largest areas of total oilfield services expenditure. The new report, covering 2013-2022, shows forecast expenditure totalling $1.4 trillion and growing at a 7% CAGR.
North American DWS expenditure is expected to rise at a CAGR of 11% through to 2022, representing 52% of the global market over the forecast period. The outlook for North America is buoyed by strong activity growth in the US onshore plays, with the combined effect of volume and pricing growth since 2016 expected to continue through the forecast
Outside of North America, international DWS expenditure over 2018-2022 is expected to total approximately $686bn, with a CAGR of 2% forecast over the same period. This is due largely to a stagnation in the offshore rig & crew market, which is expected to see minimal uplift in utilisation (and hence pricing) of mobile offshore drilling units (MODUs) other than in some niche applications and geographies. Onshore, divestment away from mature assets in China will stunt growth, while the majority of regions outside of North America will see annual compound growth in the low single-digits through to 2022. The exception is Latin America, where operators in Argentina’s Vaca Muerta shale are targeting a substantial increase in both drilling and production as a function of planned investment in rail infrastructure, driving regional onshore compound growth of 11% per year.
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