07 August 2017
Visiongain’ has launched a new energy report Global Land Drill Rigs Market Analysis to 2027: Forecasts By Rig Type (Conventional Rigs & Mobile Rigs), By Power (<1500 Hp, 1500–2500 Hp, and >2500 Hp) AND By Region PLUS Profiles of Leading Companies in the Land Drill Rigs Market
Drilling rigs play an important role while producing hydrocarbons from different types of wells. Around 70% hydrocarbon production comes from onshore oil and gas fields while the remaining 30% is contributed by offshore fields.
Drill rigs are versatile equipment used for the drilling a hole in the earth’s surface to extract hydrocarbons. New oil fields are discovered every year to meet the increasing energy demand and consumption.
Crude oil price continues to fluctuate, but the fall of crude oil price in 2015 hit the oil and gas industry hard. The oil price downturn and subsequent reduction in drilling activity have had a severe impact on the global land drill rig market. Depleting hydrocarbons and its harmful environmental impacts are also creating a restraint to the oil and gas drilling rigs market.
The visiongain report analyst commented “increased primary energy demand and along with increased production of oil and gas are the main drivers of the land drill rigs market. Advancement in technologies related to oil field discovery, oil drilling is expected to create the demand for the global land drill rigs market.”
Leading companies featured in the report who are developing Land Drill Rigs include KCA Deutag, Nabors Industries Ltd., Cactus Drilling Company, LLC, SDP Services Ltd., Drillmec Inc., Marriott Drilling Ltd., China Oilfield Services Ltd., Helmerich & Payne, Inc, Parker Drilling & Patterson-UTI Energy, Inc
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