“Global Land Drill Rigs market will see a capital expenditure (Capex) of $43,454.1mn in 2020” says new Visiongain report
17 February 2020
Visiongain has launched a new energy report Land Drill Rigs Market Report: 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.
Onshore drilling is one of the major sources for oil extraction to meet the high demands from Asian, European, and the Middle East for petroleum. The consumption of oil is nearly 35 billion barrels per year across the globe which constitutes nearly 100 million barrels in a day.
Onshore oil drilling accounts for nearly 70% of the overall oil production while offshore bags the remaining 30% of the oil production. In onshore drilling, the drilling structure is set-up on the ground and deep holes are dug in order to extract the oil from the oil formation level.
The crude oil prices face several ups and downs especially when global economic strength is weak, and supply outpace demand. In 2015, the US shale oil production was also declined due to low crude oil prices as a result of which the number of onshore drilling declined to nearly 40%.
The Visiongain report analyst commented: "Increased primary energy demand and low operational cost are the main drivers of the land drill rigs market. Advancement in drilling technologies is expected to augment the demand for the land drill rigs."
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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