Oil And Gas Wells Drilling Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030

A new proposed bill backed by Congressman Frank Palone could raise concerns for United States oil and gas companies. The proposed bill demands that the water which is being used in the oil and gas drilling services market is classified as hazardous waste. If the new bill is passed, it is expected to make life difficult for the companies engaged in oil and gas well drilling as the requirement for its disposal would change once the water is classified as hazardous. This could affect the global industry greatly as North America accounts for the largest share in the market. At present, the water is disposed in Class II injection wells which are estimated to be 180,000 wells, but if the water is deemed as hazardous the water would be required to dispose at class I wells, of which there are estimated to be around 300 wells only. To make matters worse, most of these wells do not accept wastewater from third parties and these wells are situated along the coast of Louisiana and Texas.[i], [ii]

As per data on the Global Market Model, the global oil and gas well drilling services market is expected to grow from $146.56 billion in 2020 to $227.76 billion in 2025 at a CAGR of 9.22%. The onshore drilling services is the largest segment in the oil and gas drilling services market at 54.42% of the market worth about $79.76 billion while offshore drilling services market is valued at $66.80 billion accounting for 45.58% of the market. North America was the largest region in the oil and gas wells drilling services market in 2020, accounting for $42.69 billion or 29.13% of the global oil and gas wells drilling services market. The Middle East was the second largest region in the oil and gas wells drilling services market in 2020, accounting for $23.11 billion or 15.77% of the global oil and gas wells market. Western Europe was the smallest region accounting for $10.84 billion.

Thus, if the proposed bill is passed, oil & gas companies involved in drilling will have to look for alternatives, which is expected to cause financial and logistical problems. It would be interesting to see how oil and gas companies and the US government cope with it.

The Oil And Gas Wells Drilling Services Global Market Report is one of a series of new reports from The Business Research Company that provides oil and gas wells drilling services market overviews, analyzes and forecasts oil and gas wells drilling services market size, share, oil and gas wells drilling services market players, oil and gas wells drilling services market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

About The Author 

Abhinay has an overall experience of 15+ years in market research and consulting with companies like GlobalData, ISP, and Eni. He has worked on industries such as Energy, Construction, and Mining, where he has carried out several projects with some of the big companies in his domain. His experience also includes a 3-year stint with his own venture in consulting. Abhinay majored in Oil & Gas and graduated from the University of Petroleum & Energy Studies in 2005.

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

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