Open Hole Logging Services Market

Openhole Logging Services Market Analysis

The Open Hole Logging Services Market is expected to register a CAGR of greater than 2% during the forecast period.

• The E-line open hole logging services is expected to have the maximum share in the market, in 2018, owing to its higher accuracy and reliability.

• North America is estimated to have the maximum share of the open hole logging services market, in 2018. Additionally, the growth rate of the South America region is expected to be the highest during the forecast period, primarily due to the rapidly increasing oil and gas activities in the region, over the forecast period.
• The increasing oil and gas discoveries coupled with the liberalization in the industry globally, has been leading to creation of new opportunities for the players to invest in. The new emerging markets are several developing nations of Middle East and Africa, Asia-Pacific and South America.

Openhole Logging Services Market Trends

E-Line to Dominate the Market

• In 2018, the market share of e-line open hole logging services was high, globally.
• Electrical line (E-line) is a cable which is utilized to lower the tools and transmit data to the surface and to the tools deployed. An e-line can perform the slickline job and can also help to evaluate (log) the formation, when the data must be sent to the surface.
• E-lines consists of single strands or multi-strands. E-Line is a more value-added deployment method, as it covers both requirements, i.e. it can intervene on a mechanical level and collect data about well conditions too.
• The market for E-Line wire-line services, have been growing, owing to there being a higher number of old wells (conventional) across the globe that require intervention and monitoring. In addition, a number of down-hole tools that were previously deployed by coiled tubing can now be deployed using E-Line, which is more cost-effective.
• Owing to the above mentioned properties, the demand for e-line open hole logging services has been growing over the forecast period.

North America to Dominate the Market

• North America is expected to dominate the open hole logging services market and to grow at a significant rate over the forecast period.
• The United States (US), as of 2019, is the largest producer of oil and gas. In the US, there are more than 900,000 active oil and gas wells, and more than 130,000 have been drilled since 2010.
• In 2018, the US has witnessed three significant oil discoveries, including two in the Gulf of Mexico, at Ballymore (545 Mb) at a depth of 2,000 m underwater, and at Appomattox (140 Mb) under 2,300 m of water.
• According to Canadian government report published in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020, and production is expected to increase from an offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas.
• The annual oil output of Mexico has been dropping, over the years, as the giant Cantrell field in the shallow waters of the Gulf of Mexico drying up. However, the Mexican government is trying to increase private investments in its controlled areas of the Gulf of Mexico.
• Therefore, increasing oil and gas drilling and completion activities in the region are expected to increase the demand for open hole logging services market over the forecast period in North America region.

Openhole Logging Services Industry Overview

The global open hole logging services market is partially consolidated. The key players in this market include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford Plc. and Baker Hughes Company.

Openhole Logging Services Market Leaders