press release

E&P Expenditure by oilfield service segment

August 16, 2018
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Rystad Energy expects expect the global oilfield service market to be back at pre-downturn market levels by 2024 with $920 billion of total E&P expenditure for offshore, shale and conventional onshore resources. Shale is expected to recover even faster and will surpass 2014 levels as soon as 2020. It will make up 23% of the total service market in 2024 compared to only 19% in 2014. Offshore is losing market share due to the sanctioning draught in 2015-2017, which is keeping greenfield spending at lower levels going forward. In terms of service markets, Well Services and Commodities, Subsea and MMO will surpass 2014 levels in 2024, but Drilling Contractors and EPCI will not due to continued pressure on service prices, downsizing and efficiency gains in the value chain.

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A bar chart showing E&P Expenditure by oilfield service segment in Million USD from 2014 to 2024. Source: Rystad Energy DCube


Audun Martinsen
Partner, Oilfield Service Research
Phone: +47 24 00 42 00
Mobile: +47 48 07 76 11

Marina Dervishogullari
Marketing Manager
Phone: +47 24 00 42 00

About Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. 

Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike.