Saudi Arabia's fuel demand has been boosted by its rapid industrialization and urbanization, leading to an increase in the market for oil and gas tools in the country, as reported by TechSci Research in their 2028F report titled “Saudi Arabia Drilling Tools Market - By Region, Competition, Forecast & Opportunities.” The market for drilling tools in Saudi Arabia is primarily driven by big data and analytics. With an abundance of hydrocarbons and a majority of oil rigs being located on land, onshore tools are projected to dominate the drilling tools market in the country. As of December 2021, Saudi Arabia's oil consumption was recorded at 3,595.427 barrels per day. Land rigs, which are well-suited for onshore rigs, are the most popular drilling tool type used in the country.
The Saudi Arabia oilfield equipment market is segmented into two categories based on application—onshore and offshore, with the former contributing the largest share to the market. The discovery of new oil and gas resources is driving the demand for onshore oilfield equipment, as oil and gas companies are exploring new resources to meet rising demand. Oilfield equipment is widely used in onshore applications for pressure sealing of the whole casing employed in the relevant activity, such as lining the hole. Additionally, offshore oil and gas exploration and production activities offer significant market growth potential, with the potential for high profitability.
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In terms of regional analysis, the Saudi Arabia Drilling Tools market is divided into four regions: Eastern, Northern & Central, Western, and Southern. The Eastern region is dominant due to the presence of most of the rigs. Saudi Arabia's Vision 2030 aims to diversify the economy, reduce oil export dependence, increase private sector contribution to economic growth, and boost the country's GDP. The government plan focuses on synergizing the oil sector through production levels, maintaining a consistent market share and output to balance oil prices. This will create jobs for Saudis and secure Saudi Aramco's earnings for future IPO, thereby strengthening the local economy. As of 2020, Saudi Arabia had total proven reserves of 297.5 million barrels.
Key market players in the Saudi Arabia Drilling Tools Market include:
- Schlumberger Limited
- Baker Hughes a GE Company
- The Halliburton Company
- National Oilwell Varco
- Weatherford International PLC
- Technip FMC
- Precision Drilling Corporation
- Parker Drilling Company
- Gyrodata Incorporated
- Dynomax Drilling Tools Inc.
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By completing feasibility studies that included modelling torque, drag, equivalent circulating density, standpipe pressure, and hydraulic lift, Schlumberger and Saudi Aramco were able to collect baseline data. To evaluate the relative effects of each choice and find the optimum answer to the problem, shock and vibration simulations on several BHA designs were also carried out.
Saudi Arabia is driving the demand for offshore drilling rigs as it seeks to enhance its production capacity over the next years, according to the most recent Offshore Oracle analysis from Evercore ISI. Saudi Aramco has placed orders for two newbuild jackups, raising the total number of jackups to five, by the end of the year. Additionally, three newbuilds were ordered in April. They consider all five newbuilds to be incremental, given that Saudi Aramco has stated its intention to double its offshore fleet to 90 vessels by 2024 as part of its push agenda to boost the country's production capacity from 1 MMb/d to 13 MMb/d by 2027.
The focus is shifting to unexplored reservoirs to keep up with the growing demand due to the rising demand for oil and gas around the world and the maturing of existing hydrocarbon resources. This is expected to positively impact the country's market for oil & gas drilling tools during the forecast period. Growing regulatory pressure and rising investments in the field of research and development are a couple of key factors that would boost the market.
“The Saudi Arabia Drilling Tools Market is expected to expand during the projected period. Factors such as rising redevelopment of existing oil wells, expanding oil exploration and drilling activities, and the recovery of oil prices are some of the primary factors driving the market's expansion. Additionally, growing economic competition in the service and oil exploration and drilling sectors is speeding up market expansion, driving the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Drilling Tools Market By Type (Drill Bits, Drilling Tubulars, Mud Pumps, Reamers & Stabilizers, Drill Swivels, Drill Collars & Others), By Application (Onshore, Offshore), By Region, Competition, Forecast & Opportunities, 2028F”, has evaluated the future growth potential of Saudi Arabia Drilling Tools market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Saudi Arabia Drilling Tools market.
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