Fossil fuels are facing an uncertain future. In response, Europe’s big oil companies including Shell, BP and Total are venturing into the production, distribution and sale of electricity to industrial, residential and transport markets, in direct competition with traditional multinational utilities such as Enel, Iberola and RWE. This diversification, though […]
In sum, some industry experts expect to see a continued slowdown in new well investment as the industry conserves cash and waits for the bottlenecks to be eased. More bankruptcies are to be expected, especially among smaller players, who are most reliant on attracting new investment to stay in business.
Meanwhile, many industry experts are wondering just how competitive the new output from this investment in the Marjan and Berri oilfields will be, as compared to American shale oil.
It is likely that any further production cuts by OPEC and Russia to maintain prices will be harder to implement if all it does is boost American oil producer’s profit margins and encourage greater investment in well drilling and completions.
Today, the market for oil field services and products is ever more competitive. It has been forecast by MarketsandMarkets that the global oil fields services market is growing at some 5% and is expected to be worth at least $144.36 Billion by 2020.