Oilfield services encompass a wide range of operations critical to the petroleum industry. These services involve everything from the initial construction of oil and gas wells, to their completion, and eventual production for the extraction of petroleum. They are central to the functionality and productivity of oilfields across the globe, providing the necessary framework for these complex industrial ecosystems. Let's dive a bit deeper into what oilfield services entail and their integral role in global energy production...
1. Oilfield services cover a broad range of operations imperative to the petroleum industry, including construction, completion, and production of oil and gas wells.
2. These services are essential to the functionality and productivity of global oilfields, providing the necessary infrastructure for these industrial ecosystems.
3. Oilfield services include myriad operations such as initial geological studies, seismic testing, drilling, refining, and site remediation after extraction.
4. Each phase of oil production requires its own set of specialized services and professionals, such as geologists and petroleum engineers for drilling, or professionals to prepare the well for production in the completion phase.
5. These services ensure continuous and efficient extraction of oil and gas during production, making oilfield services the backbone of the petroleum industry.
In 2019, the global oilfield services market was valued at approximately 117 billion U.S. dollars.
Services encompass a wide array of operations, from the initial geological study and seismic testing to drilling, completion, refining, and even site remediation after extraction. Each phase requires its own subset of services and professionals. For example, drilling necessitates experts in geology, petroleum engineering, as well as drilling equipment and technology. Completion services, meanwhile, need professionals to secure and prepare the well for production. And during production, different services ensure the continuous and efficient extraction of oil and gas. Therefore, oilfield services serve as the backbone of the petroleum industry.