An increase in the energy demands of South America has ushered exploration and production companies to push beyond their limits and explore more reserves in this region. The growth of the oilfield market is directly proportional to the on-going drilling and completion activities in Venezuela, Brazil, and Argentina. On the basis of various factors such as geological condition, type of reservoir, and others, different types of oilfield services are required to assist with the drilling and completion activities.
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This rise in energy demand has resulted in increased drilling and completion activities, globally. This has also exerted pressure to extract more from each well, which is why further deep exploration is carried out. This increase in drilling and completion activity increases the requirement for oilfield services.
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Additionally, there is a massive increase in the number of wells drilled and completed in certain specific geographic regions, which drive the growth of the oilfield services market. The international and national oil companies across South America have significantly increased their exploration and production investments in 2013, with strong growth particularly observed in Venezuela, Brazil, and Trinidad. This trend will continue over the coming years, with South American E&P investments expected to increase with a strong growth rate. These E&P activities demand oilfield services in order to produce and make operations economically viable.
In-depth profiling of the key players have been conducted, along with recording record of their recent developments (new product launches, partnerships, agreements, collaborations, and joint ventures) and strategies adopted to sustain and strengthen their position in the South American oilfield services market. Baker Hughes Inc., Schlumberger Ltd., Weatherford International Plc, and Halliburton Co. are the key players engaged in this market.
