New RPI Report : Russian Market of Directional and Horizontal Drilling Support Services 2021

RPI  offers you the analytical report  “The Russian market of services to support the directional and horizontal drilling: the current status and development scenarios in 2021-2030 gg.”

This report  analyzes the state of one of the most promising segments of the oilfield services market – the drilling support market – during the crisis year for the entire oil and gas industry in 2020. During this period, the following trends emerged in this segment: • the drilling support market was  able to enter the top 3 largest segments of the oilfield services market ; • in monetary terms, this market  not only did not decrease in 2020, but also by increasing / maintaining the cost of work compared to the previous year, it  was able to increase its volume by about 3% , to 138.3 billion rubles;

• Despite the crisis conditions in 2020,  the segment continued to trend towards the introduction of new progressive and expensive technologies , for example, in the field of logging while drilling (LWD) and in the field of using rotary steerable systems (RSS).

The analysis carried out as part of the writing of the proposed report showed that in 2021-2030. the drilling support segment will continue to develop at a significant pace, so that by 2030 its volume will almost triple in nominal rubles compared to 2020.

The current state of the Russian oil industry in 2020 is a consequence of the simultaneous superposition of several negative factors, among which the main ones are:
• the decline in global demand for oil, which took place already at the beginning of 2018;
• failure in March 2020 of the prolongation of the OPEC + deal with the subsequent resumption of this deal on more stringent conditions for the Russian oil industry;
• the COVID-19 pandemic, which further reduced the demand for oil and has the prospect of ending no earlier than the end of 2021.

Taking into account the fact that the future situation in the oil market is inherently a multifactorial equation, where the key variables are the scale of economic consequences from the coronavirus epidemic and further joint or individual steps of key oil suppliers related to the regulation of production volumes, we can conclude that there is a significant number of possible scenarios and the extreme complexity of market forecasting at this stage.