North America will lead an onshore drilling recovery over the next few years, with a total of $1.6 trillion being spent on drilling and well services, 76% onshore, according to Westwood Global Energy Group May 18.
Demand for oilfield equipment could slow down through the early years of the next decade before it recovers, the press release said, partly because of oversupply of equipment.
The newbuild offshore rig market--jackups, semisubmersibles and drillships--may decline from a peak of $24 billion in 2013 to just $4.2 billion by 2023.
Offshore maintenance, modifications and operations is the sector that seems most promising in terms of growth rates, Westwood Group said--a sustained recovery in spending is likely through 2023.
The latest data comes from Sectors, WGEG’s online analytics provider.