Who are the key players in Africa Oilfield Services Market?

Schlumberger Limited , Weatherford International Plc, Baker Hughes Company , Halliburton Company and Petrofac Ltd. are the major companies operating in the Africa Oilfield Services Market. Read More

What years does this Africa Oilfield Services Market cover, and what was the market size in 2023?

In 2023, the Africa Oilfield Services Market size was estimated at USD 5.58 billion. The report covers the Africa Oilfield Services Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Africa Oilfield Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Africa Oilfield Services Market Size

Market Size of Africa Oilfield Services Industry

Study Period	2021 - 2029
Base Year For Estimation	2023
Market Size (2024)	USD 5.97 Billion
Market Size (2029)	USD 8.35 Billion
CAGR (2024 - 2029)	6.95 %
Market Concentration	High
Major Players *Disclaimer: Major Players sorted in no particular order

Africa Oilfield Services Market Analysis

The Africa Oilfield Services Market size is estimated at USD 5.97 billion in 2024, and is expected to reach USD 8.35 billion by 2029, growing at a CAGR of 6.95% during the forecast period (2024-2029).

The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.

Over the long term, increasing exploration and production activities due to rising crude oil and natural gas demand will likely drive the African oilfield services market during the forecast period.

On the other hand, volatile oil and gas prices are leading to uncertainty among oil and gas operators, which is likely to restrain the growth of the African oilfield services market in the coming years.

In addition, advancements in the region's deepwater and ultra-deepwater drilling activities and increasing primary energy consumption are expected to create ample opportunities for market players in the coming years.

Nigeria is expected to dominate the market, owing to increased exploration activity to compensate for declining fields elsewhere and recent oil discoveries.

Africa Oilfield Services Industry Segmentation

Oilfield services (OFS) refer to all the services that support onshore and offshore oil and gas extraction and production processes. These services include drilling and formation evaluation, well construction, and completion services.

The African oilfield services market is segmented by service type and location type. By service type, the market is segmented into drilling services, completion services, production services, and other services. By location of deployment, the market is segmented into onshore and offshore. The report also covers market size and forecasts for the African oilfield services market across major countries. For each segment, the market size and forecasts have been calculated based on USD billion.

Service Type
		Drilling Services
		Completion Services
		Production Services
		Other Services

Location of Deployment
		Onshore
		Offshore

Geography
		Nigeria
		Angola
		Algeria
		Rest of Africa

Need A Different Region Or Segment?

Customize Now

Africa Oilfield Services Market Size Summary

The African oilfield services market is poised for significant growth over the forecast period, driven by increasing exploration and production activities in response to rising global demand for crude oil and natural gas. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19, and is expected to expand steadily. Key factors contributing to this growth include advancements in deepwater and ultra-deepwater drilling, as well as increased primary energy consumption. Nigeria is anticipated to lead the market due to heightened exploration activities and recent oil discoveries, with drilling and completion services dominating the market share. Government incentives and the involvement of global oil and gas companies in offshore activities in countries like Nigeria and Ghana are further propelling the market's expansion.

Despite the positive outlook, the market faces challenges from volatile oil and gas prices, which may create uncertainty for operators. However, the growing number of oil rigs, particularly in Algeria and Nigeria, is expected to bolster the demand for oilfield services. Notable contracts and projects, such as Saipem's drilling campaign in North-West Africa and Sonatrach's offshore drilling plans in Algeria, are set to enhance market dynamics. The market is characterized by a mix of small and large players, including major companies like Schlumberger Limited, Petrofac Ltd, Weatherford International PLC, Baker Hughes Company, and Halliburton Company. Recent exploration activities, such as TotalEnergies' plans in South Africa, underscore the ongoing opportunities within the region, suggesting a robust growth trajectory for the African oilfield services market.

Explore More

Africa Oilfield Services Market Size - Table of Contents

1. MARKET OVERVIEW
1. 1.1 Introduction
2. 1.2 Market Size and Demand Forecast in USD billion, till 2027
3. 1.3 Recent Trends and Developments
4. 1.4 Market Dynamics
  1. 1.4.1 Drivers
  2. 1.4.2 Restraints
5. 1.5 Supply Chain Analysis
6. 1.6 Porter's Five Forces Analysis
  1. 1.6.1 Bargaining Power of Suppliers
  2. 1.6.2 Bargaining Power of Consumers
  3. 1.6.3 Threat of New Entrants
  4. 1.6.4 Threat of Substitutes Products and Services
  5. 1.6.5 Intensity of Competitive Rivalry
2. MARKET SEGMENTATION
1. 2.1 Service Type
  1. 2.1.1 Drilling Services
  2. 2.1.2 Completion Services
  3. 2.1.3 Production Services
  4. 2.1.4 Other Services
2. 2.2 Location of Deployment
  1. 2.2.1 Onshore
  2. 2.2.2 Offshore
3. 2.3 Geography
  1. 2.3.1 Nigeria
  2. 2.3.2 Angola
  3. 2.3.3 Algeria
  4. 2.3.4 Rest of Africa