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 |
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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 |
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.
Africa Oilfield Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitutes Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Service Type
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2.1.1 Drilling Services
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2.1.2 Completion Services
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2.1.3 Production Services
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2.1.4 Other Services
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2.2 Location of Deployment
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 Nigeria
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2.3.2 Angola
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2.3.3 Algeria
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2.3.4 Rest of Africa
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Africa Oilfield Services Market Size FAQs
How big is the Africa Oilfield Services Market?
The Africa Oilfield Services Market size is expected to reach USD 5.97 billion in 2024 and grow at a CAGR of 6.95% to reach USD 8.35 billion by 2029.
What is the current Africa Oilfield Services Market size?
In 2024, the Africa Oilfield Services Market size is expected to reach USD 5.97 billion.
