Oman Directional Drilling Market Size (2024 - 2029)

The Oman directional drilling market is poised for substantial expansion, driven by the exploration of unconventional reserves and the need for enhanced production through directional or horizontal drilling. Despite challenges posed by volatile crude oil prices and the impact of COVID-19 on oil demand, the market's potential remains strong, particularly in the onshore segment, fueled by interest in unconventional resources like tight gas. The largely unexplored offshore region presents further opportunities for growth, alongside significant developments in natural gas production. These factors collectively contribute to the anticipated increase in the market size of directional drilling services in Oman over the forecast period.

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Market Size of Oman Directional Drilling Industry

Oman Directional Drilling Market: Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 20.48 %

Major Players

Oman Directional Drilling Market Major Players

*Disclaimer: Major Players sorted in no particular order

Oman Directional Drilling Market Analysis

The Oman directional drilling market is expected to grow at a CAGR of more than 20.48% over the period of 2020-2025. Factors such as drilling in unconventional reserve, which involves directional or horizontal drilling to increase contact with the pay zone, as well as increase the production significantly are expected to drive the directional drilling services market during the forecast period. However, the volatile crude oil prices and cost-cutting measures due to the reduced oil demand and falling prices amid COVID-19 is likely to hinder the growth of the market being studied.

  • The onshore segment is expected to witness significant growth during the forecast period, the rising interest in the development of unconventional resources, like tight gas, has also helped the market for directional drilling to grow in the country.
  • The more ambitious projects, such as offshore fields and unconventional fields. The offshore region in the country remains largely unexplored. Such projects have the potential to significantly increase the oil and gas activity in the country, in turn, providing market opportunities.
  • Natural gas production growth is significant, supported by the promising developments in several new projects in Oman, this is likely to propel the growth of the Omani directional drilling market over the forecast period.

Oman Directional Drilling Industry Segmentation

The Oman directional drilling market report includes:

Location of Deployment
Onshore
Offshore
Types
Rotary Steerable System (RSS)
Conventional
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Oman Directional Drilling Market Size Summary

The Oman directional drilling market is poised for substantial growth, driven by the exploration of unconventional reserves and the need for enhanced production techniques such as directional and horizontal drilling. This growth trajectory is supported by the increasing interest in developing unconventional resources like tight gas, which has expanded the scope of directional drilling beyond traditional onshore activities. Despite challenges posed by volatile crude oil prices and the impact of COVID-19 on oil demand, the market is expected to benefit from ambitious projects in both onshore and largely unexplored offshore regions. These projects are anticipated to boost oil and gas activities, creating significant market opportunities.

The development of the Khazzan-Makarem gas field exemplifies the shift towards unconventional resource development, with significant investments and production increases planned. The ongoing expansion of the Khazzan gas project, including the Ghazeer field, underscores the strategic focus on natural gas, which has been a cornerstone of Oman's energy sector since the early 2000s. Key industry players such as Petroleum Development Oman, Total SA, Schlumberger Limited, Baker Hughes Company, and Halliburton Company are instrumental in driving this market forward. The fragmented nature of the power rental market further highlights the competitive landscape in which these companies operate, contributing to the dynamic growth prospects of the directional drilling market in Oman.

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Oman Directional Drilling Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

    2. 2.2 Types

      1. 2.2.1 Rotary Steerable System (RSS)

      2. 2.2.2 Conventional

Oman Directional Drilling Market Size FAQs

The Oman Directional Drilling Market is projected to register a CAGR of greater than 20.48% during the forecast period (2024-2029)

Petroleum Development Oman, Total SA, Schlumberger Limited, Baker Hughes Company and Halliburton Company are the major companies operating in the Oman Directional Drilling Market.

Oman Directional Drilling Market Report Snapshots

Oman Directional Drilling Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)