The Oil And Gas Supporting Activities Market Is Expected To Grow To $242 Billion By 2021 According To The TBRCÂ’s Latest Report

(MoneyNewsWire.Net, July 20, 2018 ) Support activities for oil and gas operations industry comprise establishments which provide support activities on a contract or fee basis for oil and gas operations such as exploration, drilling and extraction.

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The substantial reason for the growth of the oil and gas supporting activities market from $192 billion in 2017 to $242 billion by 2021 is the increased demand for supporting services by oil and gas manufactures in the world as the oil price stabilizes and new investment increases.

The market can easily split into crude oil & natural gas, oil and gas wells drilling services and oil and gas supporting activities out of which crude oil & natural gas comprises of four-fifth of the market, and the rest is shared by oil and gas wells drilling services and oil and gas supporting activities.

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The USA was the largest country in the oil and gas supporting activities market in 2017, accounting for nearly one fourth of the market. This was mainly due to large production of shale oil in the country which increased demand for supporting activities for oil extraction followed by Russia and China.

The top five competitors in the market made up to nearly 17% of the total

market in 2017. Halliburton was the largest competitor with nearly 5% of the market, followed by Saipem S.P.A, Schlumberger Ltd., Baker Hughes Incorporated, Weatherford International plc.

Halliburton Company is a provider of services and products to the upstream oil and natural gas industry. The company is headquartered in Texas and employs around 50,000 people.

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