Over the long term, declining reserves and falling production from Britain's oil and gas fields have led to less oil and gas drilling. However, the fall in volumes has been partially offset by higher service charges over the past five years. UK sources of oil and natural gas are becoming scarcer, causing a drop in the exploration activity that the industry largely depends on. The recent drop in oil price has exacerbated the downturn in exploratory drilling. Overall, the maturity of North Sea oil is a problem that is likely to grip the industry indefinitely.
This industry provides oil and gas well services on a fee or contract basis to firms that extract oil and gas. This includes traditional prospecting methods such as geological observations, and invasive work such as directional drilling, redrilling, test drilling, spudding, and derrick erection and maintenance. It also incorporates draining and pumping services, and the liquefaction and regasification of gas for transportation.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.