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Russia oilfield services market: RUB457 billion industry in 2011
Russian Oilfield Services Market - a new market research report on 2014-03-14 11:43:04
Between 2005 and 2011 the Russia oilfield services market grew 124% from RUB203.6 billion in 2005 to RUB456.9 billion in 2011. The main drivers of the growth were production drilling and workovers.

The following sectors had the largest proportions of Russia´s total oilfield services market in 2011:

- Production drilling (28% of the total market, or RUB127.9 billion in absolute terms)
- Workovers (16%/RUB73.3 billion)
- Pump services (12%/RUB52.3 billion)
- Well logging (12%/RUB52.3 billion)
- Hydraulic fracturing (9%/RUB42.4 billion).

In 2009 total production drilling in Russia declined by 3.5 percent relative to 2008. In 2010 it grew by 17.4 percent compared with 2009. In 2011 total production drilling in Russia grew by 8.9 percent compared with 2010 and approached 18 million meters.

In 2010 and 2011 Russia saw a positive dynamic trend in horizontal drilling. Most Russian VIOCs in 2010 and 2011 either dramatically increased their shares of horizontal drilling or intended to do so in the next few years. In 2010 and 2011 annual nationwide horizontal drilling rates grew by 29 percent in 2010 and by 25 percent in 2011 (year-on-year).

We believe that annual horizontal drilling meterage in Russia from 2012 through 2020 may rise from 2.24 million meters in 2011 to 6.25 million meters in 2020.

In 2010 Russian VIOCs increased their exploration drilling rates by 47 percent over 2009 to reach 592,000 meters. In 2011 the growth over the previous year was 6.8 percent (totalling 632 ,000 meters).

We predict that nationwide exploration drilling will grow by about 50 percent by 2015 compared with 2011. In part, this growth can be viewed as recovery growth as annual drilling in the pre-crisis 2007 reached 871,000 meters per year.

In 2010 and 2011 the number of completed workovers increased across virtually all Russian companies. Part of this increase can be viewed as recovery growth. In 2011 the annual number of workover jobs completed across Russia rose by 16 percent compared with 2008.

According to our analysis, from 2012 through 2020 the annual number of workovers will increase by approximately five percent to seven percent per year. We believe that the percentage of operating wells involved in workovers from 2012 through 2020 may increase from 18 percent in 2011 to 32 percent in 2020.

Report Overview

Since the last issue of this report, Russian companies have rapidly increased the scope of applications involving advanced well stimulation and enhanced oil recovery techniques. The beginning of 2013 saw the closing of a mega deal as Rosneft acquired TNK-BP, which made Rosneft the world´s largest petroleum company.

These developments have already affected the makeup and financial performance of the oil services market, and this impact is likely to be felt over the next two to three years. For these reasons RPI has turned its focus back on studying the oilfield services market.

We have published studies on the Russian Oilfield Services Market since 2005. The company has been closely following the changing oilfield services market in order to be able to give the readers conclusive results of exhaustive analyses relying on the knowledge base and expertise accumulated.

This version of the report covers activities of a broad range of oil and gas companies. The drilling market analysis section has been updated with details on horizontal drilling techniques and outlook for their application over the next few years. The report showcases several oilfield service market segments, such as cementing and well completion, and MWD/LWD (measuring while drilling/logging while drilling) services. The report offers market size valuations for all of the oilfield services segments it reviewed.

The main sections of the study cover the following:

- Drilling market, production and well stock analysis;
- Profiles of the major production and drilling projects implemented by the companies;
- Evaluation of the key oilfield services market segments in commodity and financial terms;
- Projections for the development of oilfield services market and its segments from 2013 through 2022.

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