Oil and Gas Surface Rental Equipment
Oil and Gas surface rental equipment offers the offshore and onshore industry with various surface equipment for well test and well clean-up operations. These equipment are usually maintained and prepared by well experienced technicians.
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Oil and Gas Surface Rental Equipment Industry Benchmarks
The average annual savings achieved in Oil and Gas Surface Rental Equipment category is 16.40%
The industry average payment terms in Oil and Gas Surface Rental Equipment category for the current quarter is 45.0 days
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Oil and Gas Surface Rental Equipment Suppliers
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Oil and Gas Surface Rental Equipment market report transcript
Market Overview for Oil & Gas - Surface Rental Equipment
The global market for surface rental equipment is estimated to be $5.34 billion in 2022
By 2026, it is expected to reach $7.2 billion, with a CAGR of 10.3 percent from 2023
Global Oil & Gas Rental Equipment - Market Drivers and Constraints
Advancement in technologies related to surface equipment helps E&P operators optimize operations like well testing, DST, well control, etc.
Increase in oil production and increased rig count are driving the surface rental equipment market in 2023
Increased upstream investments, owing to high oil price is a driving factor, which induces confidence in the industry and acts as a driver of the surface rental equipment market
Stringent environment & emission regulations are making the E&P/well completion & intervention activities costlier across several countries
Inflation in the North American and European regions is of great concern
Global disruption in oil and gas supply due to the Russia-Ukraine war affected not only the prices of these commodities but also every economic activity reliant on hydrocarbons
Shortage of skilled labor is an existing constraint in the market
Shortage in supply of equipment is another major constraint
Oil & Gas Rental Equipment - Regional Market Outlook - North America
The drilling operations are expected to increase over ~15 percent during 2023 in the region
US banned all imports of Russian oil and gas and energy, about 8 percent of US oil and the refined product comes from Russia.
The US government is tiring to boost domestic oil production owing to its ban on Russian oil, as well as efforts by producers to optimize profits in light of high oil prices
In July 2022, the amount of crude stockpiled in the Strategic Petroleum Reserve (SPR) fell to 469.9 million barrels, a 37-year low
The US government has decided not to levy anti-dumping tariffs on steel goods
Oil and gas activities in the Permian basin region continue to rise and the outputs are expected to hit highs by Q3 2023
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