For years, the world’s largest oil producers have closely guarded their role as operators of their own fields. They believed that they alone could deliver the engineering necessary to extract their oil on time and on budget. Over time, this trend has witnessed a drastic change. Those producers have now been opting to manage their assets at arm’s length and allowing the highly sophisticated oilfield service companies to deliver cost-efficient production and oil-field innovation. However, the speed and manner in which this has occurred vary somewhat by geographic market (Source: Global Oilfield Services Procurement Report). Oilfield service companies provide the products and services necessary to construct, complete, and produce oil and gas wells. Oilfield service companies are expected to soar to greater heights in the years to come. Here are some of the top oilfield service companies in the market today:
Schlumberger is one of the largest oilfield service companies whose expertise lies in technologies such as drilling, reservoir characterization, production, and processing in the oil and gas industry. The company operates in over 85 countries around the world and offers a comprehensive range of products and services for activities ranging from exploration of oilfields to the production of oil and gas. Some of the key services provided by the organization include wireline services, drilling fluid systems, fishing services, Production testing and monitoring, and Subsea production services. The company which was founded in the year 1926, now employs a workforce of over 1,00,000 people.
Baker Hughes, a GE Company, is the first and only company operating in the oil and gas industry that is capable of offering industry-leading equipment, services, and digital solutions for operations across the entire range of the oil and gas development cycle. The company changed its name from Baker Hughes Incorporated to Baker Hughes, a GE Company after the completion of a merger with the oil and gas business of GE, in July 2017. Some of the key services offered by the company include drilling services, pressure pumping, completion systems, and industrial services.
Halliburton is one of the top oilfield service companies that provide products and services to the oil and natural gas industry. The company offers products and services throughout the entire lifecycle of the reservoir, including the location of hydrocarbon reserves, geological data management, drilling, and formation evaluation, well construction, completion, and optimization of production from a field. The company was founded in 1919 and is headquartered in Houston, USA. They operate in over 70 countries with an employee strength of approximately 55,000.
Weatherford is among the prominent multinational oilfield service companies that specialize in providing innovative technologies and services that are designed to meet the world’s energy needs. The company has service and sales locations in nearly all of the world’s oil and gas production regions, where it provides equipment and services for use in oil and gas well drilling, evaluation, completion, production, and intervention.
NOV is an oilfield equipment manufacturer and technology provider. It is one of the most popular oilfield service companies in the world that offers its services to both offshore and onshore oilfield development. The company offers products and technology to support oilfield development needs, ranging from oilfield drilling to completion and production.
Read more about the supply market for oilfield services and gain insights on the top oilfield service companies, procurement best practices, pricing insights, supply market insights, and market innovations in SpendEdge’s upcoming report on the global oilfield services market