Russia Oilfield Services Market to Exhibit a CAGR of 5.9% between 2021 and 2028; Technological Innovations in Oilfield Services to Promote Growth: Fortune Business Insights™

Rapid developments in the oilfield sectors in Russia have fueled the oilfield services. Developments in power generation, manufacturing, automobile, and pharmaceutical sectors led to rapid urbanization and industrialization. These services enable drilling, exploration, and production of oilfields. Further, the rising crude oil exploration and oilfield production activities are expected to boost the adoption of the service. In addition, the services help in transportation and processing, which, in turn, may boost industry development. These factors may spike market growth during the forthcoming years.

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The Report Lists the Key Companies in the Market:

• Rosneft-Burenie (Russia)
• Surgutneftegas (Russia)
• Gazprom Bureniye LLC (Russia)
• NaftaGaz JSC (Russia)
• Wagenborg Oilfield Services (Russia)
• Burintekh, Ltd. (Russia)
• INTEGRA (Russia)
• AKROS Oilfield Services Company (Russia)
• ZAO Arktikshelfneftegaz (Russia)
• ZAO Transarm (Russia)
• OAO Uralmashzavod (Russia)
• HMS Group (Russia)
• Weatherford (U.S.)
• LLC SGK-Burenie (Russia)
• OOO BKE (Russia)
• JSC Investgeoservis (Russia)
• KCA Deutag (U.K.)
• Eriell (Russia)
• Tatburneft (Russia)
• Nabors Industries Ltd. (U.S.)

COVID-19 Impact:

Obstructions in Oil Sales to Impede Business Development

Every business has been harmed by the worldwide health catastrophe caused by the unexpected spread of the new coronavirus, or COVID-19 pandemic. Due to the enforcement of severe regulations such as countrywide lockdowns to restrict the spread of the COVID-19 virus, industries have experienced considerable losses in operating time. As a result, the virus’s spread has changed the need for these services. Because the market is heavily reliant on the oil and gas sector, the sector’s worst decline in decades has affected investment in petrochemical plants, therefore dampening the market.

Market Segments:

Based on the type, the market is segmented into equipment rental, field operations, and analytical services. Based on services, the market is divided into geophysical services, drilling services, completion and workover services, production services, and processing and separation services. Based on the application, the market is split into onshore and offshore segments.

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Driving Factor:

Breakthroughs in Cloud Computing and Artificial Intelligence to Intensify Market Progress

In the oilfield services sector, there has been substantial growth in the development and technical breakthroughs in cloud computing and artificial intelligence, which has led to the progress in analytical software and services development, which improves efficiency while lowering costs. This cause drives the need for oilfield type of services in Russia. Technological innovations have also helped develop a digital oilfield that combines business process management with digital technologies to automate workflows for maximizing productivity, reducing costs, and minimizing the overall risks associated with oil and gas operations. For instance, Wintershall Dea and Gazprom and OMV developed a new method for producing gas from Turonian formations, maintaining plateau production from the Yuzhno-Russkoye field for longer.

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Regional Insights:

Rising Investment in Petrochemical Industry to Boost Business in Russia

The market has been studied throughout Russia. Increasing oilfield finds and increased offshore exploration and production investments north of the Arctic are key contributors to the Russia oilfield services market growth. The expansion of the Russian oilfield sector has been fueled by increased investment in the petrochemical industry and technical breakthroughs in the field. These services sector has benefited directly from the rise in transportation services. Despite huge drilling cuts in the region in recent years, the government’s increasing interest in exploratory operations has aided investment in the country’s oilfield type of services industry, boosting the Russia oilfield services market share.

Competitive Landscape:

Rising Investment in High-quality Equipment by Major Companies to Consolidate Business

According to the research, there is fierce competition in oilfield type of services. However, just a handful have enough global-standard rig fleet and equipment. Most oilfield service firms are expanding their investments in high-quality equipment and specialized equipment for harsh weather conditions. Numerous new technical breakthroughs have emerged in this fragmented industry.

Key Development:

• October 2020: Burintekh, Ltd introduced its domestic rotary steerable system RSS-GM-195 developed by the company and has no analogs globally. This system can construct a directional section with a horizontal end with reliability and ease of operation.

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Have a Look at Related Research Insights:

Oilfield Auxiliary Rental Equipment Market Size, Share & Industry Analysis, By Equipment (Drilling Equipment, Pressure & Flow Control Equipment, Fishing Equipment, Others), By Application (Onshore, Offshore) And Regional Forecast 2021-2028

Oilfield Equipment Rental Market Size, Share & Industry Analysis, By Equipment (Drilling Equipment, Pressure & Flow Control Equipment, Fishing Equipment, Other Equipment), By Application (Onshore, Offshore) and Regional Forecast, 2021-2028

Oilfield Integrity Management Market Size, Share & COVID-19 Impact Analysis, By Management Type (Monitoring System, Data Management, Corrosion Management, Planning, and Predictive Maintenance & Inspection), By Component Type (Hardware, Software, and Services), By Application (Onshore and Offshore Aerospace) and Regional Forecast, 2020-2027

Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operation, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecast, 2020-2027

Digital Oilfield Market Size, Share & COVID-19 Impact Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, and Others), By Solution (Services, Software, and Hardware), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027

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This article was originally posted on the website of Global Newswire.