years could prove insufficient in the next five as oilfield service companies remain financially and operationally stretched. In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year. In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year. Oilfield service (OFS) plays a crucial role in the upstream service of the oil & gas industry, predominantly in offshore assets. Oilfield Services (OFS) Market Size, Share, Outlook 2019 to 2025 is a comprehensive market research report focusing on factors driving and challenging the industry, Market Trends, recent industry developments, Key Players Analysis, market share, size, forecast, segmentation, Business Profiles of Leading Companies. Midyear 2020 oil and gas industry outlook 1 4 By Application, it … Welcome to the first edition of the Deloitte Outlook for oilfield services. Exiting Covid-19 shutdowns and one of the sharpest drops in oil and gas industry operations in history will require fortitude across oilfield services (OFS) businesses. The global oilfield services market size was USD 267.82 billion in 2019 and is projected to reach USD 346.45 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period. Offshore staff. Companies should ensure capex cuts in 2020 do not reduce their ability to scale production in the near-to-mid-term. 2021 oil and gas M&A outlook ... And the oil and gas industry has been one of the hardest hit by the pandemic, with energy industry revenues declining by 54%.There were only 258 deals across the sector in 2020, the lowest number in more than a decade. Oilfield operators are constantly concentrating on increasing the production and dropping price of oilfield equipment to enhance the market for oilfield services. The oilfield services market is expected to grow at a CAGR of over 3% during the forecast period of 2020 – 2025. The situation has thus kept the demand for oil and gas under pressure, making oilfield services companies’ outlook gloomy. This statitstic depicts the yearly demand forecast by segment from 2019 to 2023. Classification: The global oilfield service industry can be classified by Application, Service, and Region. Factors such as increase in demand for advanced technology, tools and equipment to increase efficiency of exploration and production activities in onshore and offshore areas is expected to drive the market for oilfield services. Lower oil prices will push the global service market into a recession in 2020 after three successive years of growth, according to Rystad Energy. OSLO, Norway – Lower oil prices will push the global service market into a recession in 2020 after three successive years of growth, according to Rystad Energy.. In a new sector outlook update, Audun Martinsen, head of oilfield services research at Rystad Energy, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year. 4 Trends Defining Oilfield Services Industry’s Future. The report is based on in-depth interviews with 12 financial directors, financial controllers, chairmen and heads of strategy of oilfield services companies. The oilfield services industry includes all services associated with the exploration and production of oil and gas.