The wireline service market in Nigeria was worth US$ 104. 76 million in 2019 and is projected to reach US$ 157. 20 million by 2027; it is expected to grow at a CAGR of 5. 3% during the forecast period.
New York, April 23, 2020 (Naija247news) — Reportlinker.com announces the release of the report “Nigeria Wireline Service Market to 2027 – Country Analysis and Forecasts by Wireline Type ; Application ; Service
The significant investments in the development of oil & gas pipeline infrastructure in Nigeria are anticipated to drive the growth of the wireline service market in Nigeria.According to CEIC data, the marketed gas production of Nigeria was reported to be ~44,250 cubic meter million in December 2018.
Also, in October 2019, crude oil reserves in the country produced 2,080 thousand BPD (barrels per day). Ajaokuta- Kaduna-Kano gas pipeline announced that it would sign a US$ 2.5 billion agreement by Q2 2020. Also, Nigeria’s Dangote refinery is under construction and is expected to commence operations by 2021.
Furthermore, in July 2018, the Nigerian National Petroleum Corporation (NNPC) announced its aim to surge crude oil reserves from 37 billion barrels to 40 billion barrels in 2020. The country has become a new destination for new oil & gas projects. According to NNPC, ~25% of the total US$ 194 billion capital expenditure budget will be allocated to several forthcoming projects in Africa during 2018–2025, i.e., ~US$ 48.04 billion is likely to be allocated to over 20 projects in Nigeria. In 2019, the Shell Petroleum Development Company revealed its plans to invest more than US$ 15 billion across 24 projects in the country over the next 5 years. Also, in October 2019, Saudi Aramco, as well as Abu Dhabi National Oil Company, announced its plans to invest in the country’s oil & gas sector. Thus, the increasing investments are expected to propel the growth of the wireline service market in Nigeria during the forecast period.
The wireline service market in Nigeria is segmented into wireline type, application, and service type.Based on wireline type, the market is further segmented into slickline and electric line.
Based on application, the wireline service market is further segmented into onshore and offshore. Based on service type, the market is further segmented into wireline logging, pipe recovery service, perforation service, production logging, and others.
The well-established market players operating in the Nigerian wireline service market include Halliburton Energy Services, Inc., NexTier Oilfield Services, Inc., MB Petroleum Services LLC, Weatherford International plc, Geoplex, Wireline Engineering Limited, Baker Hughes Company, Schlumberger Limited, SGS SA, and Superior Energy Services, Inc.
The overall Nigeria wireline service market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Nigerian wireline service market.
It also provides an overview and forecast for the wireline service market in Nigeria based on all the segmentation provided for the country.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the wireline service industry in Nigeria.