The Oil and Gas Industry requires durable, dependable components and often encounters unexpected situations requiring unique solutions
You think of oilfield service companies as those who do the grunt work in the oilfield. Officially, oilfield equipment and services (OFS) are all the products and services that help with oil and gas exploration and production. It includes those companies that discover pockets of oil, energy data management, drilling companies, well construction companies, and production and completion services. These are the companies that repair and maintain oilfield equipment, as well as companies that are involved in the extraction and transportation side.
The oilfield service company industry arose out of the major mergers of oil companies in the late 1990s. While these mergers were great for optimizing assets and logistics, it became incredibly expensive to maintain the actual drilling and managing of wells. Hence, smaller, more nimble oilfield service companies developed that specialized in one or a few of the many processes it takes to bring oil from the ground to the refinery and beyond. These oilfield service companies today do the majority of the oil and gas development for the bigger oil companies.
Oil and gas services are considered to be a supportive part for the oil exploration and production companies. They are services that include oil well maintenance, completion, production, supply, and logistical support services in both onshore and offshore. In general oilfield services market contains oilfield services, companies manufacture, repair, and maintain equipment used in the extraction and transport of oil.
Egyptian production of natural gas has increased rapidly in recent years, thanks to a spate of large-scale offshore discoveries since 2015, turning the country once more into a net exporter and reducing the import burden on its budget. However, whilst LNG send out was strong over winter, domestic demand remains somewhat stifled by internal restrictions on movement designed to control the spread of Covid-19 which have suppressed demand from the power sector and industry in Q1/21. However, forecasting a return to growth in H2021, which is expecting to be a peak year for natural gas production. From an oil perspective, seeing increased exports of refined petroleum products across the forecast period, given recent and planned investments in refining capacity, but declining production of crude through long-term forecast, given the low oil price limits the availability of capital for investment in exploration