Asia-Pacific Drilling Rig Market By Location (Onshore, Offshore), By Type (Land Rigs, Jack up, Semi-Submersible, Drill Ships), By Drilling Method (Rotary Drilling, Dual Wall Reverse- Circulating Drilling, Cable Drilling, Directional Drilling, Electro Drilling), By Operational Depth (Shallow, Deep water, Ultra Deep Water), By Country, Competition, Forecast and Opportunities, 2028

  • Industry : Oil and Gas
  • Pages : NA
  • Published Date : NA
Customization Enquiry

Buy Now

Summary

Report Description

Asia-Pacific drilling rig market is anticipated to grow at a steady pace in the forecast period, 2024–2028. The market's expansion is dependent on several variables, such as increased upstream oil and gas investments, rising demand for oil and gas, and growing emphasis on unconventional oil and gas exploration and production (E&P) activities.  For instance, in October 2022, the region (Asia-Pacific) presented the third most oil and gas rigs globally and there were 120 onshore and 86 offshore rigs in that region.

Additionally, various Asia-Pacific countries such as India are focusing on increasing their oil production capacities. For instance, as of November 2022, India had 78 active rigs. Due to aging fields and a long period without significant discoveries, the nation's oil production has been declining for almost ten years. Working on investment strategies to increase recovery from older fields are both state-owned and commercial players.

Furthermore, the market is robust, and as analyzed by trends, owing to the growing exploration and production expenditures, as well as rising energy demand, it is expected to grow in the future as well. Moreover, increasing demand for heat and electricity is driving the growth of the Asia-Pacific drilling rigs market in the forecast period.

Increasing Consumption of Oil and Gas in Asia-Pacific Region

Asia-Pacific oil and gas consumption will rise in the future due to important factors such as a strong economy, population growth, and fuel economy. Therefore, it is anticipated that Asia-Pacific’s rising gas and oil consumption will propel the oil exploration and production capacity which will in future increase the region's drilling rig market during the period of forecasting. For instance, China is expected to use 15.5 million barrels of oil per day in 2021, making it the largest oil consumer in the Asia-Pacific region. India was the second-largest oil consumer in the region in the same year, consuming over 4.95 million barrels of oil per day.

In February 2023, India predicts a 4.7% increase in fuel demand for the upcoming fiscal year. According to government projections, fuel consumption in 2023–24, a proxy for oil demand, might increase from the revised estimate of 222.9 million tonnes for the current fiscal year ending in March to 233.8 million tonnes. As well, as part of its ongoing efforts to increase productivity from mature and aging fields, the state-owned Oil and Natural Gas Corporation (ONGC) launched two projects in April 2022 at a cost of USD 786.4 million to add 7.5 million tonnes of oil production and 1 billion cubic metres of gas output over the life of Mumbai High fields.

Acceptance of IoT & Oilfield Service Enhancement in the Drilling Rig Market

 

The Internet of Things (IoT) is used by the oil and gas industry to collect, transmit, and analyze unstructured data in real time to get a thorough understanding of facility operations, improve operational performance, consume less energy, and increase profitability. IoT solutions are available for all major oil and gas business segments. IoT is used by downstream businesses for better oil and gas processing and distribution, while midstream operators enhance fleet management and pipeline and storage maintenance. It helps upstream operators manage drilling and extraction more effectively and spend less time halt. Over the past few years, the oil and gas sector has embraced IoT technologies to optimize operations across the stream, improve workplace safety and control, and boost production. Moreover, IoT has a wide range of uses in the oil and gas industry, from reducing human maintenance to automating challenging tasks that are prone to mistakes, to reducing environmental impact and avoiding dangers. Companies are focusing towards IoT owing to which the market is expected to grow in the forecast period.

 

Furthermore, the oilfield services (OFS) industry provides the assets, technology, labor, and project management that enable exploration, drilling, and development of oil and gas fields by Exploration and Production (E&P) operators. Additionally, the oilfield service business revenues are essentially the capital expenditures of E&P companies, whether NOCs, IOCs, or independents. The OFS industry has been characterized by a series of boom cycles implying growth in the Asia-Pacific drilling rigs market in future.

 


Download Free Sample Report

Deep And Ultra-Deep Drilling Rig Technology Advancements

 

In the oil & gas industry, augmented reality and virtual reality technologies are used to train technicians for testing complex tasks before implementation. Additionally, these technologies can be used to get a prior understanding of the oil wells through a virtual walkthrough to enable prompt decision-making by the oil & gas professionals. Reality technology-based discoveries can provide real-time information about equipment, tools, and parts, increasing efficiency in oil and gas exploration and production. In the oil & gas industry, augmented reality and virtual reality technologies are used to train technicians for testing complex tasks before implementation.

Accelerated Government Investments and Policies

With the increase in government policies and supportive infrastructure, the Asia-Pacific drilling rigs market has changed significantly over the past ten years. Government authorities have regulatory bodies and schemes in place to manage and maintain the legal guidelines for offshore and onshore oil drilling processing, production, distribution and supplying oil and byproduct gases. Thereby supporting market growth over the next five years will increase the market for the drilling rigs in Asia-Pacific.  For instance, The Indian government granted contracts for 31 oil and gas ventures in September 2022 as part of the largest-ever sale of known oil and gas accumulations in the country through the third Discovered Small Fields (DSF-3) competitive bidding process.

​Moreover, in December 2022, Petronas secured two contracts for upstream investment in Malaysia. One deal is a memorandum of understanding (MoU) with Petroleum Sarawak Berhad (PETROS) regarding a gradual expansion of gas supplies to Sarawak, eventually lifting the allotment to 1.2 billion cubic feet per day. Another one is a business deal with the Sabah state government to expand Sabah's oil and gas sector. With Adoption of government initiatives there is a rise in demand for the drilling rigs in Asia-Pacific.

Recent Development

  • In 2021, China was the region's top oil producer from 194.8 million tonnes in 2020 to 198.9 million tonnes in 2021, the nation's crude oil production climbed by 2.1%. During the forecasted time, the output could rise even higher, boosting the oilfield services industry in China.
  • Around 38 offshore active rigs and no onshore active rigs were present as of November 2022 throughout China. This in turn shows how offshore assets predominate in the upstream sector of the nation. By 2021, more than 60% of China's offshore hydrocarbon resources will be found in deep- and ultra-deepwater regions with a significant presence of semi-submersibles, drill ships, and other floating assets.
  • In November 2022, Malaysia's Velesto Energy and Hess Corp. agreed to a USD 135 million integrated rig, drilling, and completion services agreement under which the i-RDC is a concept in which the operator or oil company, as the project's owner, and a service company, which acts as the i-RDC contractor, integrate drilling rig services, equipment, and in some cases, procurement of materials for drilling and completion services.
  • In October 2022, the Indian Institute of Technology Kharagpur and the Oil & Natural Gas Corporation (ONGC) Limited Institute of Drilling Technology (IDT) signed a contract to work together on a number of joint research and development projects involving drilling, drilling fluids, cementing fluids, and finishing fluids.
  • According to the company's announcement in September 2022, Inpex Australia hired Diamond Offshore Drilling to use its Ocean Apex semi-submersible on the Australian Northwest Shelf, the contract's is for 2 wells operations, and it is anticipated to start in Q3 2023.

Market Segment

Asia-Pacific drilling rig market is divided into location, type, drilling method, operational depth and country. Based on location, the market is divided into onshore and offshore. Based on type, the market is segmented into land rigs, jackup, drill ships, and semi-submersible. Based on drilling method, the market is segmented into cable drilling, rotary drilling, dual wall reverse - circulating drilling, electro drilling, and directional drilling. Based on operational depth, the market is divided into shallow, deep water, and ultra deep water. Based on country, the market is segmented into China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, and Malaysia.

 

Market Players

Major market players in the Asia-Pacific drilling rig market are Schlumberger Ltd, Weatherford International PLC, Halliburton Company, Baker Hughes Company, Scientific Drilling International Inc. (SDI), China Oilfield Services Limited, Nabors Industries Ltd, National Oilwell Varco Inc., and PHX Energy Services Corp.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Location

Type

Drilling Method

Operational Depth

Country

Country scope

China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia

Key companies profiled

Schlumberger Ltd, Weatherford International PLC, Halliburton Company, Baker Hughes Company, Scientific Drilling International Inc. (SDI), China Oilfield Services Limited, Nabors Industries Ltd, National Oilwell Varco Inc., PHX Energy Services Corp.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 Report Scope:

In this report, the Asia-Pacific drilling rig market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Asia-Pacific Drilling Rig Market, By Location:

o   Onshore

o   Offshore

·         Asia-Pacific Drilling Rig Market, By Type:

o   Land Rigs

o   Jackup

o   Drill Ships

o   Semi-Submersible

o   Others

·         Asia-Pacific Drilling Rig Market, By Drilling Method:

o   Cable Drilling

o   Rotary Drilling

o   Dual Wall Reverse – Circulating Drilling

o   Electro Drilling

o   Directional drilling

·         Asia-Pacific Drilling Rig Market, By Operational Depth:

o   Shallow

o   Deep water

o   Ultra-Deep Water

·         Asia-Pacific Drilling Rig Market, By Country:

o   China

o   Japan

o   India

o   South Korea

o   Australia

o   Vietnam

o   Indonesia

o   Singapore

o   Philippines

o   Malaysia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific Drilling Rig Market.

Available Customizations:

Asia-Pacific Drilling Rig Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Asia-Pacific Drilling Rig Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Baseline Methodology

2.2.  Key Industry Partners

2.3.  Major Association and Secondary Sources

2.4.  Forecasting Methodology

2.5.  Data Triangulation & Validation

2.6.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Asia-Pacific Drilling Rig Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.   Market Share & Forecast

5.2.1.    By Location (Onshore, Offshore)

5.2.2.    By Type (Land Rigs, Jackup, Semi-Submersible, Drill Ships)

5.2.3.    By Drilling Method (Rotary Drilling, Dual Wall Reverse- Circulating Drilling, Cable Drilling, Directional Drilling, Electro Drilling)

5.2.4.    By Operational Depth (Shallow, Deep water, Ultra Deep Water)

5.2.5.    By Country (China, Japan, India, South Korea, Australia, Vietnam, Indonesia, Singapore, Philippines, Malaysia)

5.3.  By Company (2022)

5.4.  Market Map

6.    China Drilling Rig Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Location

6.2.2.    By Type

6.2.3.    By Drilling Method

6.2.4.    By Operational Depth

7.    Japan Drilling Rig Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Location

7.2.2.    By Type

7.2.3.    By Drilling Method

7.2.4.    By Operational Depth

8.    India Drilling Rig Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Location

8.2.2.    By Type

8.2.3.    By Drilling Method

8.2.4.    By Operational Depth

9.    South Korea Drilling Rig Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Location

9.2.2.    By Type

9.2.3.    By Drilling Method

9.2.4.    By Operational Depth

10. Australia Drilling Rig Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Location

10.2.2. By Type

10.2.3. By Drilling Method

10.2.4. By Operational Depth

11. Vietnam Drilling Rig Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Location

11.2.2. By Type

11.2.3. By Drilling Method

11.2.4. By Operational Depth

12. Indonesia Drilling Rig Market Outlook

12.1.             Market Size & Forecast

12.1.1. By Value

12.2.             Market Share & Forecast

12.2.1. By Location

12.2.2. By Type

12.2.3. By Drilling Method

12.2.4. By Operational Depth

13. Singapore Drilling Rig Market Outlook

13.1.             Market Size & Forecast

13.1.1. By Value

13.2.             Market Share & Forecast

13.2.1. By Location

13.2.2. By Type

13.2.3. By Drilling Method

13.2.4. By Operational Depth

14. Philippines Drilling Rig Market Outlook

14.1.             Market Size & Forecast

14.1.1. By Value

14.2.             Market Share & Forecast

14.2.1. By Location

14.2.2. By Type

14.2.3. By Drilling Method

14.2.4. By Operational Depth

15. Malaysia Drilling Rig Market Outlook

15.1.             Market Size & Forecast

15.1.1. By Value

15.1.2. By Location

15.1.3. By Type

15.1.4. By Drilling Method

15.1.5. By Operational Depth

16. Market Dynamics

16.1.             Drivers

16.2.             Challenges

17. Market Trends & Developments

18. Policy & Regulatory Landscape

19. Company Profiles

19.1.             Schlumberger Ltd

19.1.1. Business Overview

19.1.2. Key Revenue and Financials (If Available)

19.1.3. Recent Developments

19.1.4. Key Personnel

19.1.5. Key Product/Services

19.2.             Weatherford International PLC

19.2.1. Business Overview

19.2.2. Key Revenue and Financials (If Available)

19.2.3. Recent Developments

19.2.4. Key Personnel

19.2.5. Key Product/Services

19.3.             Halliburton Company

19.3.1. Business Overview

19.3.2. Key Revenue and Financials (If Available)

19.3.3. Recent Developments

19.3.4. Key Personnel

19.3.5. Key Product/Services

19.4.             Baker Hughes Company

19.4.1. Business Overview

19.4.2. Key Revenue and Financials (If Available)

19.4.3. Recent Developments

19.4.4. Key Personnel

19.4.5. Key Product/Services

19.5.             Scientific Drilling International Inc. (SDI)

19.5.1. Business Overview

19.5.2. Key Revenue and Financials (If Available)

19.5.3. Recent Developments

19.5.4. Key Personnel

19.5.5. Key Product/Services

19.6.             China Oilfield Services Limited

19.6.1. Business Overview

19.6.2. Key Revenue and Financials (If Available)

19.6.3. Recent Developments

19.6.4. Key Personnel

19.6.5. Key Product/Services

19.7.             Nabors Industries Ltd

19.7.1. Business Overview

19.7.2. Key Revenue and Financials (If Available)

19.7.3. Recent Developments

19.7.4. Key Personnel

19.7.5. Key Product/Services

19.8.             National Oilwell Varco Inc.

19.8.1. Business Overview

19.8.2. Key Revenue and Financials (If Available)

19.8.3. Recent Developments

19.8.4. Key Personnel

19.8.5. Key Product/Services

19.9.             PHX Energy Services Corp

19.9.1. Business Overview

19.9.2. Key Revenue and Financials (If Available)

19.9.3. Recent Developments

19.9.4. Key Personnel

19.9.5. Key Product/Services

20. Strategic Recommendations

21. About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

The key players profiled in the Asia-Pacific drilling rig market include Schlumberger Ltd, Weatherford International PLC, Halliburton Company, Baker Hughes Company, Scientific Drilling International Inc. (SDI), China Oilfield Services Limited, Nabors Industries Ltd, National Oilwell Varco Inc., and PHX Energy Services Corp.

down-arrow

A massive structure containing equipment for extracting and processing natural gas and petroleum products from rock formations beneath the seafloor is called an oil platform or oil rig. Large number of tools and equipment are used in the structural setup of an oil and gas rig.

down-arrow

Increased oil and gas investment in Asia-Pacific is expected to boost oil production and exploration activities, driving the Asia-Pacific drilling rigs market during the forecast period.

down-arrow

Due to serious environmental risks that drilling poses, the commercial outlook for drilling is projected to deteriorate. Oil spills are one of the most serious dangerous, as they affect the ecosystem of ocean in long term. According to the National Academy of Sciences, the 1989 Exxon Valdez oil disaster in Alaska continues to impact marine ecosystems 30 years later. As a result, these negative effects on the marine environment may limit the market expansion.

Related Reports

profile

Parvati Sharma

Account Manager BD
Press Release

Asia-Pacific Drilling Rig Market is Dominated by Rotatory Drilling Until 2028.

Jul, 2023

Asia-Pacific drilling rig market is expected to grow as companies are moving towards IoT and measurement-while-drilling systems with the rapid growing oil & consumption rate in the region.

Why Choose Us