Nigeria Wireline Logging Services Market Outlook 2031
The Nigeria wireline logging services market size was valued at USD 122.36 Million in 2022 and is anticipated to reach USD 194.76 Billion by 2031, expanding at a CAGR of 5.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to the development of ultra-deep-water & deep-water reserves, coupled with growing drilling and completion activities in Nigeria during the forecast period.
Nigeria wireline services are cabling technologies used in the oil and gas sector for well intervention and well monitoring operations, which provide petro-physical data that may be utilized to manage process parameters. The instruments used in logging, pipe recovery, and pipe completion. These services need less personnel and are very similar technologies that save time on wirelines & slicklines, as well as work-over and logging activities.
Wireline monitoring, wireline interference recovery, wireline completion, and other applications are available. Noteworthy investments in the development of oil & gas pipeline infrastructure in Nigeria, and discovery of new oil & gas reserves, are driving the wireline service market.
The COVID-19 pandemic affected the demand and supply of Nigeria wireline logging services market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Wireline Logging Services Market Trends, Drivers, Restraints, and Opportunities
- The E-line category is projected to have the major market share in 2019, because of its higher precision & reliability.
- The rising inflow of capital and government's efforts to rethink investment and growth plans are likely to propel the market.
- High volatility in crude oil prices, as well as militant attacks on Nigerian oil & gas infrastructure, are projected to restraint the market expansion.
- Increased offshore oil & gas discoveries, as well as the deregulation of the Nigerian oil & gas industry, are likely to generate opportunities for market players.
Scope of Wireline Logging Services Market Report
The report on the Nigeria wireline logging services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wireline Logging Services Market - Nigeria Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Hole Type (Open Hole & Cased Hole), Wireline Type (Electrical Line (E-line) & Slick Line)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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FloSmart Energy; Energy Quest Oilfield Ltd; Schlumberger Ltd; Halliburton Company; Baker Hughes Company.
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Wireline Logging Services Market Segment Insights
The e-Line segment is projected to expand at a considerable CAGR
On the basis of wireline type, the Nigeria wireline logging services market is bifurcated into electric line (E-line) & slick line. The E-line segment is projected to expand at a considerable CAGR during forecast period accounted the major share of the wireline logging services market and is likely to maintain its dominance during the projection period.
The electrical line (E-line) is a cable that is used to reduce tools and communicate data to the surface and deployed tools. When data is to be conveyed to the surface, an e-line can perform the slickline duty as well as assist in evaluating (logging) the formation. Increased number of ancient wells (conventional) that require intervention and monitoring, the market for E-Line wireline logging services in Nigeria has been rising. Furthermore, many downhole tools that were formerly deployed using coiled tubing now are deployed with E-Line, which is more cost-effective.
Nigeria is anticipated to constitute a key market share
In terms of regions, the Nigeria wireline logging services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Nigeria is expected to constitute a key share of the market during the projected period. China National Offshore Oil Corporation (CNOOC) said in 2018 that it would increase its investments in Nigeria's oil and gas sector, particularly offshore ventures, to USD 17 billion. CNOOC would invest USD 3 billion of the USD 17 billion in its existing portfolio of offshore oil and gas operations in China.
Segments
The Nigeria wireline logging services market has been segmented on the basis of
Hole Type
Wireline Type
- Electric Line (E-line)
- Slick Line
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the Nigeria wireline logging services market share are FloSmart Energy, Energy Quest Oilfield Ltd, Schlumberger Ltd, Halliburton Company, and Baker Hughes Company.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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