Market Size of Oman Directional Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 20.48 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oman Directional Drilling Market Analysis
The Oman directional drilling market is expected to grow at a CAGR of more than 20.48% over the period of 2020-2025. Factors such as drilling in unconventional reserve, which involves directional or horizontal drilling to increase contact with the pay zone, as well as increase the production significantly are expected to drive the directional drilling services market during the forecast period. However, the volatile crude oil prices and cost-cutting measures due to the reduced oil demand and falling prices amid COVID-19 is likely to hinder the growth of the market being studied.
- The onshore segment is expected to witness significant growth during the forecast period, the rising interest in the development of unconventional resources, like tight gas, has also helped the market for directional drilling to grow in the country.
- The more ambitious projects, such as offshore fields and unconventional fields. The offshore region in the country remains largely unexplored. Such projects have the potential to significantly increase the oil and gas activity in the country, in turn, providing market opportunities.
- Natural gas production growth is significant, supported by the promising developments in several new projects in Oman, this is likely to propel the growth of the Omani directional drilling market over the forecast period.
