DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/879d6a/china_oilfield_ser) has announced the addition of the "China Oilfield Service Industry Report, 2010-2011" report to their offering.
With the rapidly growing demand of oil and gas at home in recent years, the supply shortage is increasingly severe in China. The oil demand and output of China reached 455 million tons and 203 million tons respectively, with a supply and demand gap of 252 million tons and over 50% external dependency.
Although the gap between oil gas supply and demand widens, it does not indicate that the exploitation of energy resources has exhausted in domestic China. It is the exploration equipment, services and so forth that has caused the lower proven rate and low recovery ratio of oilfields.
In terms of the oil proved rate, it is only 33.7% on average in China, less than half of the world level. Especially for offshore oil, the proven rate in China is even less than 1/3 of the world average. Regarding gas proven rate, it is also less than half of that of the world, a far cry from the proved rate of 70% in America.
Oil gas exploration and production exerts a direct effect on market demand for oilfield services. In general, 70%-80% of the exploration investment goes to oilfield services. Therefore, the market size of oilfield services reached at least RMB184.34 billion in 2010 in China, and it is predicted to exceed RMB232.77 billion in 2011.
In China, most of the large-scale oil gas equipment manufacturers and technical service companies are subsidiaries or research institutions subordinated to CNPC, Sinopec and CNOOC, and directly provide products and services to their oilfields. What's more, some private firms provide professional services by relying upon their advantages in equipment and products and they occupy certain market shares in their respective market segments. Take example for the composite perforating service and deflagration fracturing service provided by Tong Oil Tools, the cutting re-injection unit produced by Yantai Jereh Oilfield Services Group, and mobile logging service delivered by Lanzhou Haimo Technologies.
Companies Mentioned:
- Anton Oilfield Services
- BGP
- CNPC
- COOEC
- COSL
- LandOcean Energy Services
- Lanzhou Haimo Technologies
- Shanghai SK Petroleum & Chemical Equipment
- Sino Geophysical
- Tong Oil Tools
- Xinjiang Zhundong Petroleum Technology
- Yantai Jereh Oilfield Services Group
For more information visit http://www.researchandmarkets.com/research/879d6a/china_oilfield_ser