Petroleum Africa
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Monday, September 8, 2014
The oilfield equipment rental market is estimated to grow by 50% from 2014 5o 2019 with a CAGR of 14.9%, with Africa projected to have the highest CAGR during the next five years as a result of increased offshore E&P ventures.
The costliness of most oil field equipment impedes many companies, but renting provides significant cost savings over capital investments which also help limit inventory costs and storage. The factors driving growth in the OER market are increasing drilling activity, rising oil prices, and advancement in technology. The oilfield rental industry could see more mergers and acquisitions, as well as subsidiary formation by big players for the purpose of renting.
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