Oil & Gas Fishing Market Research Report Information by Products (Overshoots & Spears, Milling Tools, Fishing Jars and Casing Cutters), by Application (Offshore and Onshore) and by Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2030

Oil & Gas Fishing Market Scenario

Oil & Gas Fishing Market size is Projected to reach USD 2901.54 Million, at a CAGR of 4.9% between 2022 and 2030.

Increased drilling and completion activities are projected to boost demand for the global oil & gas fishing market during the forecast period, which is expected to drive demand for the oil & gas fishing market during the forecast period. The increasing drilling activity and related demand for energy are the key drivers driving the worldwide market's growth. Furthermore, as crude oil exploration advances, the number of wellbore barriers has increased. Drilling equipment, trapped items, and drill string components are all examples of wellbore obstacles. As a result, the market for oil and gas fishing is likely to rise as the number of wellbore obstacles increases.

At oil and gas drilling and completion sites, oil and gas fishing is used to recover damaged or stuck objects from wellbores. Understanding the nature and dimensions of the object, the conditions under which it became lodged, and the borehole geometry and wellbore conditions are all important aspects of the fishing process. Overshoots and spears are among the equipment used in the oil and gas fishing operation and expanding the oil and gas fishing market.

The major factors driving the growth of the global oil & gas fishing market are the increasing drilling activities and growing demand for energy resulting. Moreover, with the enhancements in crude oil exploration, the number of wellbore barriers have also risen. These wellbore barriers include drilling tools, stuck objects, and drill string components. Hence, the rising number of wellbore barriers is expected to drive the growth of the oil & gas fishing market. However, the requirement for skilled laborers to increase the efficiency of these fishing services across the world is a restraining factor for the growth of the global market.

Key Players Insight

The key players operating in the global oil & gas fishing market are Archer Ltd. (Bermuda), Ardyne Technologies (UK), Baker Hughes Co. (US), China Oilfield Services Ltd. (Beijing), Expro Holdings UK 2 Ltd. (UK), Halliburton Co. (US), National Oilwell Varco, Inc. (US), Odfjell Drilling Ltd. (Norway), Weatherford International Plc (US), Wellbore Integrity Solutions LLC (US), A GE Co. (US), Wellsite Fishing (US), Magnum Oil Tool International (US), and Bilco Tools (US).

Industry News

• Baker Hughes inked a deal with Equinor in 2018 to assist a substantial chunk of the Norwegian section of the North Sea's well construction and drilling activities. Baker Hughes also performed completions and mechanical washing services under this contract. During the projected period, such market trends are expected to propel the worldwide oil & gas fishing market forward.


• The Depositi Italiani GNL(DIG) terminal, which was inaugurated in October 2021 by Edison, Enagas, and PIR, is Italy's first small-scale LNG import terminal. A total of EUR 100 million was invested in the project. The LNG storage capacity is 20,000 cubic meters, and the LNG transport capability is over 1 million cubic meters per year.

                     
Market Segmentation

The global oil & gas fishing market has been segmented based on product and application. Based on the product, the global market is divided into overshots & spears, milling tools, fishing jars, and casing cutters. The milling tools segment is expected to hold the largest share of the market and grow at the highest rate during the review period. Milling tools are used for crushing the object into smaller pieces, which makes it easier to extract the stuck object from the wellbore.

Oil & gas fishing is used in the recovery of damaged or stuck objects from the wellbores at the oil & gas drilling and completion sites. The major elements of the fishing process include understanding the type and dimensions of the object, the conditions in which it got stuck, and the borehole geometry and wellbore conditions. Various tools are involved in the oil & gas fishing process, namely, overshots and spears. Sometimes simply pulling the object with these tools is not enough, and jars and accelerators are used to apply additional force to free the object. Other tools that are essential to recovering the object or equipment lost or stuck downhole include scrub grabs, reverse circulating junk baskets, section mills, boot baskets, and hydraulic cutting tools.

Many major players such as Baker Hughes Co. (US), Halliburton Co. (US), National Oilwell Varco, Inc. (US), Odfjell Drilling Ltd. (Norway), and Weatherford International Plc (US) are actively focused on signing contracts and agreements with oil & gas operators. For instance, in 2018, Baker Hughes signed a contract for supporting a large proportion of Equinor’s well construction and drilling activities in the Norwegian sector of the North Sea. Under this contract, Baker Hughes has also provided completions and mechanical washing services. Such developments in the market are expected to drive the growth of the global oil & gas fishing market during the forecast period.

Regional Analysis

The global oil & gas fishing industry is expected to witness high growth during the forecast period owing to increased drilling and completion activities, which is expected to drive the demand for the oil & gas fishing market during the forecast period.

Based on region, the global oil & gas fishing market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America accounts for the largest market share due to high crude oil production in the region. A few of the key players in the region include Baker Hughes, Halliburton, and Weatherford. The development of drilling technologies such as horizontal drilling and hydraulic fracturing has provided vast hydrocarbon reserves in the region, which is projected to drive market growth in the North American region.

Intended Audience

• Government and Research Organizations


• Consulting Companies in the Oil & Gas Market


• Oil & Gas Operators


• Research Consultants


• Investors and Shareholders