Industry Statistics and Trends
Petroleum & Natural Gas Support Services in Europe key trends
Supply uncertainties stimulate activity.
Uncertainties over Russia's supply of natural gas prompted European countries to increase their own domestic production, supporting revenue.
New investments aid revenue prospects.
Significant investment in Norway, like the $18 billion (€16.5 billion) in oil and gas investments to develop 19 new fields, will provide contractors with revenue opportunities in the future.
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Petroleum & Natural Gas Support Services in Europe
Industry Revenue
Total value and annual change from 2011-2029. Includes 5-year outlook.
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Petroleum & Natural Gas Support Services in Europe market size (2019-2024)
Industry revenue has declined at a CAGR of 3.8 % over the past five years, to reach an estimated €62.1bn in 2024.
Trends and Insights
Oil and gas production has faced significant disruptions
- The COVID-19 pandemic significantly disrupted the oil and gas sector, leading to the price of West Texas Intermediate falling to negative $37.63 (€34.58) in April 2020, while gas prices fell to 14-year lows. Weak prices lead to differences in exploration activity, hindering demand for support services.
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Petroleum & Natural Gas Support Services in Europe outlook (2024-2029)
Market size is projected to grow over the next five years.
Commitment to environmental targets will hinder revenue
- As governments seek to reduce their carbon emissions and meet the net zero carbon emissions target by 2050, demand for oil and gas will slump.
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Revenue
€62.1bn
Employees
492k
Wages
€XX.Xbn
European Leaders & Laggards
* CAGR values are for the years 2019-2024.
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Biggest companies in the Petroleum & Natural Gas Support Services in Europe
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Schlumberger Ltd | 31,160.0 | 7,566.5 | 24.3 | |
Subsea7 SA | 4,949.3 | 144.4 | 2.9 | |
Baker Hughes Company | 24,007.6 | 2,204.3 | 9.2 |
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Petroleum & Natural Gas Support Services in Europe
Products & Services Segmentation
Industry revenue broken down by key product and services lines.
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Top Questions Answered in this Report
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What is the market size of the Petroleum & Natural Gas Support Services industry in Europe in 2024?
The market size of the Petroleum & Natural Gas Support Services industry in Europe is €62.1bn in 2024.
How many businesses are there in the Petroleum & Natural Gas Support Services in Europe industry in 2024?
There are 6,006 businesses in the Petroleum & Natural Gas Support Services industry in Europe, which has grown at a CAGR of 9.0 % between 2019 and 2024.
Has the Petroleum & Natural Gas Support Services industry in Europe grown or declined over the past 5 years?
The market size of the Petroleum & Natural Gas Support Services industry in Europe has been declining at a CAGR of 9.0 % between 2019 and 2024.
What is the forecast growth of the Petroleum & Natural Gas Support Services industry in Europe over the next 5 years?
Over the next five years, the Petroleum & Natural Gas Support Services industry in Europe is expected to decline.
What are the biggest companies in the Petroleum & Natural Gas Support Services market in Europe?
The biggest companies operating in the Petroleum & Natural Gas Support Services market in Europe are Schlumberger Ltd, Subsea7 SA and Baker Hughes Company
What does the Petroleum & Natural Gas Support Services in Europe include?
Development wells and Appraisal wells are part of the Petroleum & Natural Gas Support Services industry.
Which companies have the highest market share in the Petroleum & Natural Gas Support Services in Europe?
The company holding the most market share in Europe is Schlumberger Ltd.
Which countries have the most businesses in the Petroleum & Natural Gas Support Services industry in Europe?
The European country with the most businesses in the Petroleum & Natural Gas Support Services industry is Russia.
How competitive is the Petroleum & Natural Gas Support Services industry in Europe?
The level of competition is high and increasing in the Petroleum & Natural Gas Support Services industry in Europe.
Related Industries
This industry is covered in 37 countries
- Petroleum & Natural Gas Support Services in Greece
- Petroleum & Natural Gas Support Services in Russia
- Petroleum & Natural Gas Support Services in the Netherlands
- Petroleum & Natural Gas Support Services in Sweden
- Petroleum & Natural Gas Support Services in Slovenia
- Petroleum & Natural Gas Support Services in North Macedonia
- Petroleum & Natural Gas Support Services in Bulgaria
- Petroleum & Natural Gas Support Services in Austria
- Petroleum & Natural Gas Support Services in Romania
- Petroleum & Natural Gas Support Services in Czechia
- Petroleum & Natural Gas Support Services in Hungary
- Petroleum & Natural Gas Support Services in Switzerland
- Petroleum & Natural Gas Support Services in Germany
- Petroleum & Natural Gas Support Services in Iceland
- Petroleum & Natural Gas Support Services in Portugal
- Petroleum & Natural Gas Support Services in Poland
- Petroleum & Natural Gas Support Services in Serbia
- Petroleum & Natural Gas Support Services in Denmark
- Petroleum & Natural Gas Support Services in Ireland
- Petroleum & Natural Gas Support Services in Estonia
- Petroleum & Natural Gas Support Services in Europe
- Petroleum & Natural Gas Support Services in Spain
- Petroleum & Natural Gas Support Services in France
- Petroleum & Natural Gas Support Services in Norway
- Petroleum & Natural Gas Support Services in Belgium
- Petroleum & Natural Gas Support Services in Italy
- Petroleum & Natural Gas Support Services in Latvia
- Petroleum & Natural Gas Support Services in Croatia
Table of Contents
About this industry
Industry definition
This industry provides oil and gas well services on a fee or contract basis to firms that extract oil and gas. This includes traditional prospecting methods such as geological observations, and invasive work such as directional drilling, re-drilling, test drilling, spudding and derrick erection and maintenance. It also incorporates draining and pumping services and the liquefaction and regasification of gas for transportation.
Related Terms
DerrickDirectional DrillingSpuddingWhat's included in this industry?
Development wellsAppraisal wellsExploration wellsDecommissioning activityOther servicesCompanies
Schlumberger LtdSubsea7 SABaker Hughes CompanyIndustry Code
091 - Support activities for petroleum and natural gas extraction in Europe
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Performance
Key Takeaways
Oil and gas production has faced significant disruptions
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Revenue Highlights
Trends
- Revenue
- 2024 Revenue CAGR
- Revenue Volatility
Employment Highlights
Trends
- Employees
- Employees per Business
- Revenue per Employee
Business Highlights
Trends
- Businesses
- Employees per Business
- Revenue per Business
Profit Highlights
Trends
- Total Profit
- Profit Margin
- Profit per Business
Current Performance
Charts
- Revenue in the Petroleum & Natural Gas Support Services in Europe industry (2011 -2029)
- Employees in the Petroleum & Natural Gas Support Services in Europe industry (2011 -2029)
- Business in the Petroleum & Natural Gas Support Services in Europe industry (2011 -2029)
- Profit in the Petroleum & Natural Gas Support Services in Europe industry (2011 -2029)
Analysis
What's driving current industry performance in the Petroleum & Natural Gas Support Services in Europe industry?
Outlook
Analysis
What's driving the Petroleum & Natural Gas Support Services in Europe industry outlook?
Volatility
Analysis
What influences volatility in the Petroleum & Natural Gas Support Services in Europe industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Petroleum & Natural Gas Support Services in Europe industry?
Charts
- Industry Life Cycle Matrix
Products and Markets
Highlights
Trends
- Largest Market
- Product Innovation
Key Takeaways
Development wells are the most lucrative. Due to the increased complexity and larger size of development wells, these are the most lucrative to contractors.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Petroleum & Natural Gas Support Services in Europe industry's products and services performing?
Analysis
What are innovations in the Petroleum & Natural Gas Support Services in Europe industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Petroleum & Natural Gas Support Services in Europe industry?
International Trade
Highlights
- Largest Importer
- Smallest Importer
- Total Imports into Europe
- Largest Exporter
- Smallest Importer
- Total Exports into Europe
Heat maps
- Industry Concentration of Imports by Country
- Industry Concentration of Exports by Country
Data Tables
Value and annual change (%) included
- Number of Imports and Exports by European Country (2024)
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Revenue by Region (2024)
- Share of Total Industry Enterprises by Region (2024)
- Share of Total Industry Employment by Region (2024)
- Share of Total Industry Wages by Region (2024)
Industry Geographic Breakdown
Data Tables
Values and annual change provided for 37 European countries:
- Revenue (2024)
- IVA (2024)
- Enterprises (2024)
- Employment (2024)
- Exports (2024)
- Imports (2024)
Competitive Forces
Highlights
Trends
- Concentration
- Competition
- Barriers to Entry
- Substitutes
- Buyer Power
- Supplier Power
Key Takeaways
Larger contractors can provide a range of services. Larger contractors can secure more businesses by offering a range of complimentary services if they have the financial and capital resources to do so.
Supply Chain
Charts
Buyer and supply industries
Companies
Market Share
Charts
- Industry Market Share by Company (2019-2024)
Companies
Data Tables
Top 10 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit Margin (2024)
Data Tables
- Countries of operation for Schlumberger Ltd
- Countries of operation for Subsea7 SA
- Countries of operation for Baker Hughes Company
- Countries of operation for Equinor ASA
- Countries of operation for Aker Solutions ASA
- Countries of operation for Halliburton Company
- Countries of operation for ABB Ltd
- Countries of operation for TechnipFMC plc
- Countries of operation for Saipem SpA
- Countries of operation for WorleyParsons Ltd
External Environment
Highlights
Trends
- Regulation & Policy
- Assistance
Key Takeaways
Support service contractors must follow strict regulations. Due to the dangerous and environmentally invasive nature of some industry services, there are strict health, safety and environmental guidelines that must be followed.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Petroleum & Natural Gas Support Services in Europe industry?
Financial Benchmarks
Highlights
Trends
- Profit Margin
- Average Wage
- Largest Cost
Key Takeaways
Profitability fluctuates in line with commodity prices. When oil and gas prices are lower, contractors offer their customers concessions to ensure their services are still in demand, though this does eat into the bottom lines.
Cost Structure
Charts
- Share of Economy vs. Investment Matrix
-
Industry Cost Structure Benchmarks:
- Marketing
- Depreciation
- Profit
- Purchases
- Wages
- Rent
- Utilities
- Other
Analysis
What trends impact cost in the Petroleum & Natural Gas Support Services in Europe industry?
Key Ratios
Data tables
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
- Revenue per Employee (2014-2029)
- Wages/Revenue (2014-2029)
- Employees per Establishment (2014-2029)
- Average Wage (2014-2029)
Country Benchmarks
European Leaders & Laggards
Data Tables
Top and boottom five countries listed for each:
- Revenue Growth (2024)
- Business Growth (2024)
- Job Growth (2024)
European Country Performance
Data Tables
Rankings available for 37 countries. Statistics ranked include:
- IVA/Revenue (2024)
- Imports/Demand (2024)
- Exports/Revenue (2024)
- Revenue per Employee (2024)
- Wages/Revenue (2024)
- Employees per Establishment (2024)
- Average Wage (2024)
Structural Comparison
Data Tables
Trends in 37 countries benchmarked against trends in Europe
- Concentration
- Competition
- Barriers to Entry
- Buyer Power
- Supplier Power
- Volatility
- Capital Intensity
- Innovation
- Life Cycle
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
Where does IBISWorld source its data?
IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
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