The Malaysia oilfield services market is expected to grow at a CAGR of more than 1% over the period. Factors such as increasing production of crude oil and natural gas from conventional resources, requirement for critical offshore expertise and increase in demand for advanced technologies are expected to drive the market. However, volatility in crude oil and natural gas prices may restrain the growth of the market.

– Rising investments in the sector are expected to aid the growth of the market and is expected to act as a driver for the market in the forecast period. Investments are being made in the exploration and production of natural gas in the offshore location.
– New development in the oilfield services, like the advancements in the high-end self-adaptive inflow control completion technology, is expected to make the oil and gas production more viable and may provide an opportunity for market players.
– The completion services segment is expected to witness significant in the forecast period. Increasing investment and advancement in technology are expected to aid the growth of the market.

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Key Market Trends

Rising Investments to Drive the Market

– In 2019, Petronas CAPEX spending was MYR 47.8 billion, of which 51% was allocated for upstream expenditure, which was slightly more than that of the 2018 level. Therefore, factors, such as upcoming exploration and development projects and increasing investments in upstream activities, are expected to drive the oil and gas market in Malaysia, over the forecast period. Growth in the Malaysia oil and gas market may have a positive cascading effect on the country’s oilfield service market.
– In February 2020, Kasawari Gas Development Project is being developed by the Petronas and is located in the South China Sea, Malaysia. First gas from the field is expected during late 2020. The field is estimated to contain 3.2 trillion cubic feet (tcf) of natural gas resources and is expected to produce 660 million standard cubic feet per day (mmscfd) of gas and 3.5 million barrels of condensate per day. MMC Oil & Gas Engineering (MMCOG) was contracted to provide engineering design services for the facilities.
– In February 2020, the Hess Corporation reported the first gas from the North Malay Basin Phase II, and the production from Phase III is expected to start during the fourth quarter of 2021. According to Hess Corporation, North Malay Basin, located off peninsular Malaysia in the Gulf of Thailand, holds more than 1.5 trillion cubic feet of natural gas and more than 20 million barrels of condensate. A large basin of natural gas may incentivize a further increase in the investment in the basins’ production, which could aid in the growth of the oilfield services market.
– Natural gas production in the country increased by 2.0%, to 7.63 billion cubic feet per day, in 2019 from 7.47 billion cubic feet per day in 2018. The increased investment sector is expected to aid the growth of natural gas, which is expected to boost the growth of oilfield services.
– Hence, rising investments are expected to drive the market in the forecast period.

Completion Services to Witness Significant Growth

– The majority of Malaysia’s oil production comes from offshore fields in the Malay Basin in the West and the Sabah and Sarawak basins in the east. ​ About 40% of the country’s oil reserves are located in the Malay basin and tend to be light and medium sweet crude oil grades from shallow waters. However, in the past decade, more exploration and discovery of reserves have taken place in deepwater areas in eastern Malaysia.​ Deepwater areas require high quality and different completion services to reduce the production of water from the well, which helps the growth of the Malaysia oilfield services market.

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– The rig count in the country has increased significantly from an average of 7.66 units in 2018 to an average of 8.33 units in 2019. All of the rigs were used in the offshore operations in the country’s exclusive economic zone (EEZ). An increase in the number of rigs in the country is expected to contribute to the growth of oilfield services positively.
– The completion services improvements have incorporated new paradigms in the sector like intelligent or smart well completion. Intelligent completions include permanent downhole sensors that transmit data to surface for local or remote monitoring in a digital well platform. These systems are being used in the offshore segment as a method to decrease the production of water from the wells.
– In 2019, Emerson Electric Co., in partnership with Metrol, a leader in battery-powered wireless well monitoring, has launched the Intelligent Multistage Completion Network and integrated upper and lower completions downhole solution that communicates wirelessly with instruments at the reservoir sand face, the physical interface between the formation and the wellbore. This is enabled by a new wireless interface that generates crucial zonal flow information and sand face monitoring in the lower completion. Further advancements in the market are expected to create more reliability and growth in the market.

Competitive Landscape

The Malaysia oilfield services market is partially fragmented. Some of the key players in this market are Schlumberger Ltd., Halliburton Company, Baker Hughes Company, Weatherford International plc, and Destini Berhad.

1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion,
4.3 Crude Oil Production, in million barrels per day,
4.4 Natural Gas Production, in billion cubic feet,
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 PESTLE Analysis

5 MARKET SEGMENTATION

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