Current changes and strategical directions of modernization of oilfield services market

Abstract

Relevance. Innovative-technological development of oilfield service business is associated with the need of vertically integrated companies (VINCs) in services, which are largely dependent on fluctuations in demand for hydrocarbon raw materials, so the model of strategic planning of innovative-technological development of oilfield service, taking into account the current realities, will be in wide demand. Purpose of the research – Justification of the need to implement the model of strategic planning in innovation and technological development in oilfield service companies based on the analysis of current problems and trends in the oilfield service market. Main results. The analysis of problems and trends in the oilfield services market proves that the growing demand for hydrocarbons is the key factor determining the market growth and forming the outstripping demand for geological exploration, drilling and geophysical support. Increasing sanctions pressure may reduce the volume of high-tech service operations due to the withdrawal of multinationals from the Russian market, which may lead to stagnation of the oilfield services market and cause risks of lower oil and gas production levels. The pandemic-related drop in oil quotations on world stock exchanges has caused an increase in competition in both the Russian and global oilfield services markets, where two opposite trends have manifested themselves: on the one hand, there is a decline in demand for these services, while on the other – data on the growth of drilling volumes indicate the industry’s development prospects. New technological solutions increase the production efficiency of the oilfield service industry, which requires companies to focus on innovative development and use a model of strategic planning for the introduction of modern technologies together with classical market instruments, which determines the practical significance of the results of this study. Conclusion. The analysis of opportunities, trends and problems of oilfield service market development, as well as strategic priorities of oilfield service companies at the present stage confirms the significance and necessity of introducing innovative technologies to form and maintain competitive advantages in the existing global market. The strategic approach to modelling the development of oilfield service companies allows to increase the sustainability and stability of their development, as well as to reduce the negative impact on the environment in the changing energy landscape.