Booming Exploration and Production (E&P) expenditure will see the global oilfield services industry climb significantly in value in the near future, expects business intelligence company GBI Research.

According to the firm’s latest report, entitled Oilfield Services Industry to 2017 – Technological Developments Expected to Propel Oilfield Investments by E&P Players, the global oil field service industry is forecast to jump in value by a massive 72% in just five years.

This will see the market leap from $152bn in 2012 to $213bn in 2017, says the report.

Despite the global economic turndown, demand for oil and gas has continued to grow, due primarily to the emerging economies of Asia and South America. Additionally, the increase in crude oil and natural gas prices has warranted high E&P costs for areas where access is more difficult, such as offshore deep and ultra-deep locations.

Innovative hydrocarbon recovery techniques such as Enhanced Oil Recovery (EOR), strongly linked to the carbon dioxide (CO2) sector, are also driving oil companies around the world to return to depleted or mature reservoirs – further contributing to total E&P expenditure.

Of the three segments that make up the oilfield services industry – exploration and evaluation, drilling, and completion and production – it is the latter that garners the most substantial income, GBI Research says.