TORONTO – Guyana is among the countries that will drive the demand for offshore helicopter services in the oil producing world mainly because of recent discoveries of oil offshore and pending future discoveries.
Research and Markets, one of the world’s largest research outfits, recently reported in its Offshore Helicopter Services Market – Growth, Trends, and Forecast (2019 – 2024), that the market for offshore helicopter services is expected to grow at a Compound Annual Growth Rate of approximately 1.93% during the forecast period of 2019 – 2024.
According to Research and Markets, factors driving the market studied are rising deepwater offshore exploration and development activities, due to the growing crude oil demand and little scope for new discovery in land and shallow water areas.
“The recent discovery and upcoming projects in the Mediterranean, Guyana, and East Africa are expected to be relatively new and attractive markets for the offshore helicopter services, creating an opportunity for service providers to expand their market presence,” the publication said.
The global offshore helicopter services market is moderately concentrated with top five companies accounting for approximately 79% of the market. Some of the major companies include CHC Group Ltd, Bristow Group Inc., PHI Inc., Era Group Inc., Abu Dhabi Aviation Airways PJSC (Abu Dhabi Aviation), and HNZ Group Inc., Research and markets said.
ExxonMobil has discovered 6.6 billion barrels of oil in the Stabroek Block offshore Guyana and expects to be pumping about 750,000 barrels a day by 2025, making it the world’s highest oil producer per capita, with a population of only about 780,000 people, when other companies currently exploring for oil begin production.