Over the two year period ending 2015, fracking in the Gulf of Mexico is expected to rise over 10%, according to Douglas Stephens, president of pressure pumping at Baker Hughes.
Due to rising demand for offshore fracking, oil services companies have expanded their fleet of fracking ships by 31% since 2007. Meanwhile, advances in technology could allow the pumping horsepower used by fracking wells to rise another 28% by the end of 2018 to 1.2 million horsepower.
Market Vectors Oil Services
For more information on the oil services sector, visit our oil services category.
Max Chen contributed to this article.