What is the Oil and Mineral Exploration Drilling industry?
The Oil and Mineral Exploration Drilling industry is in the declining stage of its economic life cycle. The industry has struggled following the peak of the mining investment boom in 2012-13. Since then, most mining companies have transitioned away from exploring for new resources and investing in greenfield mining sites, and have instead focused on increasing production at existing brownfield sites. This trend, coupled with falling commodity prices, has caused demand for the industry's exploratory drilling services to decline.
Industry value added (IVA) is used to measure an industry's contribution to the overall economy. IVA is forecast to decline at a compound annual rate of 7.9% over the 10 years through 2021-22... purchase to read more