The report, now available on ASDReports, recognizes the following companies as the key players in the global drilling and completion fluids market: Baker Hughes, Halliburton, Schlumberger, and TETRA Technologies.
Other Prominent Vendors in the market are: AkzoNobel, Canadian Energy Services, Chevron Phillips Chemical Company, CP Kelco, Imdex, Lamberti, and Scomi.
Commenting on the report, an analyst said: “One of the key trends for market growth will be hike in price of drilling and completion fluids. One of the most important factors in the utilization of any particular product or service is related to the cost of use and the value derived out of it. The cost of the drilling and completion fluids in the upstream operations is a significant component of the overall well costs. If we analyze the figure mentioned below, we notice that the drilling and completion fluids contribute to almost 15%-20% of the overall well costs. Therefore, the cost of this component is an important consideration in the deriving of the overall feasibility of any well-operation”
According to the report, migration of drilling into unconventional areas will be a key driver for market growth. One of the most striking outcomes of the current oil and gas exploration is the reaffirmation of the fact that the era of easy oil is coming to an end. This has not only inflated the cost of hydrocarbon acquisitions but also displaced E&P operations geographically. The major hydrocarbon-rich regions around the globe were identified in the early 20th century and most drilling operations were based out of these areas for the past century. However, things have started to change significantly now, and the E&P companies have started to look at unconventional avenues for exploration.
Further, the report states that with deepwater drilling operations growing, the use of synthetic and oil drilling fluids has also risen in these operations. However, under HTHP conditions, fluid systems that are composed of macro and micro-based chemicals break down or associate with other polymer chains and thereby undergo a significant physical and chemical alteration. This alteration changes the properties of the fluid and reduces its efficiency and effectiveness. Therefore, temperature and pressure effects on fluid properties will pose a challenge to the global drilling and completion fluids market during the forecast period. To combat this, fluids that can maintain temperature stability and pressure consistency should be developed.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Sep 5, 2016