Global Drilling and Completion Fluid Market Outlook to 2025 | Blackridge Research

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The market for Drilling and Completion Fluid is expected to witness a rapid growth during the forecast period due to the surge increase in drilling activities. Among all the major regions, North America emerges as...

Global Drilling and Completion Fluid Market Outlook to 2025 | Blackridge Research

Growing drilling activities, especially offshore drilling all around the world in order to find new potential oil and gas reserves, is the primary driver for the drilling and completion fluid market in the forecast period. In July 2019, Kuwait signed a $600 million offshore exploration contract with Halliburton to drill six high-pressure high-temperature (HP/HT) exploration wells, restarting the country’s offshore drilling projects.

Offshore exploration and production activities are seeing significant investment owing to new discoveries in recent years. Oil and gas production offshore mostly done in regions like the Middle East, the North Sea, Brazil, the Gulf of Mexico and the Caspian Sea. Offshore oil production has been relatively stable since 2000, but the natural gas output from offshore fields has risen by more than 50% over the same period. With the increase in the offshore E&P investment by the companies, there is a constant rise in the average number of operating rigs globally after 2017. The significant discoveries for oil and gas reserves offshore will further boost the offshore drilling market, positively impacting drilling and completion fluids market in the forecast period.

Advances in technologies used for proper drilling and completions are enabling energy industries to reach new sources of oil and gas with high efficiency and less environmental effects. Further companies are making new advances to have better exploration and production. Schlumberger introduced the NeoSteer* at-bit steerable system (ABSS) at the Society of Petroleum Engineers Annual Technical Conference and Exhibition (SPE ATCE) in October 2019, to improve horizontal well drilling performance. Halliburton Company released QuickPulse™ Automated Directional Gamma Service, a new measurement while drilling (MWD) technology in September 2019, that provides quick and reliable downhole information at extended depths to deliver wells faster. This capability helps operators drill longer laterals, make improved geosteering decisions and reduce well time to maximize their asset value.

The global Drilling and Completion Fluid market is segmented on the drilling fluids type and deployment. The drilling fluid type segments the market into the water-based, oil-based and others. By deployment, it is segmented into onshore and offshore. Further, the market for drilling and completion fluid is segmented by geography into North America, Europe, Asia Pacific, South America, and Middle-East & Africa. Asia-Pacific is expected to have higher growth for drilling and completion fluid market in the forecast period owing to promising exploration activities in China, India, Australia and Indonesia due to favorable policies and investments in the region. For instance, oil and gas majors BP and Chevron have committed to investing a total of $116.5 million in oil and gas exploration activities in Australia, with at least half directed to projects in South Australia with a view of increasing energy supplies in the state and south-eastern region.

Some of the prominent players in the Drilling and Completion Fluids market are Phoenix Geophysics, Geometrics Inc, Geotech Ltd., Sander Geophysics Limited, Crone Geophysics & Exploration Ltd, Quantec Geoscience Pty Ltd, CSA Global, Ramboll Group A/S, DMT Group, and Schlumberger Limited.

In January 2020, PDC Energy, independent exploration and production company, completed its acquisition of SRC Energy Inc., US domestic oil and natural gas exploration and production company in an all-stock transaction valued at ~$1.7B. This merger will bring together two leading operators in the Core Wattenberg Field of Denver-Julesburg Basin.

In December 2019, Cleansorb, an innovative reservoir chemistry company, has now been acquired by Newpark Resources, a worldwide provider of value-added drilling, completion and stimulation fluids solutions. This acquisition serves as a critical step in the execution of Newpark’s total fluids solutions strategy, enhancing its ability to provide increased value through the delivery of industry-leading products and services.

1. Executive Summary

2. Research Scope and Methodology

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

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Global Drilling and Completion Fluids Market Revenue, in USD billion, 2019-2025

Global Drilling and Completion Fluids Market Revenue Share, by Drilling Fluid Type, 2019

Global Drilling and Completion Fluids Market Revenue Share, by Deployment, 2019

Global Drilling and Completion Fluids Market Revenue Share, by Region, 2019

Water-based - Market Revenue, in USD billion, 2019-2025

Oil-based - Market Revenue, in USD billion, 2019-2025

Others - Market Revenue, in USD billion, 2019-2025