Artificial lift is a method which is used on oil wells to increase the pressure within the reservoir, to encourage the oil to the surface. It is employed to recover more production, where the natural drive energy of the reservoir is not strong enough to push the oil to the surface. According to a research report published by P&S Intelligence, the artificial lift market has been growing at a decent rate since the last few years and it is expected to maintain the growth during the forecast period. The market is growing due to the increasing number of mature oil and gas fields and growing ultra-deepwater and deepwater activities, worldwide.
A major trend witnessed in the global artificial lift market is the increasing adoption of smart artificial lift systems for maximum oil and gas recovery. The innovation in the lifting systems has transformed the marginal wells into profitable and reliable producers. In order to further increase the revenue and enhance the oil and gas recovery, operators are developing and are also adopting smart artificial lift systems/technologies.
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For example, Direct Drive-Head developed a Smart Pumper, that billed as a universal platform which is capable of controlling any pumping device by using electric or hydraulic motors from 5 horsepower (hp) to 1,000 horsepower (hp). This serves as a master controller and monitoring device for ESP, PCP, pumpjacks, and other pump devices including their facilities.
Globally, Europe was the second largest regional-level market for artificial lifts during the historical period, accounting for 27.4% share in 2017. The market for artificial lifts in Europe is expected to display a CAGR of 3.7% during the forecast period, driven by growing focus on domestic production by major crude oil and natural gas producing countries in Europe. Promoting energy security in the region and reducing reliance on imports of these commodities are the major objectives behind boosting the domestic production.
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Russia is among the leading producers of crude oil and natural gas in the world, with an average daily crude oil production of around 10.98 million bpd. According to the country’s Ministry of Natural Resources, majority of reserves of these resources are located in Siberia. The large reserves of natural crude oil and natural gas make the country a net exporter of these commodities.
Additionally, Norway is another leading producer of crude oil and natural gas in Europe, which mainly caters to the demand of these commodities from European nations. The rising demand for crude oil and natural gas is expected to boost investments in the exploration of new oil and gas reserves in the region. In order to extract these resources from their reserves, the demand for artificial lift is expected to increase during the forecast period.
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