Drilling and Completion Fluids Market – Overview
Drilling and Completion Fluids, also commonly referred as ‘mud’ – are considered as Wonder Fluids attributing to the efficacy these fluids demonstrate in numerous functions in O&G well completion operations for instance to help cool and lubricate the drill bit, manage the weight of the drill string, and carry cuttings to the surface for separation without damaging the formation. The highly engineered Drilling and Completion Fluids’ application in deep water drilling ensures successful well drilling.
Demonstrating phenomenal buoyancy, the Oil & Gas industry has resurged over the past couple of years. Recent discoveries of oil reservoirs in some regions have triggered the growth in the drilling projects which indicates the potential demand for Drilling and Completion Fluids. The heightened demand provides traction the Drilling and Completion Fluids market is currently vibrating with.
Accrediting the growth prospect the Drilling and Completion Fluids Market is demonstrating currently; the Market Research Future, recently published a meticulous study report giving out the complete market insights up till 2027. According to which the global market of Drilling and Completion Fluids, garnering the further prominence over the forecast period, will ascend to perceive a momentous growth registering a phenomenal CAGR during the estimated period (2017 – 2027).
The global market of Drilling and Completion Fluids is growing rapidly due to increased oil & gas exploration activities around the world. The high demand for crude oil, along with the maturing of onshore oil and gas wells is fostering the growth of Drilling and Completion Fluids market. Moreover, factors such as continuous development of offshore reserves and rising deep water production are likely to influence the growth of the global Drilling and Completion Fluids market positively. Additionally, a renewed interest in shale gas extraction has also driven the Drilling and Completion Fluids market. The high demand for crude oil, along with the maturing of onshore oil and gas wells is driving the market for Drilling and Completion Fluids.
Key Players
- Baker Hughes Inc. (U.S.),
- Weatherford International (U.S.),
- Halliburton Company (U.S.),
- M-I Swaco (U.S.),
- AkzoNobel N.V. (Netherlands),
- National Oilwell Varco (U.S.),
- Chevron Phillips Chemical Company (U.S.),
- BASF SE (Germany),
- DuPont (U.S.),
- The Dow Chemical Company (U.S.)
- Scomi Group (Malaysia) among others.
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Segments
The Drilling and Completion Fluids market has been segmented in the basis of Well type as Land and offshore. On the basis of type, the market has been segmented as water-based systems, oil-based systems, synthetic-based systems, foams, and other fluids.
Industry/ Innovation/ Related News:
December 15, 2017 – Chevron Corp (US) a multinational energy corporation has formed partnership (preliminary agreement) with oil services firm Schlumberger NV (US) the world’s largest oilfield services company to drill six wells in a Brazilian offshore field, in a bid to lift its output in the South American country after a 2011 oil spill there cut production. Six wells would be drilled in the Frade field in Brazil’s offshore Campos basin, and work should begin in early 2019. Drilling for the contract, worth about $20 million would be spread over 18 to 24 months.
December 15, 2017 – Buru Energy Ltd (Australia) announced that it is more than doubling oil handling capacity to 4,900 barrels a day at its wholly owned Ungani Oilfield in the Canning Basin of Western Australia.New storage tanks being installed at the onshore project will be commissioned shortly. As well as increasing daily oil handling capacity from 2,400 barrels, the tanks will increase fluid handling at the field to 8,000 barrels.
December 01, 2017 – Calfrac awarded with ‘Excellence in well completions’ for its CalVisc system that was developed as an alternative to traditional cross-linked fluid systems and offers proppant placement technology equivalent to cross-linked fluid systems. The CalVisc system increases proppant pack conductivity compared to guar-based fluid systems while generating significant viscosity at low shear rates. Calfrac reported that the CalVisc system requires fewer chemicals, improving an operation’s economics and reducing operational and HSE complexity with fewer trucks on location and less use of chemicals. A CalVisc customer reported that using the system simplified the execution of its company’s fracturing job and allowed it to increase pump rates with minimal impact on pumping pressures. The customer also said the system helped reduce heating demands, which led to overall cost reductions.
November 21, 2017 – Calumet Specialty Products Partners, L.P. (US) A Global manufacturer and provider of oilfield services, including drilling fluids, completion fluids announced strategic divestiture (Partnership with no money or possessions involved) of Anchor Drilling Fluids USA, LLC.
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Study Objectives of Drilling and Completion Fluids
- To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Drilling and Completion Fluids market
- To provide insights about factors affecting the market growth
- To Analyze the Drilling and Completion Fluids market based on various factors- price analysis, supply chain analysis, Porters five force analysis.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to six main geographies and their countries- North America, Europe, Asia-Pacific, South America, Middle East, and Africa
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by type, by well type, by application, and by region as well as its sub segments
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, and new product developments in the global Drilling and Completion Fluids market
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