Global Underbalanced Drilling Market

Global Underbalanced Drilling Market size was valued US$ xx Mn in 2019 and the total revenue is expected to grow at 5.10 % through 2020 to 2027, reaching US$ xx Mn.

The report covers the detailed analysis Underbalanced Drilling industry with the classifications of the market on the product type, applications, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players' contribution in it.

 

The report has profiled major key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in Europe region. The major country’s policies about the oil and gas industry and its impact on underbalance drilling market are covered in the report.

Global Underbalanced Drilling Market Overview:

The key factors driving the development of the global underbalanced drilling market comprise increasing demand for crude oil due to rapid urbanization, growing exploration & drilling activities, & discovery of new oil & gas deposits. Moreover, many oil & gas operators are capitalizing in the oil and gas industry owing to fluctuating crude oil prices. Furthermore, the expected high growth of underbalanced drilling is owing to the higher penetration rates, growing concern about formation damage, & the ability to decrease lost circulation in depleted reservoirs. Moreover, the current trend in drilling & completion activities also presents a development opportunity for the global underbalanced drilling market.

Global Underbalanced Drilling Market

Additionally, the global underbalanced drilling market is expected to grow at a significant rate during the forecast period because of an immediate need to raise productivity & dropping drilling damage. Oil & gas key players are considering an investment in innovative techniques including underbalanced drilling, which raises the productivity of the drilling process & delivers cost savings in the digital transformation of the oil & gas industry.

According to MMR study, the oil demand is projected to grow by 6.86 Mn barrels a day by 2023. Thus, governments around the world have established attractive investment strategies to increase their refinery capacity that would further push market growth. For example, in 2018, Indian Oil Corporation declared its strategies to invest around USD 24.83 Bn to rise its refinery & drilling capacity, increase its petrochemical production, increase gas business, & extend its drilling procedure. Similarly, in May 2018, Abu Dhabi National Oil Company financed USD 45 Bn to increase its facility into one of the world’s major refining & petrochemical plants, which would lift its refining capacity by 64.76 percent to 1.47 Bn barrels per day by 2025. These investments would in turn push the need for efficient drilling methods in a refinery, thereby driving the market for underbalanced drilling.

Major Key Players in the market are actively concentrating on signing contracts & agreements with oil & gas operators to bid the best appropriate underbalanced drilling systems. For example, in April 2019, Northland Energy Corporation, an entirely held subsidiary of Precision Drilling Corporation, signed an agreement with PEMEX for delivering integrated multi-well contracts for underbalanced drilling & separation services in the southern area of Mexico. This would also increase the need for proper underbalanced drilling, which is an essential part of exploration & drilling.

Global Underbalanced Drilling Market1

North America is leading the global underbalanced drilling services market & the trend will remain the same during the forecast period

Thanks to the discovery of shale reserves in the United States & the existence of oil key players. The United States oil rig count improved by near 41.65 % in 2019 as compared to that in 2018 because of the recovery in crude oil prices.

Latin America is anticipated to hold a major share of the market during the forecast period

Findings of substantial shale & oil reserves in the Amazon basin & Venezuela. Brazil and Mexico are profitable countries for the market in this region. Mexico is expected to expand at a substantial pace owing to the development of a large number of oil wells in the Gulf of Mexico. MEA & Africa region is a key oil producer in the world. Offshore developments & findings mainly in the Red Sea region by countries with Qatar, UAE, & Saudi Arabia are expected to drive the MEA underbalanced drilling services market.

The objective of the report is to present a comprehensive analysis of the Global Underbalanced Drilling Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Underbalanced Drilling Market dynamics, structure by analyzing the market segments and project the Global Underbalanced Drilling Market size. Clear representation of competitive analysis of key players By Technique, price, financial position, product portfolio, growth strategies, and regional presence in the Global Underbalanced Drilling Market make the report investor’s guide.

 

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Scope of the Global Underbalanced Drilling Market

Global Underbalanced Drilling Market, By Technique

• Lightweight Drilling Fluids
• Gas Injection
• Foam Injection
Global Underbalanced Drilling Market, By Application

• Onshore
• Offshore
Global Underbalanced Drilling Market, by Region

• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa
Key players operating in Global Underbalanced Drilling Market

• Air Drilling Associates Inc.(U.S)
• Ensign Energy Services (Canada)
• Schlumberger Limited (U.S)
• Halliburton Inc. (U.S)
• Weatherford International (U.S)
• National Oilwell Varco (U.S)
• Beyond Energy (Canada)
• STRATA Energy Services (Australia)
• Kinley Exploration LLC (U.S)
• Precision Air Drilling Services Inc. (U.S)
• Bakers Hughes (U.S)
• Aker Solutions (Norway)

 

 

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