Drilling
and completion fluids comprise the fundamental requirements for starting the
field development process after the successful exploration of the oil field.
Large quantities for oil is required as fuel for many industries including
transportation, automobiles, lubricants, chemicals and others. For meeting the
demand of fuel, discoveries are immensely carried out. Besides, in this
scenario of recovering crude oil prices after the crises of 2014, the oil
exploration and production business is extremely profitable. The first phase of
field development process of an oil field is always the construction of oil
wells, which require drilling fluids for well control and pressure maintenance
at the surface and provide ease of drilling.
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On
the other hand, completion fluids are liquids containing salts for density and
avoiding formation damages. Besides, the completion fluids make excellent
packer fluids that are capable of operations expedition. These fluids are
designed to match specific reservoir criteria, taking into account critical
factors such as equivalent static density (ESD), contamination risks, and
crystallization temperatures.
Prominent Players
The
fundamental competitors functioning in the drilling and completion fluids
market are Schlumberger (U.S.), Halliburton (U.S.), China oilfield services
Ltd. (China), Newpark Resources Inc. (U.S.), Weatherford International Plc.
(U.S.), M-I Swaco (U.S.). National Oilwell Varco (U.S.), BASF SE (Germany),
DuPont (U.S.), Chevron Phillips Chemical Company (U.S.), AkzoNobel N.V.
(Netherlands), Stellar Drilling Fluids LLC (U.S.), The Dow Chemical Company
(U.S.) and, Scomi Group (Malaysia) are among others.
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Industry Updates:
Jan
2019 BHGE’s OFS segment has recently signed a four-year contract to offer drill
bits, drilling services, drilling and completion fluids, completion and
cementing solutions to an important customer in Colombia. BHGE will support
major drilling campaigns through this deal while developing new technology in
partnership with the customer and support conventional operations.
Segmental Analysis
The
segmentation of the drilling and completion fluids market has been carried out
on the basis of well type, type and region.
Based
on well type, the market of drilling and completion fluids is segmented into
offshore and land.
On
the basis of type, the drilling and completion fluids market has been segmented
into water-based systems, oil-based systems, synthetic-based systems, foams,
and other fluids.
The
region-based segmentation of the industry comprises of regions such as Asia
Pacific, Europe, North America, and the rest of the world.
Regional Outlook
The
analysis based on regions in the drilling and completion fluids market consists
of Asia Pacific, North America, Europe and the rest of the world. The drilling
and completion fluids market are anticipated to perceive exceptional progress
throughout the forecast period globally. The European and Africa regions which
are near the North Sea control the significant market share, owing to the new
oil detections from these regions.
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