Drilling and Completion Fluids Market: Opportunities and Challenges

October 04 19:50 2019
Drilling and Completion Fluids Market: Opportunities and Challenges

The leading players in the drilling and completion fluids market are BHGE (US), Halliburton (US), Schlumberger (US), Newpark Resources (US), and Tetra Technologies (US).
The global drilling and completion fluids market was valued at USD 8.92 Billion in 2017 and is projected to reach USD 12.76 Billion by 2023, at a CAGR of 5.82% during the forecast period.

The global drilling and completion fluids market was valued at USD 8.92 Billion in 2017 and is projected to reach USD 12.76 Billion by 2023, at a CAGR of 5.82% during the forecast period.

Increasing focus on deep and ultra-deep-water drilling

The deepwater and ultra-deepwater drilling activities are expected to increase in the future, driven by new discoveries in South America, West Africa, and the Asia Pacific. This is expected to serve as an opportunity for the drilling and completion fluids market. A majority of the offshore activity is focused in deepwater regions, such as Angola, US, Brazil, Nigeria, Malaysia, and Norway. In addition, recent discoveries made in emerging frontier regions, such as the East Coast of Africa, the eastern Mediterranean Sea, and the west coast of Australia, would significantly boost the offshore reserves growth.

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Several major projects that were approved before the industry downturn are expected to come onstream in 2018. Some of the projects include the Kaombo field offshore Angola and the Egina field offshore Nigeria, both operated by Total. In the Gulf of Mexico, Chevron’s Bigfoot, in the Walker Ridge area, is also expected to come onstream in 2018. These projects, among others, are expected to push deepwater production activities in the coming years. In regions with more than 10 floating rigs, utilization is the highest in South America, primarily Brazil – at 88.7%. This is due to long-term contracts that were signed before the downturn. Thus, the progress of long-term contracts is expected to propel the demand for deep and ultra-deepwater drilling activities, thus fostering the growth of the drilling and completion fluids market.

Rise in cost of deepwater and ultra-deepwater drilling

Drilling in deepwater and ultra-deepwater is possible with the advancements in technology and floating production. Technological advancements have made new areas accessible, but deepwater projects require more investment and time compared to shallow waters or onshore developments. As a result, most nations with offshore assets operate in shallow water. Mud companies spend a substantial amount of capital on R&D to meet the challenges of drilling fluids. Deep drilling requires large and expensive rigs and low penetration rates. Also, more and deeper exploration activities calls for specialized drilling fluids compatible to severe temperature and pressure environments. These fluids are costly and make up a larger part of total drilling cost. Addressing these rising cost is major challenge for the drilling and completion fluids market in current stagnant oil price scenario.

The drilling and completion fluids market is influenced by a few leading players, such as BHGE (US), Halliburton (US), Schlumberger (US), Newpark Resources (US), and Tetra Technologies (US), because of the initiatives taken by these industry participants related to product developments, product launches, and contracts & agreements.

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