Press release
Drill Pipe Market size was over USD 1.7 billion in 2015 with forecast to grow over 2% from 2016 to 2025
Taking in to account the geographic trends, the drill pipe industry is experiencing extensive adoption across the globe with heavy investments in oil & gas projects. Below are the regional highlights pertaining to the drill pipe industry over the coming eight years.
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The Middle East is the biggest premium oil and gas market across the globe with 48% of world oil reserves and 43% of world gas reserves. Effective participation from Oman drill pipe market, is set to showcase significant growth prospects, backed by several large-scale contracts. Oman signed an agreement with Medco Energi of Indonesia of USD 660 million to develop 18 marginal fields in the southern Oman. Furthermore, escalating demand for oil and gas across the globe will fuel the Saudi Arabia drill pipe market share set to witness a growth rate of 3% from 2016-2025. Abu Dhabi is likely to increase its rig count over 100 to achieve the production rate of 3.5 million barrels per day.
Africa drill pipe market worth USD 195 million in 2015, is set to grow at a CAGR of 3.5% in the coming eight years. The region’s growth is backed by several commercial handshakes with respect to drilling of oil fields. In response to this fact, Indonesia’s Pertamina has received approval from the Algerian oil and gas regulator to develop oil & gas wells in the North African countries which will be thriving the regional landscape.
Rigorous investments in contracts and bidding for tenders is likely to generate lucrative growth for the Angola drill pipe industry. TOTAL is investing USD 16 billion to develop the ultra-deep offshore Kaombo project in Angola. This project is situated about 260 kilometers off Luanda, at a depth of 1400-1900 meters, with an expected daily production of 230,000 barrels as from 2017.
Canada drill pipe market worth USD 130 million in 2015 is poised to register a y-o-y growth of 2.1% from 2016-2025. Moreover, rising shale gas exploration activities and increasing number of rig counts by 32 units to 449 rigs will complement the U.S. drill pipe industry.
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