Drilling Waste Management Services Market Variables, Information, Scope Emerging Trends, Analysis and Forecasts 2023

Drilling requires circulation of drilling mud, which acts as a lubricant as well as means of removing downhole cutting generated while drilling. During the circulation, this mud gets contaminated. Once circulated, the drilling fluid is either disposed or recycled for recirculation. In either case, processing and drilling waste management services are required to minimize the environmental impact of the used drilling fluid. According to estimates of the American Petroleum Institute, about 1.2 barrels of drilling waste is generated for every foot drilled. Waste management includes solid control operations and waste management of unrecoverable or unwanted drilling fluid used during drilling. Increasing government regulations and growing offshore & onshore drilling activity, are expected to drive the drilling waste management services market during the forecast period.

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Growing Offshore Drilling Activity to Drive the Market

Since the oil price crisis in mid-2014, offshore activity has declined significantly. However, during 2016-17, owing to stability in oil price, offshore drilling activity has also stabilized. During 2014-17, the break-even oil prices for offshore production have declined significantly. For example, some of the North Sea fields’ oil production now breaks even at as low as USD 25 per barrel. During the forecast period, the offshore oil production cost is expected to further reduce owing to technological development and focus on efficient operations. The oil prices are also expected to witness substantial increase during next five years. Hence, increasing oil prices and lower offshore production break-even costs are expected to drive the offshore drilling activity. During offshore drilling, drilling fluid requirements are very specific. To meet these requirements, the drilling fluid comprises of many different chemicals, which can be hazardous to the environment if released untreated. Government regulations in offshore drilling activity are more stringent compared to onshore activity. To meet these regulations, operators have to employ complicated and expensive drilling waste management processes. Hence, growing drilling activity, particularly offshore drilling activity, is expected to drive the drilling waste management services market during the forecast period.

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North America to Lead the Market

Drilling activity, onshore and offshore, is expected to grow substantially in North America during the forecast period, owing to the growth of the upstream sector in the United States. The production in the Permian Basin of Texas and Gulf of Mexico has registered a CAGR of about 13.5% during the 2014-17 period. The US government has also announced that it plans to open almost all the US waters for exploration & production activity. Canada, with stability in oil prices, is expected to experience increasing investments in the oil & gas industry, allowing private players to explore some of its most prominent oil sand reserves. The growing production from existing fields and government policy to encourage upstream activity in the United States and expected growth of upstream industry in Canada are expected to drive the drilling activity, in turn, driving the drilling waste management services market in the region.

Growing Drilling Activity in India to Drive the Market

During mid-2014-2016, the onshore drilling activity in India remained relatively stable despite the oil price crisis. The offshore activity during the same period witnessed a decline. During 2016-17, the oil prices remained stable, in turn, driving the onshore and offshore drilling activity in the country. Increasing oil prices are expected to drive the drilling activity in the country during the forecast period, in turn, driving the drilling waste management services market.

Notable Developments in the Market

January 2018: US Interior Department announced that it will allow drilling in nearly all US waters. This is the single largest expansion of offshore oil & gas leasing by the federal government in the history of the United States.
January 2018: Total S.A. awarded a three year contract TWMA for providing drilling waste management services in the United Kingdom continental shelf region.
MAJOR PLAYERS: AUGEAN PLC, BAKER HUGHES A GE Co, GN SOLIDS CONTROL Co. Ltd, HALLIBURTON COMPANY, NATIONAL-OILWELL VARCO Inc., NUVERRA ENVIRONMENTAL SOLUTIONS ORD, SCHLUMBERGER LIMITED, amongst others

Reasons to Purchase This Report

Analyze global oil & gas supply-demand dynamics, oil and gas price forecast and their effect on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
Identify services expected to dominate the market.
Identify regions that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares and strategies employed by the major market players.
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Companies Mentioned:

Augean plc.,
Baker Hughes A GE Co,
GN Solids Control Co., Ltd,
Halliburton Company,
National-Oilwell Varco, Inc.,
Nuverra Environmental Solutions ORD,
Schlumberger Limited.,
Scomi Group Berhad,
TWMA Group Ltd.,
Terra Oilfield Solutions, LLC

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