Multi Pad Drilling Market Industry Overview, Trends and Growth Opportunities Forecasted till 2026
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Large capital is also required in “rigging up” and “rigging down” activities for conventional drilling rig. Under multi pad drilling, generally five to 10 wells are drilled close together at the surface oriented vertically or horizontally in different directions. After the completion of the drilling activity, the fully assembled rig is lifted and moved to the next well location. Multi pad drilling rigs use hydraulic skidding or walking system to move from one place to other. Multi pad drilling also allows producers to drill a significant area with minimal impact on the surface. Multi pad drilling also helps in concentrating the oil & gas production from multiple production wellheads. This enables oil producers to get unified production from multiple wells at reduced costs associated with above-ground field management and moving the produced oil or gas to the market.
Of late, the oil & gas industry has been experiencing major increase in multi pad drilling for vertical and horizontal wells owing to their high efficiency and cost reduction in drilling operations. Operator can drill multiple wells back to back in lesser time by using multi pad drilling rigs compared to conventional drilling rig. This saves capital for the operators in the current low-cost oil environment around the globe. Use of multi pad drilling would also help increase production due to the decrease in capital expenditure.
The multi pad drilling pad market can be segmented into number of pads and application. Multi pad drilling rigs usually have less than six drilling pads. Some of the complex drilling rigs may have more than six drilling pads. Equipment such as submersible pumps, production tubing, well head, and casings can be incorporated in a single multi pad drilling unit. Multi pad drilling can be applied to onshore and offshore oil & gas drilling operations. Offshore drilling operations entail high investments as compared to onshore drilling operations; hence, multi pad drilling is expected to save large capital in offshore operations.
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Petroleum drilling entails high investments in onshore and offshore areas. This can be mitigated by multi pad drilling. Rise in demand for petroleum crude, low-cost oil & gas environment, and implementation of stringent environment regulations for oil & gas operations are expected to drive the market for multi pad drilling. Low price of crude oil and expensive technology are some of the restraints of the multi pad drilling market. North America is one of the dominant regions of the multi pad drilling market owing to its newly discovered vast shale oil & gas reserves and low-cost patented technologies. It is followed by Asia Pacific and Europe. Demand for crude oil in Asia Pacific is anticipated to increase in the near future owing to the rise in demand for refined petroleum products. This is anticipated to boost the market for multi pad drilling in the region.
Leading players in the multi pad drilling market include Devon Energy, Chevron Corporation, ExxonMobil, Cairn India, Continental Resources, Nostra Terra Oil & Gas, Consol Energy, and Earthstone Energy, Inc.
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