Latin America Drilling Fluids Market – 2020 | Top Key Players : Imdex Limited, Unique Drilling Fluids, Inc., and Newpark Resources, Inc

An insightful study, titled “Latin America Drilling Fluids Market (By Product Segment – Water-based, Oil-based and Synthetic Drilling Fluids): Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020” has been freshly broadcasted to the vast research repository of Market Research Reports Search Engine (MRRSE). This 92 page research study provides detailed comprehensions and forecasts future growth of the global market with an in-depth study of the factors impacting revenue growth throughout the mentioned forecast period. Further, a deep analysis on the major players from diverse regions is also present in the report.

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Drilling fluids are used to drill wells smoothly and eliminate drill cuttings from boreholes that are commonly generated during the process. Drilling fluids help extract oil and gas from reserves efficiently and effectively. Over the past few years, drilling activities have increased primarily in the offshore areas in Latin America. Drilling activities in the region are estimated to grow rapidly during the forecast period primarily due to impending governmental supportive schemes. Rise in drilling activities can be ascribed to significant investment in exploration and production activities. Majority of demand for drilling fluids arises from offshore regions. Golden Triangle formed by the Gulf of Mexico (GOM), West Africa and Brazil is the most attractive region for deep and ultra-deep water reserves across the world. Increasing distance of an oil field from the seashore signifies an increase in water depth. Drilling deep water reserves would require additional drilling fluids in a proper mix relative to an onshore well. This is expected to propel the consumption of drilling fluids in the region in the near future.

Venezuela and Argentina are among the top oil and gas exporting countries in the world. Venezuela is one of the top 10 oil producers in the world. Most onshore drilling activities in Latin America take place in Argentina and Venezuela. These countries are characterized by the discovery of sizeable shale gas reserves. A shifting trend towards unconventional source of energy is also a major driver for growth of the drilling fluids market. Countries are exploring unconventional gases such as shale gas and coal bed methane (CBM) to increase their production and shift towards higher eco-friendly fuel. Strong governmental support schemes that are likely to transform the demand scenario in Latin America are anticipated to reinforce Argentina’s economy with new avenues for the drilling fluids market.

The drilling fluids market in Latin America is segmented based on types of products into water-based fluids (WBFs), oil-based fluids (OBFs) and synthetic-based fluids (SBFs). Most drilling operations are performed using WBFs due to its cheap price, eco-friendly nature and less chemical treatment required before its disposal. In offshore regions, WBFs can be discharged into the seawater after treatment. This helps save logistics cost to bring waste drilling fluid onshore for disposal. Environmental regulations do not permit the disposal of OBFs and SBFs into the seawater due to their adverse impact on aquatic life. These fluids are transported onshore for treatment or after treatment (as per the facilities available at the offshore rig for treatment), and then disposed of using proper and safe techniques. SBFs and OBFs can be used several times after treatment and are disposed of when further treatment is uneconomical. Based on technology, the drilling fluids market in Latin America has been segmented into dispersed systems and non-dispersed systems. Dispersed systems accounted for majority of the market share in terms of revenue in 2013. This segment is anticipated to grow rapidly during the forecast period.

Baker Hughes Incorporated, Halliburton Company, Schlumberger Limited, and Weatherford International Limited are some of the key players in the drilling fluids market in Latin America. In 2013, these players collectively constituted more than 60% of the total market share in the region. Other players in the drilling fluids market in Latin America include Imdex Limited (AMC Oil & Gas), Unique Drilling Fluids, Inc., and Newpark Resources, Inc.

To know the latest trends and insights prevalent in this market, click the link below: https://www.mrrse.com/latin-america-drilling-fluids-market

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