Oil Field Chemicals Market: Top Leaders, Insights and Forecast Research 2018-2024| BASF SE, Lubrizol Corporation, Dow Chemical Co., Stepan Company, Halliburton, Schlumberger, Baker Huges
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Use of chemistry to maintain production to promote growth in the Oil Field Chemicals Market
Increase in the production of crude oil coupled with increasing demand from enhanced oil recovery applications are the factors driving the growth of the oilfield chemicals market. In addition, demand for advanced drilling fluids, growth in deep-water & ultra-deep-water drilling projects, and rapid expansion of shale oil & gas drilling & production are triggering the growth of the oilfield chemicals market. However, cost of oil production level and Chemical regulations are dynamic and are constantly changing as per the compliance requirements. Hence, changing rules and regulations are restraining the market growth of the oilfield chemicals market during the forecast period. Furthermore, the occurrence of eco-friendly oil chemicals has opened several doors of opportunity for the oilfield chemicals market over the upcoming years. Discovery of new oilfields has created a positive impact on the key players in the oilfield chemicals market.
North America region to contribute to growth in the global Oil Field Chemicals market
North America dominated the oilfield chemicals market. The growth in the North America region can be attributed presence of several oilfield chemical companies in this region. In addition, expansion of shale oil and gas industries in the U.S is the key factor dominating to drive oilfield chemicals market in North America. On the other hand, Asia Pacific is anticipated to witness the fastest growth due to the increased government spending in China to meet energy demands.
ExxonMobil Announced Seventh Oil Discovery Offshore in Guyana
In Feb 2018-Exxon Mobil Corporation (NYSE:XOM) announced its seventh oil discovery offshore in Guyana, following drilling at the Pacora-1 exploration well. ExxonMobil is the largest publicly traded international energy company that uses technology and innovation to help meet the worlds growing energy needs.Further upstream process will require the use of oilfield chemicals for drilling, completing, and producing oil and gas wells.
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GE Announceds Completion of GE Oil & Gas and Baker Hughes Merger
In July 2017- GE (NYSE: GE) announced the completion of the previously announced combination of GE’s oil and gas business with Baker Hughes. Baker Hughes, a GE company (NYSE:BHGE) was the first and only company to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.
GE is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive, and predictive. BHGE provides differentiated services for customers by combining digital solutions and technology from the GE Store with the domain expertise of Baker Hughes and its culture of innovation in the oilfield services sector. Under the terms of the transaction agreement, which was previously announced on October 31, 2016, the transaction resulted in a partnership structure, pursuant to which Baker Hughes was converted to a partnership and GE contributed its Oil & Gas business into that partnership.
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