Press release
The Oil And Gas Supporting Activities Market To Improve Its Performance
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The global oil and gas supporting activities market size is expected to reach about $240 Billion by 2022, significantly growing at a CAGR of around 6% during the forecast period.
Oil And Gas Supporting Activities Market Trends
The oil and gas supporting activities market consists of sales of support activities for oil and gas operations by entities (organizations, sole traders or partnerships) that provide support activities on a contract or fee basis for oil and gas operations such as exploration, drilling and extraction.
Oil and gas wells service providers are using microbial treatment as a sustainable and cost-effective replacement to conventional treatment methods such as chemical, mechanical and thermal methods to discard paraffin deposits. Microbial treatment refers to the use of naturally occurring microorganisms to remove paraffin deposits, break emulsions, and inhibit corrosion and scale formation. Paraffin is a waxy substance which deposits in oil and gas production systems and restricts the flow of fluids, and thus needs to be prevented. This treatment procedure is non-toxic, cost effective and saves time compared to conventional methods. Microbial treatment can result in high paraffin degradation rate of up to 64%. For example, microbial treatment carried out at Barfield, Midland oil wells increased oil production volume by two barrels per day.
The global Oil And Gas Supporting Activities market is primarily driven by increased demand for supporting services by oil and gas manufactures in the world as the oil price stabilizes and new investment increases.
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The global Oil And Gas Supporting Activities market report covers the following regions under the geographical analysis section: Asia Pacific, Western Europe, North America, Middle East, Africa, South America, and Eastern Europe. Major countries under each of these regions are also covered under the country analysis chapters.
With increase in economic growth and rising demand for oil, the global Oil And Gas Supporting Activities market is expected to increase in potential and scope. TBRC’s report also covers the Oil And Gas Supporting Activities drivers and restraints in the market.
The global Oil And Gas Supporting Activities market’s segment shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates for each segment presented visually with supporting reasons to justify the growth rates.
The top companies included in the global Oil And Gas Supporting Activities market report are Halliburton, Saipem S p A, Schlumberger Ltd, Baker Hughes Incorporated, Weatherford International plc.
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