Multi Pad Drilling Market Revenue & Growth Analysis By Top Manufacturers - ExxonMobil, Devon Energy, Trinidad Drilling, Chevron, Nabors, Cairn India, Hess Corporation
Growing investments towards exploration and production of untapped reserves including shale will fuel the multi pad drilling market across the U.S. In 2017, Antero Resources has announced to invest over USD 1.0 billion in drilling and completion of Utica and Marcellus shale fields.
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The < 6 drilling pad accounted for above USD 45 billion in 2015. Ease in operations and enhanced production will positively affect the multi pad drilling market. Increasing investments in the sector coupled with cost efficiency will also propel the ≥ 6 multi pad demand.
Latin America multi pad drilling market lead by Venezuela and Argentina accounted for a substantial growth owing to favorable environmental norms and huge unexploited potential reserves available in the region. Argentina held over 40% share in 2015 subjected to increasing investments in conventional and unconventional resources available in the country. In 2016, PanAmerican LLC proclaimed to invest USD 1.0 billion for E&P activities in Argentina.
Global Multi Pad Drilling Market, By Application
The above information is provided on a regional and country basis for the following:
• North America
• Asia Pacific
• Middle East
• Latin America
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Multi pad drilling market from China is anticipated to witness a growth of over 10% by 2024. Abundant accessibility of shale resources and adoption of energy efficient and cost effective technologies will boost demand of product. According to EIA, China accounted for 1,115 TCF shale in 2015 in Sichuan, tarim, songlia and junggar basins.
Multi pad drilling market from Russia is projected to grow above 10% from 2015 to 2024. Large availability of unconventional resources and increasing investments will drive product penetration in the country. In 2016, Roseneft signed contract with PT Pertamina to explore offshore areas of Okhotsk sea.
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Large offshore petroleum reserves coupled with favorable government regulations has opened avenues for the international companies to invest in Norway. In 2016, a consortium led by DEA invested USD 1.6 billion in Dvalin gas field project located offshore in Norwegian sea.
Growing acquisitions and mergers in the industry to expand the business has made market competitive in nature. Major players include Devon Energy, Marathon Oil, PT Pertamina, Nobel Hess Corporation, Royal Dutch Shell, Continental Resources. Other prominent players include Earthstone Energy, Consol Energy, Chesapeake Energy and Nostra terra.
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