Production Testing Market 2021 Precise Outlook – Schlumberger, Halliburton, Expro and Tetra Tech

Global Production Testing Market – Growth, Trends, And Forecast (2021 – 2025)

The report presents an in-depth assessment of the Global Production Testing Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Global Production Testing investments from 2021 till 2025.

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The Global Production Testing market is highly competitive and consists of a number of major players. Companies, like Schlumberger, Halliburton, Expro and Tetra Tech among others.

Scope of the Report

The production testing market is dependent on the number of production wells, and is expected to grow at a CAGR of more than 2.54% during 2020-2025. Major factors driving the market include increasing number of production well, especially in the United States and declining production from mature fields are resulting in increasing demand for tests such as drill stem test, frac water flowback monitoring. On the other hand, the lack of new projects in the offshore sector between 2014 and 2017 is expected to restrain the market growth.

- Majority of the growth in the production testing market in the recent past has been dominated by onshore segment due to lack of the projects in the offshore. However, with the current high crude oil price the offshore segment has witnessed an uptake in activity with a large number of projects receiving FIDs in 2018 and 2019. A number of these projects will be developed in phases and contribute to driving the market in the latter part of the forecast period.
- The oil & gas industry in the past few years has witnessed major oil & gas discoveries in countries such as Guyana, Egypt, and Senegal. These discoveries have attracted a number of oil & gas operators to invest to develop these new discoveries and create an opportunity for the production testing service providers to expand their global presence.
- Middle East countries such as Saudi Arabia, UAE, and Oman and Russia has a number of mature fields and production from these fields are declining. Monitoring oil, gas and water production rates is very crucial for reservoir management and production optimization in mature fields. Maturing fields in the Middle East and Russia have encouraged the oil & gas operators such as Saudi Aramco, and Rosneft to offer production testing contracts and drive the market.

Key Market Trends

Rising Deepwater Offshore Development Activity

- Land-based and shallow water oil fields have reached their maturity. In the Permian Basin, the most important basin currently in terms of crude oil production, the production from old wells have started to decline. And there is little scope for new discovery in these areas. As a result, the oil and gas industry is shifting towards the deeper regions, in search of oil and gas to meet the increasing demand.
- Also, more than half of the oil and gas discoveries in the last three to four years have been in the deep sea and ultra-deep sea regions. The number of Final Investment Decisions (FIDs) (for reserves of volume more than 25 million boe, excluding shale/tight) in 2018 increased by more than 80%, compared to 2016. Further, in 2019, the number of FIDS is expected to increase by around 10% compared to 2018. Offshore oil and gas reserves accounted for the majority of the FIDs in the last three years. The deepwater liquid production is expected to reach 10.3 million bbl/d in 2019, an increase of 700 kbbl/d compared to 2018.
- Brazil is one of the largest markets for deepwater oil and gas projects. The Brazilian oil and gas market is driven by successful regulatory changes and improving financials. The Brazilian government is aiming at 2 MMb/d of additional oil production by 2027, mostly from deepwater areas. The country is expected to sanction 10 FPSOs, highest in the world, during 2019-2021.
- This rising deepwater offshore development activity to meet the increasing crude oil demand is expected to drive the demand for production testing.

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The key insights of the Production Testing Market report: 
The report provides status of the Production Testing market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
The Production Testing market report presents the company profile, product specifications, capacity, production value, and 2016-2021 market shares for key vendors.
The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
The report estimates 2021-2025 market development trends of Production Testing Market.
Analysis of upstream raw materials, downstream demand and current market dynamics is also carried out
The report makes some important proposals for a new project of Production Testing Industry before evaluating its feasibility.

Finally, Production Testing Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. Production Testing industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.

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