Press release
Multi Pad Drilling Market to See 15% CAGR Growth to 2024: Growth Factor & Trends
Shifting trend towards E&P in ultra-deep and deep water will stimulate the global Multi Pad Drilling Market share over the forecast period. Increasing number of depleting O&G field in onshore region may positively influence the offshore drilling.
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Multi Pad Drilling Market size is set to exceed USD 180 billion by 2024; according to a new research report.
Strict government regulation including section 112 of clean air act, to reduce air pollutant emission from oil and natural gas production facility will propel the multi pad drilling market. The technology ability to produce O&G at low cost and less time with lower environment risk may stimulate the industry growth. For instance, a 10-pad single rig, can save approx. 19 wells per year total time, on an average, a well with considerable depth, porosity and permeability, has the potential to drill 25,000 barrels a day, with the help of multi pad technology.
Rising crude oil demand along with increasing investment towards infrastructure sector will drive the multi pad drilling market size. The technology features to maximize production rate and improve sweep efficiency will propel the business growth. In 2016, daily crude oil demand reached from 95 million barrel in 2015 to 96.3 million barrel.
The 2015 onshore multi pad drilling market share was valued over USD 90 billion. Availability of unconventional and conventional resources will positively encourage the business growth. In 2016, China accounted for 5.19 TCM conventional gas and 130 BCM recoverable shale gas reserves. Continuous investment in onshore project may also stimulate the industry growth. Multi pad drilling market size from offshore is expected to witness moderate growth on account of intensive capital investment in offshore project.
The global revenue generated from < 6 pad size was valued over USD 50 billion in 2015.Its easy operability and economically beneficial utilization property will augment the industry from 2016 to 2024. Patterson-Uti has implemented over 80% of its 200 land fleet rigs are set to drill horizontally with multi pad technique.
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Argentina accounted for over 40% of Latin America multi pad drilling market share in 2015. Increasing investment towards unconventional and conventional resource will positively influence the industry landscape. In 2016, Pan American Energy announced investment of over USD 1 billion in exploration and production of energy resources, the break-up will include USD 900 million in Golfo San Jorge, USD 300 million in Neuquen, USD 70 million in Tierra del Fuego.
U.S. multi pad drilling market share is predicted to witness strong growth on account of intensive capital investment towards exploration and production of shale gas. In 2017, Antero Resources Corporation announced a USD 1.3 billion investment for drilling and completion in Utica and Marcellus Shale.
China multi pad drilling market share is set to witness growth over 12% by 2024 owing to growing adoption of cost effective and energy efficient drilling technologies. Huge untapped potential with over 5.19 tcm of conventional and 130 bcm recoverable shale gas reserve may further boost the business growth.
Russia multi pad drilling market size for 2015 was valued over USD 5 billion. Increasing investment towards gas field development will positively influence industry outlook. In 2016, DEA announced to invest over USD 11.64 billion to develop 18.2 BCM of natural gas from Davlin natural gas field.
Major participants include Earthstone Energy, Hess Corporation, Encana, Pioneer Natural Resources, ExxonMobil, Chevron, Cairn India, Nostra terra, Consol Energy, ExxonMobil, Nabors, Chesapeake Energy, Devon Energy, Marathon Oil Corporation, Trinidad Drilling and Continental Resources.
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