Upcoming Forecast Report on Managed Pressure Drilling Services Market

North America is witnessed to be the largest market of managed pressure drilling services with the immense support and contribution of the U.S. accounting for the highest share, which is backed by Canada with major development in the exploration and production activities in tight oil and tar sands. The exploration and production activities in Gulf of Mexico have given opportunities to the operators for using managed pressure drilling services across the globe. In Kaikias deep sea oil filed located in Gulf of Mexico, Royal Dutch Shell Company found 100 million barrels of oil equivalent.

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Africa is witnessed to be fastest growing region in the managed pressure drilling services market majorly due to the discoveries in the offshore basins in the economy, such as Mozambique, Angola, and Tanzania. Major players namely ENI SPA, British Petroleum, and Royal Dutch Shell are fueling the growth of managed pressure drilling services market in this region. In 2010, an estimated 85 trillion cubic feet of gas was discovered in the Rovuma basin in Mozambique.

Middle East is projected to be the significant market in the managed pressure drilling services, owing to the development of the offshore region in the Red Sea by economies such as Qatar, Saudi Arabia, and UAE.

Managed pressure drilling (MPD) refers to a drilling technique that uses enclosed and pressurized circulation system to provide precise wellbore control. Managed pressure drilling does not manipulate the ‘window’ (fracture gradient and pore pressure), rather helps the operator to remain in that window. MPD is applicable in severe conditions, such as fluid loss, tight pore pressure, high-pressure, high-temperature drilling, differential sticking, unknown pore pressure, and various other conditions.

The success of MPD is notified by the good extraction activities in the areas that are recognized as uneconomical for production. The decline in the production rate and increase in energy demand has giving tremendous speed to the managed pressure drilling services globally. Development in technology coupled with MPD techniques in horizontal drilling is expected to create new opportunities for the market players involved in this industry over the forecast period. However, a large amount of drilling fluid requirement with no surface return have restricted the growth of managed pressure drilling services market.

Offshore segment is anticipated to have the fastest growth in the managed pressure drilling services market over the forecast period, owing to the preference of this technique in offshore basins rather than onshore. The growth of this segment is further backed by the rise in exploration and production activities in the deep and ultra-deep waters.

The key players operating in the managed pressure drilling services market include Schlumberger Ltd., Halliburton, Baker Hughes, Weatherford International, Archer Well Services, National Oilwell Varco, and Aker Solutions.

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This release was published on openPR.