Middle East drilling fluid market is expected to reach USD 2.19 billion by 2022, according to a new report by Grand View Research, Inc. Rising E&P to enhance productivity in conventional oil & gas fields particularly in Saudi Arabia, Oman, Qatar and UAE is expected to steer exploration activities in the region. Increasing concern towards reducing downhole losses, and maintenance costs in deepwater projects, is also expected to drive product demand over the forecast period.
Growing crude oil and natural gas demand in various industrial sectors including power and transportation is expected to drive hydrocarbon production in the region. High rate of deep sea and ultra deep sea explorations particularly in the Persian Gulf and Red Sea is estimated to drive drilling fluid demand in the region.
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Technological advancements to modify the rheology for efficient extraction of hydrocarbons in different formation types have created new avenues for industry participants. Stringent regulations regarding use and disposal of oil based drilling fluids coupled with geopolitical unrest particularly in the Persian Gulf and Red Sea regions is expected to hinder drilling activities over the next few years.
Water based fluid emerged as a leading product segment and accounted for over 45% of total revenue in 2014. Growing concern towards toxicity and biodegradation of drilling fluids is expected to drive product demand over the forecast period.
Further key findings from the report suggest:
Middle East drilling fluid market was worth USD 1,450.0 million in 2014 and is expected to reach USD 2,194.9 million by 2022, growing at a CAGR of 5.3% from 2015 to 2022.
Synthetic-based muds are anticipated to witness high growth over the forecast period on account of their ability to provide excellent borehole control, thermal stability, lubricity and penetration rates which are beneficial in reducing overall costs.
Other drilling fluids including foam and aerated fluids are anticipated to witness above average growth over the forecast period. In fractured rocks where borehole does not support column of water without significant fluid loss to the formation, drillers use these systems to help remove cuttings from holes.
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Onshore oil & gas was the largest application segment and accounted for over 70% of total market revenue in 2014. Harsh environments such as extreme temperatures, desert topography and dry environment necessitate the requirement of drilling fluid as cooling and lubricating agent in E&P equipments.
Saudi Arabia was the largest drilling fluid market in Middle East with demand share exceeding 35% in 2014. Despite low oil prices, investments made by various companies such as Saudi Aramco, to sustain yearly production levels is expected to drive oil & gas industry over the next seven years. Neutral zones with Kuwait and Iraq offer huge potential for oil & gas projects in the region.
Countries such as Saudi Arabia, Iran, and the UAE are increasing their working rig counts to meet projects of national interest. Growing concern about wellbore stability, well blowout, and extreme temperature operating conditions is expected to drive drilling fluid demand in offshore and onshore regions.
Major companies operating in regional industry include Baker Hughes, Newpark Resources, Petrochem Performance Chemicals, Schlumberger, Diamoco Group, Halliburton, Catalyst LLC, Oren Hydrocarbons, and Weatherford.
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