Well Testing Services – Brief Insights
Well testing services more commonly known as well test are an inseparable part of the petroleum industry. It is basically a process in which an organized compilation of data storage activities are undertaken. The purpose of this whole procedure is to identify the exact qualities of the hydrocarbons that are present in the underground reservoir. Lately, thanks to the rapid growth of the oil & gas industry the global well test market is gaining momentum.
A well test can help the people concerned to assess the volumetric flow rate & pressure of a particular well. The results that are obtained will provide an insight into the well’s capacity to produce hydrocarbons. Valuations like gas oil ratio & flow rate may positively impact the well allotment process. The manufacturers may benefit greatly when they have precise data during the production phase. On the other hand the remaining data can be used for reservoir management. Well Test market is expected to register a CAGR of about 6%
Key Players & Strategies
Some of the big players of this industry can be enlisted as Expro International Group Ltd, Schlumberger Ltd, AGR Group ASA & Helix Energy Solutions Group. The major strategies used by these companies are investment in innovation & brand promotion & building.
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Some of the key players in the Well Test market are
- AGR Group ASA (Norway),
- FMC Technologies Inc. (U.S.),
- Schlumberger Ltd. (U.S.),
- Halliburton Company (U.S.),
- Tetra Technologies Inc. (U.S.),
- Weatherford International Ltd. (Ireland),
- Expro International Group Ltd (U.K.),
- Greene’s Energy Group (U.S.),
- Helix Energy Solutions Group Inc. (U.S.)
At present, the demand for well test is on an all-time high. This simply means that the global well test market is poised for growth during the forecast period of 2018-2022. Experts believe that this industry will develop at the CAGR of around 5.8% in the coming years. By the completion of the forecast period, the market is estimate to earn above USD 7.6 million.
There are a number of drivers that are responsible for the growth of this market. Increasing demand for natural resources like oil & gas tops the list amongst these. It is a known fact that the world is running out of natural resources. A producing reservoir well is the only way to derive these resources. This fact has fueled the market growth.
Oil & gas prices saw a massive drop recently, this fact also brought in great opportunities for the well test market. The rising necessity for energy is another propeller that leads the industry development. To meet this demand offshore drilling activities have begun in full swing. This in turn fosters the growth of the market.
Additional driving factors for the market are the probable surge of renewable resources & fruition of oil fields
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