Well Completion play a vital role in oil and gas exploration activities. Well completion is the process of making a well ready for production after completion of drilling. It consist of running the production tubing, setting the downhole tools, and several other operations, which are carried out for making the well ready for production. Generally, there are three types of well completion i.e. open hole completions, liner completions, and perforated casing completions.
Rising demand for energy throughout the globe has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which eventually has provided substantial lift to the well completion market. Moreover, new oil reserve findings upsurge the drilling and exploration activities in coming years which surge the demand for the market. For instance, in Liberia, Exxon Mobile Corporation is scheduling to start oil drilling in its newly found oil reserves by 2018. However, stringent government regulations for drilling and high capital cost for drilling are the factors may hamper the market growth of the market.
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Global Well Completion Market appears to be highly uneven and competitive having to the presence of several large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players comprise Product Launch, Acquisition Agreement & Partnership, and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to provide advanced solutions that improve the design and manufacturing processes of business round the world. Focusing upon the competitive edge, well completion equipment manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Well Completion for every application.
Halliburton Company (U.S.), Schlumberger Ltd. (U.S.), Baker Hughes, Inc. (U.S.), Weatherford International Plc (Ireland), National Oilwell Varco, Inc. (U.S.), Superior Energy Services (U.S.), Nabors Industries Ltd. (Bermuda), Trican Well Service Ltd. (Canada), and Packers Plus Energy Services, Inc. (Canada) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Well Completion Market.
In August 2017, Integra-Services signed a contract with Nk Rosneft PJSC for well cementing services. Integra-Services LLC are to carry out the cementing of 617 wells at the RN-Yuganskneftegaz group of fields in Western Siberia.
In January 2016, Scomi Energy Services Bhd has held a USD 41.6 million contract from Total E&P Indonésie. Under this contract, the company offered drilling fluids and completions services for a period of one year.
Global Well Completion Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
On the basis of Type, the market has been segmented into Equipment, and Service.
On the basis of Operation, the market has been segmented into Fracturing, Sand Control, Liner Hanger systems, Intelligent Wells, Packers, Valves & Others.
On the basis of well type, the market has been segmented land and offshore. Land leads the well type segment of global market. Offshore segment is estimated to be the fastest growing segment during the forecast period. Growing deep water & ultra deep water drilling activities across the globe driving the demand of the market.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
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North America leads the well completion market. The U.S. hold the largest market share in the North American region. The improvements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Furthermore, huge hydrocarbon resources in the U.S. Shale basin and continuous offshore drilling in the Gulf of Mexico region, are pouring the demand of the market.
Asia Pacific and Europe are another key market for the well completion. Growing demand for energy due to urbanization & industrial development, from the countries like India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe well completion market is projected to be conquered by countries such as U.K, Norway and Russia. New oil discovery has been found in the Laptev Sea offshore Northern Russia and several drilling projects have been approved in the Russian Arctic sea region closer to the North Pole are the factors fuelling the market in the region. Middle East & Africa region is projected to contribute significantly during the forecast period.
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