Although, the oil & gas industry has witnessed a downturn during the past years the global market for Well Test is stabilizing and is expected to even grow further in a recorded manner in terms of Value with ~ 6 % of CAGR, indicates the report.
Rise in the demand for oil, and gas is expected to fuel the demand for the Well Test Market. The difference in the oil supply & demand is steadily declining, gradually heading towards a change in the market dynamics. This reversal in supply demand dynamics is expected to induce a rise in the number of producing wells, thereby contributing to the well Test market. Growing importance on renewable energy generation is also expected to play a significant role in the global energy market, and shall have a profound impact on the oil & gas market as well.
Global Well Test Market – Segments
The Global Well Test market has been segmented in to 3 key dynamics for an easy grasp.
- Segmentation on the basis of Well Type includes Onshore and Offshore.
- Segmentation On the basis of Services includes Surface testing, Reservoir testing, Downhole Well Testing.
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Top Key Players:
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.)
In October, 2017 – – Weatherford International plc today announced the commercial release of the PressurePro control system, a fully integrated rotating control device (RCD) and choke system for wellbore pressure management on land.
In June, 2017 – AGR’s software is now used to create efficiencies in Aker BP’s Drilling & Well department. Aker BP has been a long standing client of AGR’s software solutions, having used both the P1 and iQ on its projects for a number of years. The E&P Company has recently made a number of acquisitions to strengthen its position on the NCS and now operates the Valhall, Ula, Ivar Aasen, Alvheim and Skarv fields. AGR’s software solutions are focused on creating cost and well operational efficiencies through digital transformation.
In May, 2017 – Schlumberger Launched New Fluid Mapping-While-Drilling Service. SpectraSphere service uniquely enables the understanding of reservoir properties while drilling for improved reservoir characterization, well placement and reduction in overall well construction cost.
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Global Well Test Market – Regional Analysis
Owing to the shale and drilling activities in the North America region, the market is the leading region for the Well Testing market. Increased exploration activities in this region specifically in Canada have boosted the demand for Well Testing. Increased Infrastructural and Manufacturing activities in the Asia-Pacific region have resulted in increasing demand in the Oil & Gas market translating into Well Test market achieving high growth in this region.
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