Want To Save Time And Cost? Use Advanced Drilling Technologies

Advanced drilling technology services such as geosteering and measurement while drilling technologies (MWD) are aiding companies in drilling process by providing access to real time data. Geosteering technology provides...

Advanced drilling technology services such as geosteering and measurement while drilling technologies (MWD) are aiding companies in drilling process by providing access to real time data. Geosteering technology provides real time information in the form of surveys, imaging studies, 2D and 3D projections of the terrain around the oil reservoir by continuous adjustment of placement of the drill head above the oil well. Extensive seismic testing is also done using geosteering to test the viability of the terrain for drilling. To monitor the data continuously on surfaces, measurement while drilling (MWD) is used. It is a form of water logging technology which incorporates the measuring tools into the drill string by further providing real time information to steer the drill. Unlike conventional logging tools, this technique can be used at extreme angles by encompassing a single module in the drill string. MWD technology uses gyroscopes, magnetometers and accelerometers to determine the borehole information by providing their wellbore position, directional data and the drill bit information. The data obtained is transmitted to the surface by pulses and electromagnetic telemetry which is further decoded and sent to the offsite location. Companies such as GE, Shell, Exonn Mobil, National Oilwell Varco, Tolteq and BP are investing in these technologies for carrying out drilling activities.

THE BUSINESS RESEARCH COMPANY EXPECTS THE OIL AND GAS WELLS DRILLING SERVICES MARKET TO GROW TO $255 BIILLION BY 2021

The Middle East was the largest region in the oil and gas wells drilling services market in 2017, accounting for one-fourth of the market share.

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According to The Business Research Company’s Consultant, Nitin Gianchandani, oil and gas drilling companies are increasingly using high-performance mud motors as a cost-effective alternative for directional drilling operations. High-performance mud motors are robust high-powered mud motors used for both directional and vertical drilling in high pressure and temperature environment. These motors deliver maximum power output for optimal bit performance and well steerability. They are suitable for drilling zones with broader boundaries, achieve greater torque, and have an increased rate of penetration (ROP) than conventional mud motors. High-performance mud motors can result in daily operational cost savings of more than 50% over rotary steerable systems (RSS). For instance, high-performance mud motors when used in Thamana formation in UAE delivered better than average ROP of 8.5 meters/hr.

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Schlumberger Limited was the largest player in the oil and gas wells drilling services market, with revenues of $9 billion in 2016. Schlumberger’s growth strategies aim at overcoming the prolonged oil slump by acquiring drilling service providers. In 2016, the company acquired coiled tubing drilling units from Xtreme Drilling and Coil Services Corp, which includes 11 coiled tubing units in Saudi Arabia and the USA. It has also purchased 20% of share in Borr Drilling, a newly established offshore drilling company based in Norway, for an approximate amount of $220 million, to secure more drilling activities. The company acquired Cameron International Corporation, an oilfield equipment manufacturer, in 2016, to enhance its technology portfolio in the oil and gas wells drilling services market.

The oil and gas wells drilling services market includes companies primarily engaged in oil and gas wells drilling services for others on a contract or fee basis. This industry also includes contractors specializing spudding in, drilling in, re drilling, and directional drilling. This market covers outsourced drilling services sold on a contract basis to oil and gas extraction companies and does not include any in-house drilling services of oil and gas extraction companies.

Oil And Gas Wells Drilling Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.

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