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Drilling Fluids Market - New Revenue Pockets
In recent times, there have been lots of developments in terms of offshore drilling. The increasing world energy demands have pushed the drilling and exploration companies to venture towards deep and ultra deep waters. These deep and ultra deep water drilling activities have to be carried out under challenging geological conditions which require high-temperature and high-pressure compatible drilling and completion fluids in order to perform the drilling activities efficiently. The drilling and completion activities are also growing due to recent shale boom in North America, Europe, and Asia-Pacific among other regions.
Huge investments and research activities have been carried out by some of the big industry players who have designed advanced drilling and completion fluids and additives for these challenging drilling conditions. Regions such as North America, Europe, and Latin America have extensive offshore reserves, and maximum offshore drilling and exploration activities are carried out in these regions.
With rise in environmental concerns, various governments across the globe have imposed stringent environmental policies and discharge regulations to monitor the environmental impacts due to discharge of drilling and completion fluids. This is leading to the development of environment friendly drilling and completion fluids. Research in the above field has led to the emergence of substitute clays and biodegradable fluids. Leading companies are also pursuing nanotechnology for the development of drilling and completion fluids which are expected to dominate the market in the coming years.
M-I SWACO (U.S.) a fully owned subsidiary of Schlumberger (U.S.) is a well-known drilling and completion fluids manufacturer and enjoys majority share in this market. It is a forerunner in the nanotechnology used for drilling and completion fluids. In order to maintain its market position, it has launched drilling and completion fluids, which are designed for high-temperature, high-pressure (HTHP) wells.
Offshore drilling in challenging conditions, shale reserves, and increasing drilling activities in emerging regions such as Africa, Latin America, and Asia-Pacific regions further boosted by the shale boom have created new revenue pockets for the drilling and completion fluids market. These revenue pockets are further complemented by the emergence of environment friendly drilling and completion fluids.
Drilling Fluids (Drilling Mud) Market & Completion Fluids Market : By Types (Water-Based Systems, Oil-Based Systems, Synthetic-Based Systems, Other Based Systems), Application Areas (Onshore and Offshore) & Geography - Forecast to 2018.
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