Drilling Waste Management Market - New Revenue Pockets
Drilling activities generate substantial amount of wastes that include fluids and excavated cuttings. These wastes have to be properly treated and disposed off to minimize the impact on the environment. With increasing environmental regulations being imposed quite strictly and stringent penalties for non compliance, oil and gas operators are forced to implement improved and effective drilling waste management practices. The drilling waste management market is therefore expected to show sound growth in the coming years.
North America is the largest market for drilling waste management services with the U.S. having accounted for a majority share in 2012. Large scale exploitation of conventional and unconventional reserves that include shale gas in the country is generating huge volumes of associated wastes. The waste generated from shale gas drilling has gone from 0% of the total waste stream in 2008 to 6% in 2012 in the tri-state region of Pennsylvania, Ohio, and West Virginia. According to the U.S. Energy Information Administration (EIA), the natural gas production in the country is expected to increase from 23.0 trillion cubic feet (tcf) in 2011 to 33.1tcf in 2040, an increase of nearly 44% with the bulk of the production share expected to come from shale gas. This boom in drilling provides a promising opportunity for drilling waste management service providers.
Europe is another major market for drilling waste management market services with countries such as Norway that already implements zero discharge policies from exploratory activities. South America, the Middle East and Asia-Pacific markets are witnessing stricter regulatory norms for drilling activities and are likely to be hot spots for the industry. In the Middle East, the regulations have started to get tougher on waste disposals whereas in Asia-Pacific the escalating offshore activities together with ongoing environmental regulators are likely to improve the respective markets for treatment and disposal of drilling wastes.
Related Reports:
Waste Management Market in Drilling by Services (Solids Control Services, Containment & Handling, and Treatment & Disposal), Applications (Onshore & Offshore) and Geography - Global Trends & Forecasts to 2018.
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