Intelligent Well Completion Market: Overview
Several types of processes are employed to produce oil from reservoirs after drilling. Demand for processes that maximize recoverable reserves, while reducing costs of intervention is increasing. Intelligent well completion is a new well completion technology utilized to reduce capex and opex and increase production rates. This completion system is capable of collecting, analyzing, and transmitting wellbore production and reservoir and completion-integrity data. It also enables remote action to improve reservoir and well production performance.
Rising demand for oil and gas due to industrialization, urbanization, and population growth is a key driver of the intelligent well completion market. Increase in exploration and new discovery of oil and gas deposits is fueling the the intelligent well completion market. Additionally, intelligent well completion increases the overall recovery and facilitates production from unconventional resources such as shale gas and tar sands reserves. This, in turn, boosts the intelligent well completion market. Furthermore, increase in investments in the oil and gas sector by market vendors is also driving the market. For instance, in April 2018, U.S. Oil & Gas Plc (USOIL) has started the new exploration drilling at the Hot Creek Valley project in Nevada.
Intelligent Well Completion Market: Key Segments
The global intelligent well completion market can be segmented based on function, application, and region. In terms of function, the intelligent well completion market can be divided into downhole control system, downhole monitoring system, surface control system, and communication technology. Downhole control system and downhole monitoring system segments are expected expand at a significant pace during the forecast period mainly due to growing preference for deep and ultra-deep water drilling.
Based on application, the intelligent well completion market can be classified into onshore and offshore.. The onshore dominates the application segment of the intelligent well completion market. Expansion of the onshore segment is driven by the rise in oilfield recovery, elimination of non-productive time, and increase in profitability through the design of integrated workflows. Costs incurred for oil & gas activities, such as drilling and well completion, are lesser for onshore than those of offshore applications. These factors drive the onshore segment of the intelligent well completion market.
Intelligent Well Completion Market: Regional Outlook
In terms of region, the global intelligent well completion market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Europe is projected to dominate the global intelligent well completion market during the forecast period. The region is a major producer of oil in the world. In the North Sea, there are various mature oilfields that require sophisticated oilfield services to produce oil. Russia, Norway, and the U.K have a large number of reserves. Norway is expected to hold a major share of the intelligent well completion market in Europe.
North America is another major region for the intelligent well completion market owing to the discovery of shale reserves in the U.S. and presence of a large number of private oil companies. According to General Electric Company’s Baker Hughes Inc., the U.S. oil rig count increased by approximate 42% in 2017 as compared to that in 2016 owing to the recovery in crude oil prices. Latin America is expected to hold a significant share of the global intelligent well completion market during the forecast period due to discoveries of substantial shale and oil reserves in the Amazon basin and Venezuela. Venezuela, Brazil, and Mexico are lucrative countries for the market in this region. The intelligent well completion market in Mexico is expected to expand at a considerable pace due to development of a large number of oil wells in the Gulf of Mexico.
Intelligent Well Completion Market: Key Players
Major companies operating in the global intelligent well completion market include Schlumberger Ltd., Halliburton Inc., Baker Hughes a GE Company, Weatherford International, Frontender, National Oilwell Varco, Vantage Energy Group, Tendeka, and PRAXIS.
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