The world is developing at a rapid pace fueled by the increase in consumption of energy. This has propelled the demand for energy and fossil fuels. Fossil fuels are traditional sources of energy and primarily comprise coal, oil, and gas. Oil and gas form an essential part of today’s energy mix. Increase in demand for these resources have compelled companies to engage in innovation and technological advancement toward the exploration and production of fossil fuels. These sources of energy pose high threat to the environment due to their toxic and flammable nature. Rise in environmental concerns regarding exploration and production of oil and gas has compelled exploration and production companies to look for more eco-friendly solutions. This has led to the development of techniques such as multi-well pad drilling.
Multi-well pad drilling is a form of drilling technique, which entails drilling of multiple wells from a single drill site. With the shale gas boom, this technology is being used widely, as it helps lower the drilling time and improve economics for drilling shale wells. The technology also enables rig operators to drill a group of wells effectively and efficiently by utilizing the horizontal drilling method, which reduces the time required to move from one well location to another. This overall reduction in time along with the elimination of redundant steps for individual well drilling allows drilling of multiple wells in a shorter time span. Thus, drilling operators can save large amount of time and capital.
Under the conventional drilling method, operators have to dissemble the drilling rig every time they move to another surface location for drilling, even if the location is less than a few yards away. They have to reassemble the drilling rig at the new location and start drilling from the scratch. This process proves to be costly and time consuming. It also accounts for large surface area footprint and creates negative impact on the environment. However, multi-well pad drilling does not use multiple drill sites. Thus, it accounts for less ground level surface area and causes much less damage to the surrounding environment.
In terms of pad size, the multi-well pad drilling market can be segmented into less than 6 pad size (<6) and greater than and equal to 6 pad size (≥6). The multi-well pad drilling market is expected to be dominated by the less than 6 pad size (<6) during the forecasted period. The greater than and equal to 6 pad size segment (≥6) is anticipated to expand at a significant pace during the forecast period.
Based on location, the multi-well pad drilling market can be bifurcated into onshore and offshore. The onshore segment includes wells drilled on land, while the offshore segment comprises wells drilled in shallow, deep, and ultra-deep waters. The onshore segment is estimated to lead the global multi-well pad drilling market during the forecast period.
In terms of region, the multi-well pad drilling market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is projected to hold substantial share of the global multi-well pad drilling market during the forecast period, with the U.S. leading the market in the region due to the large number of shale exploration and production activities in the country. Europe is likely to follow North America during the forecast period. The market in Asia Pacific is expected to expand at a rapid rate in the next few years, due to the increase in shale oil and gas exploration and production activities in the region, especially in developing countries such as India and China.
Key players operating in the multi-well pad drilling market include DEVON ENERGY CORPORATION, Hess Corporation, Exxon Mobil Corporation, Chesapeake Energy, Cairn India Limited, Encana Corporation, CONSOL Energy Inc., Continental Resources, Inc., and Marathon Oil.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.