Underbalanced Drilling Services Market: Overview

Underbalanced drilling is a type of oil and gas well drilling where the pressure in the wellbore is kept lower than the fluid pressure in the formation being drilled. As the well is being drilled, formation fluid flows into the wellbore and up to the surface. The underbalanced drilling technique minimizes near-wellbore damage, increases well productivity, and reduces drilling problems such as differential sticking and low rates of penetration especially in mature fields and horizontal wells.

Underbalanced Drilling Services Market: Trends & Demands

Rising demand for oil and gas due to industrialization, urbanization, and population growth is driving the drilling market across the globe which ultimately increase the underbalanced drilling services market. Increase in exploration and new discovery of oil and gas deposits is fueling the growth of underbalanced drilling services market. Furthermore, increase in investments in the oil and gas sector by market vendors is also driving the underbalanced drilling services 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. However, high cost of drilling and stringent government regulations regarding offshore drilling may hamper the growth of the underbalanced drilling services market.

Underbalanced Drilling Services Market: Key Segments

The global underbalanced drilling services market can be segmented based on application, and region. Based on application, the underbalanced drilling services market can be classified into onshore and offshore. The onshore dominates the application segment of the underbalanced drilling services market. Offshore segment is expected drilling methods to grow at a highest CAGR during the forecast period. Increasing exploration activities in ultra-deep and deep sea regions, particularly in Africa and Europe, that faced recent oil & gas discoveries in offshore are expected to contribute to the overall market growth over the forecast period.

Underbalanced Drilling Services Market: Regional Outlook

In terms of region, the global underbalanced drilling services market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is dominated the global underbalanced drilling services market and trend remain same during the forecast period 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 underbalanced drilling services 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 underbalanced drilling services 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. The Middle East & Africa region is a major producer of oil in the world. Offshore developments and discoveries particularly in the Red Sea region by countries including Qatar, UAE, and Saudi Arabia is anticipated to drive the Middle East underbalanced drilling services market.

Underbalanced Drilling Services Market: Key Players

Major companies operating in the global underbalanced drilling services market include Reform Energy Services, STRATA Energy Services, Weatherford International, Precision Air Drilling Services, Middle East Air Drilling Services (ME-ADS), Air Drilling Associates, Inc., Hilong Oil Service & Engineering Co., Ltd., Blade Energy Partners, and Viking Services.

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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

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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
  • Europe
  • Latin America
  • The Middle East and Africa

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Below is a snapshot of these quadrants.

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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?

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Underbalanced Drilling Services Market

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