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Well completion is the process of making an oil and gas well ready
for production after drilling operations. The completion process includes
running the production tubing, setting the down hole tools, and numerous other
operations, as well as perforating and stimulating as required, which are
carried out for making the well ready for the production. Increasing production
and exploration activities and an increasing number of rigs worldwide are
expected to augment the market growth. For
instance, in November 2019, KCA Deutag received contracts of around US$ 460
million for drilling and exploration operations in the Middle East, Europe, and
Africa.
Moreover, ONGC plans to increase crude oil production from 22.6
million tons in 2017 to 26.42 million tons in 2022. In terms of geography, the well
completion equipment and services market is divided into six regions, such
as North America, Europe, South America, Asia Pacific, the Middle East, and
Africa. North America is expected to witness substantial growth in the market
due to the increasing production and exploration activities in the
region. For instance, in 2019, North America produced around 24.61 million
barrels of oil per day. However, high drilled but uncompleted well count in the
United States is expected to hamper the well
completion equipment and services market growth.
Asia Pacific is also expected to witness robust growth
in the market due to increasing energy demand from emerging economies such as China,
and India. India’s demand for energy is expected to double from 700.50 Million
Tons of Oil Equivalent (MTOE) in 2015 to 1,516 MTOE in 2035, according to India
Brand Equity Foundation. However, key players operating in the well completion
equipment and services market are focused on increasing the production capacities to meet the increasing energy demand
of this region.
Furthermore, the increasing focus towards the
deepwater oil and gas reserve is expected to propel the completion equipment
and services market growth. Moreover, offshore oil and gas production and
exploration activities have considerably grown over the last few decades. The
increasing offshore oil and gas production and exploration activities across
the world are expected to drive the growth of the market. For instance, the
Brazilian government is aiming 2 MMb/d (Million Barrels per Day) of additional
oil production by 2027, especially from deepwater areas.
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