BAKU, Azerbaijan, July 21
By Leman Zeynalova – Trend:
The horizontal well segment, by well type, is expected to be the largest and the fastest-growing market from 2021 to 2026, Trend reports with reference to ReportLinker.
“The well type segment is categorized as horizontal well and vertical well. The horizontal well segment is expected to dominate the global well intervention market owing to increasing horizontal directional drilling activities to optimize production from wells. Although drilling and operating horizontal wells are expensive when compared to vertical wells, they are preferred due to their efficiency in increasing oil field production and their ability to access subsurface reservoirs that are not directly accessible from above. The offshore segment is expected to be the fastest-growing application sub-segment during the forecast period. The companies operating in the market have been exploring offshore locations for oil and gas production owing to the fact that offshore locations have a large number of untapped reserves,” reads the report.
Moreover, the activities in offshore oilfield environments are comparatively more complex than onshore oil and gas fields. Despite fluctuating oil prices, the application of offshore well intervention services is expected to rise, attributed to the increasing deep and ultradeep water drilling and production activities and an increase in the number of maturing subsea wells.
North America is expected to dominate the global well intervention market between 2021–2026.The region has the largest shale reserves, which makes it a lucrative market for drilling activities and for oilfield service providers.
According to the US Energy Information Administration, in 2017, the region had 307.9 trillion cubic feet of shale reserves, out of which only 18.6 trillion cubic feet have been produced in the same year. Thus, the vast potential from the shale reservoirs has been attracting more drilling operations in the North American oil industry. Profitable drilling activities are likely to create enough opportunities for well intervention operations.
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