Report

Drilling Optimization Services Market: Development, Opportunities and Market Outlook (2016-26)

Advancements in the field of science and technology have shaped our lives as well as the contemporary industries monumentally. It is absolutely essential to implement advanced technologies in energy industries, especially oil and gas industry, in order to increase the overall energy production. Process optimization is a way forward to not only keep the quality at check but to also control the overall process therefore, minimizing the risks.

Drilling optimization is a series of procedures and processes implemented to improve the overall on-site drilling performance in real-time. Drilling optimization has become extremely important because of increased well complexity, higher drilling costs, and exponential growth in data generated etc. The data is collected in real-time, the parameters are monitored and analyzed and any unexpected changes are quickly notified thereby, improving the overall efficiency of drilling processes and also reducing the associated risks of the operations. The various advantages of drilling optimization are as follows:

  • Increased drilling efficiency
  • Reduced drilling risk
  • Greater certainty
  • Enhanced safety
  • Prevention of undesirable events
  • Better control of future drilling events etc.

Tremendous growth in drilling and exploration activities across the globe along with advancements in information technology marks growth of the Drilling Optimization Services Market. The Market had an estimated worth of xx Billion dollars in 2016, and is growing at a steady rate of xx% every year. Our extensive and in-depth analysis concludes that the market is booming and suggests that it will eventually reach an approximated net worth of xx billion dollars by 2026.

Technology and services overview:

Service provider companies are usually the leaders in technological advancements as the market is very competitive in nature. Therefore, there is a pre-requisite need of research and development of newer technologies so as to reduce the cost of a project and provide competitive pricing along with efficient services. The services provided can primarily be classified on the following basis.

  1. Technology and equipment
  2. Consulting and analysis

Drilling optimization is required as trends in data help us in identifying and quantifying risk probabilities. Trends in data help us in deriving accurate conclusions about bit status, weight transfer, drilling dynamics situation, hole quality, etc. therefore, helping us to achieve enhanced well site efficiency. This is absolutely essential towards increasing the overall safety of the operation site.

Generally, drilling optimization, even more in a field development context requires the following:

  • Data Acquisition: Relevant drilling data is collected and measured. Measured data includes weight on bit, rotations per minute, torque, Rate of penetration, Flow rate etc.
  • Data Processing: The collected data is processed to provide some useful insights and leads us to:
  • Drill Bit Response follow Up: (MSE, HMSE logs, E/S Diagram)
  • Events identification (steady drilling, vibrations, cleaning issue, wear development)
  • Drilling Response optimization (drilling parameters, adaptation)

Comprehensive analysis of drilling optimization services along with technology, equipment, advancements, procedures etc. is provided in the report.

The primary driver of the market is the concurrent oil price which significantly drives the costs of services and equipments. The market is also driven by advancements in drilling operations scenario like exploitation of unconventional reservoirs, increasing competition with growing number of players, growing need of efficiency of process etc. As the oil and gas market is very volatile in terms of economics, lower oil prices significantly reduce application of costlier technologies. Furthermore,in order to reduce the investments, there may be significant reduction in outsourcing of drilling optimization services thereby, contributing in restraining the market. Besides, increased risks of technological failure crisis, higher involved costs and expenditure etc. are other restraining factors in growth of the market. Reducing operational expenditures, developing cost effective and efficient technologies etc. are some of the opportunities lying in the drilling optimization services market.

Comprehensive competitive analysis and profiles of major market players such as Atwood Oceanics Offshore Contract Drilling Services, Baker Hughes Drilling and Evaluation, Diamond Offshore Drilling Inc., Ensco plc, Kongsberg Gruppen, Petrolink etc. is also provided in this report.

Kindly fill the details below to get the Table of Contents

By Location

  • Onshore Drilling Optimization Services
  • Offshore Drilling Optimization Services

By Service Required

  • Real time data monitoring
  • Data Acquisition
  • Data Processing
  • Consulting and Analysis
  • Others

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa
  • Market overview and forecasting covering Optimistic, Realistic and Pessimistic scenarios (2016-2026)
  • Analysis and study of various services provided by major players active in the Drilling optimization services market
  • Market segmentation based on Location, Services required & Geography
  • Detailed coverage of technology and services involved
  • Technical comparative studies and case analysis
  • Competitive landscape with in depth analysis of the market players’ strategy
  • Infraline’s Techno Managerial edge covering SWOT, TOWS, Porter’s five forces and PESTLE analysis

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