Multi Pad Drilling Market is set to hit USD 180 Billion by 2024
Date: 2018-11-20   Author: Rahul Sankrityayan  Category: #market

Multi Pad Drilling Market is set to hit USD 180 Billion by 2024

Measures to enhance production, reduce carbon footprints and overall reduction in operations cost will enhance multi pad drilling market share. For instance, 10-pad drilling single rig will reduce exploration time for over 19 wells in a year, which may produce over 20,000 barrels of crude oil on daily basis.

Global Multi Pad Drilling Market is anticipated to grow over 15% and surpass USD 180 billion by 2024. Increasing exploration of oil & gas across the globe coupled with rise in petroleum product demand will propel the multi pad drilling market. Global crude oil consumption was over 9.3 billion barrels per day in 2014 and increased to 9.5 billion barrels per day by 2015. Government regulations related to environment pollution will further propel the business growth. Environment Protection Act 1994 and Paris Climate Agreement have been regulating the global environment standards related to O&G industry.

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Growing investments towards exploration and production of untapped reserves including shale will fuel the multi pad drilling market across the U.S. In 2017, Antero Resources has announced to invest over USD 1.0 billion in drilling and completion of Utica and Marcellus shale fields.

Onshore accounted for over 90% of the multi pad drilling market in 2015. Abundant untapped O&G reserves coupled with ongoing exploration projects will propel the business growth. Offshore accounted for a substantial share owing to ease of accessibility in offshore reserves.

The < 6 drilling pad accounted for above USD 45 billion in 2015. Ease in operations and enhanced production will positively affect the multi pad drilling market. Increasing investments in the sector coupled with cost efficiency will also propel the ≥ 6 multi pad demand.

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Latin America multi pad drilling market lead by Venezuela and Argentina accounted for a substantial growth owing to favorable environmental norms and huge unexploited potential reserves available in the region. Argentina held over 40% share in 2015 subjected to increasing investments in conventional and unconventional resources available in the country. In 2016, PanAmerican LLC proclaimed to invest USD 1.0 billion for E&P activities in Argentina.

Multi pad drilling market from China is anticipated to witness a growth of over 10% by 2024. Abundant accessibility of shale resources and adoption of energy efficient and cost effective technologies will boost demand of product. According to EIA, China accounted for 1,115 TCF shale in 2015 in Sichuan, tarim, songlia and junggar basins.

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Multi pad drilling market from Russia is projected to grow above 10% from 2015 to 2024. Large availability of unconventional resources and increasing investments will drive product penetration in the country. In 2016, Roseneft signed contract with PT Pertamina to explore offshore areas of Okhotsk sea. Large offshore petroleum reserves coupled with favorable government regulations has opened avenues for the international companies to invest in Norway. In 2016, a consortium led by DEA invested USD 1.6 billion in Dvalin gas field project located offshore in Norwegian sea.

Growing acquisitions and mergers in the industry to expand the business has made market competitive in nature. Major players include Devon Energy, Marathon Oil, PT Pertamina, Nobel Hess Corporation, Royal Dutch Shell, Continental Resources. Other prominent players include Earthstone Energy, Consol Energy, Chesapeake Energy and Nostra terra.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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