Well completion is the process of making oil and gas well capable of production after drilling is accomplished to signified depth. It comprises entire completion processes, which include running the production tubing, setting the downhole tools, and numerous other operations, which are carried out for making the well ready for production. Furthermore, the process of stimulation to improve the productivity of a well is also involved in well completion operation.Global Well
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Completion Equipment and Services Market Taxonomy
Global Well Completion Equipment and Services market is segmented into:
Retrievable Tension Packer
Retrievable Compression Packer with Bypass
Wireline Set – Tubing Retrievable
Retrievable Tension/Compression Set – Versatile Landing
Retrievable Hydraulic Set Single String Packer
Dual String Packer
Permanent and Retrievable Sealbore Packer
Packers hold the largest market share in the well completion equipment and services market as it provides numerous services such as zonal isolation, seal between inside of the casing and production tubing, wellbore wall, and other services. In 2017, TAM International Inc. an oilfield services company introduced casing annulus packers with the Deadbolt valve system, which is designed to run in harsh environments.
Onshore segment dominated the global well completion equipment and services market. According to U.S. Energy Information Administration, in 2015 the Global onshore crude oil production was 71% and that of offshore was 29%. However, offshore oilfield activities are projected to be the fastest growing segment, owing to growing offshore exploration and production activities in deep and ultra-deep waters.
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Global Well Completion Equipment and Services Market Outlook
North America dominated the market of well completion equipment and services in 2016. Shale gas revolution and the presence of major players has further driven the well completion equipment and services market in this region. According to Baker Hughes Company, in 2017, the rig count in the U.S. was 940, which was up 431 from 509 counted in 2016. This has further resulted in increasing installation of well completion equipment and thereby, has contributed to the overall growth of this market in North America.
Asia Pacific is projected to have a significant growth in the well completion equipment and services market, owing to increasing energy demand in the economies such as China, India, and Indonesia. According to India Brand Equity Foundation (IBEF), India’s demand for energy is anticipated to double from 700.50 MTOE (Million Tons of Oil Equivalent) in 2015 to 1,516 MTOE in 2035. Major players are focused on enhancing production capacities to meet increasing demand of this region. For instance, in 2015, Pertamina Corporation, Indonesia’s national oil company, purchased 30% of Murphy Oil’s assets in Malaysia, aiming to enhance Indonesia’s hydrocarbon production from overseas assets.
Middle East is the prominent market in well completion equipment and services. Many oil and gas companies are seeking investments in this region in order to increase their profit margin. Moreover, in 2015, Afek Oil and Gas Company limited, subsidiary of Genie Energy Ltd. (U.S.), discovered oil reserves in the Golan Heights, a Syrian territory, which is occupied by Israel and is 10 times larger than an average oilfield.
The major players in well completion equipment and services include Halliburton Company, Schlumberger Ltd., Baker Hughes, Inc., Weatherford International Plc, National Oilwell Varco, Inc., Superior Energy Services, Nabors Industries Ltd., Trican Well Service Ltd., and Packers Plus Energy Services.
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