Report Reserve announces addition of Oil and Gas Enhanced Production Services Industry to 2015 Report
GBI Research, a leading business intelligence provider, has released its latest research, "Oil and Gas Enhanced Production Services Industry to 2015 - Enhanced Oil Recovery Proving to be a Key Solution for Tapping Uncoventional Reservoirs and Depleting Oil Fields".
- (1888PressRelease) May 11, 2011 - Report Reserve announces addition of Oil and Gas Enhanced Production Services Industry to 2015 - Enhanced Oil Recovery Proving to be a Key Solution for Tapping Uncoventional Reservoirs and Depleting Oil Fields Report. To access this report please visit http://www.reportreserve.com/reportdet.php?company=GBI%20Research&reportid=
GBI Research, a leading business intelligence provider, has released its latest research, "Oil and Gas Enhanced Production Services Industry to 2015 - Enhanced Oil Recovery Proving to be a Key Solution for Tapping Uncoventional Reservoirs and Depleting Oil Fields". The study, which is an offering from the company's Energy Research Group, provides an in-depth analysis of the oil and gas enhanced production services market worldwide and highlights the various concerns, key trends, along with major upstream deals in the upstream exploration and production sector. The report provides forecasts for the oil and gas enhanced production services industry to 2015. The report also provides segmental forecasts of the oil and gas enhanced production services industry by segment type and mentions the technology overview of each segment. Profiles of major oilfield services companies providing enhanced production services are also provided. The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research's team of industry experts.
Global Oil and Gas Enhanced Production Services Industry Expenditure Expected to Rise Steadily in the Near Future
The oil and gas enhanced production services expenditure has grown consistently since 2000 to 2008 as a result of the rise in demand as well as costs for enhanced production services. This is a result of efforts to improve the production efficiency in terms of percentage recovery of crude oil and natural gas from onshore and offshore reservoirs. From an annual capital expenditure of $ 21.95 billion in 2000, the annual spending for the global oil and gas enhanced production services grew at AAGR of 26.38 % till 2008, when the annual capital expenditure was $ 68.27 billion. Year 2009 saw a decline in spending over the previous year by around 12.25%.
With the improvement in the global economy, the capital expenditure growth picked up pace and upward growth in 2010, and is expected to grow from $ 66.36 billion in 2010, to around $ 105.07 billion by 2015, at an AAGR of 11.67%.
Application of Artificial Lift Technique Is Expected to Enhance Oil Production Considerably from Onshore and Offshore Oil and Gas Reservoirs
The application of enhanced production techniques such as artificial lift in upstream production processes would considerably improve the percentage recovery of oil and gas from onshore as well as offshore reservoirs. For instance, the Ministry of Oil and Gas of Bahrain has recently declared that their country's oil production has increased by more than 25%, from 32,000 barrels per day to around 40,000 barrels per day, a first time production increase in the past 33 years, as a result of application of artificial lift techniques in oil and gas extraction activity carried out in their reservoirs. In Bahrain, artificial lift helped produce more oil and gas through bettement of percentage hydrocarbon recovery by adding energy to the fluid column in a wellbore with the objective of initiating and improving production from the well. Artificial-lift systems use a range of operating principles, including rod pumping, gas lift and electric submersible pump. It could be expected that considerable investments in artificial lift techniques would be done by the upstream oil and gas sector to increase the production efficiency, in the near future.
Rapid Increase in Drilling Activity With Regards to Unconventional Exploration Would Continue to Boost the Coiled Tubing Services Industry
During the global financial crisis, the demand for drilling and completion equipment reduced considerably as a result of reduced oil and gas exploration and production activity worldwide, thus causing an excess supply of coiled tubing. With the current situation of increasing oil prices, and thereby an increase in drilling activity, coiled tubing services are expected to witness a rapid rise in demand in the near future to the extent that coiled tubing is expected to witness a shortage for the next few years. The fact that directional drilling, which is increasing at a higher rate than conventional drilling, requires considerably larger deployment of coiled tubing services. This especially holds valid when unconventional drilling such as horizontal drilling, which require much more coiled tubing intervention than conventional drilling. This is because horizontal drilling necessitates the need for usage of pressure pumping equipment, which in turn, requires usage of coiled tubing.
Besides, deepwater activity which is on the rise worldwide along with aging oil wells would require significant well intervention using coiled tubing. This is expected to push the demand for coiled tubing services substantially for the next few years.
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