Well Completion Equipment and Services Market

Well Completion Equipment and Services
Market - Global Industry Insights, Trends,
Outlook and Opportunity Analysis,
2017-2025
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.
Increasing exploration and production activities across the globe backed by increasing number
of rigs is contributing to growth of the well completion equipment and services market. For
instance, Oil and Natural Gas Corporation (ONGC) aims to increase crude oil production from
22.6 MT (million tons) in 2017 to 26.42 MT in 2022. However, fluctuating oil price is a major
factor restraining growth of the well completion equipment and services market worldwide.
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Global Well Completion Equipment and Services Market Taxonomy
Global Well Completion Equipment and Services market is segmented into:
By Equipment
● PackersPermanent PackerRetrievable PackerRetrievable Tension PackerRetrievable
Compression Packer with BypassWireline Set – Tubing RetrievableRetrievable
Tension/Compression Set – Versatile LandingRetrievable Hydraulic Set Single String
PackerDual String PackerPermanent and Retrievable Sealbore PackerOthers
● Perforation/Fracturing ToolsLaserHydraulic PunchesMechanical PunchesWater
JetOthers
● Sand Control ToolsPremium Mesh Sand ScreenDirect Wire Wrapped Sand
ScreenPrepacked Sand ScreenOthers
● Liner Hangers
● ValvesSubsurface Safety ValveFlow-Control ValvesFormation Isolation ValveOthers
● Multistage
Fracturing Tools
● Smart Wells
● Others
By Application
● Onshore
● Offshore
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.
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.
● Africa is accounted to be one of the fastest growing markets in the well
completion
equipment and services market, owing to development in offshore oil and gas
exploration and production activity. In 2010, an estimated 85 trillion cubic feet of gas was
discovered in the
Rovuma basin in Mozambique. Significant discoveries in Kenya,
Tanzania, and South Africa have boosted the growth of oil and gas
industry in this
region, hence, fueling the market growth of well
completion equipment and services.
The US Geological Survey estimates that the coastal area of Tanzania and
Mozambique could retain 14.5 billion barrels of oil and 250 Tcf (trillion cubic feet)
of gas.
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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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.

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