Increased Spending in Oil & Gas Projects and Redevelopment of Mature Fields are all Set to Drive the Coiled Tubing Market
There have been an extensive rise in the number of new projects and also the existing projects are being upgraded or redeveloped. This is a driving factor for the market under observation. It is a matter of fact that the oil reserves in the mature fields are declining at a very steady rate and it is rising as a major concern among the production companies and the service providers. There has been an increase in production cost reported and also the challenges that the workers have to face while working in the respective environment are increasing steeply. All these factors are contributing in the growth of the coiled tube market. Coiled tubing is majorly employed in oilfield applications owing to its properties such as time and cost effective especially for the drilling and intervention operations. Coiled Tubing can be used for the enhancement of both oil and natural gas production. Also the increasing popularity of natural gas is also a factor that is aiding the market growth.
According to a recent study, 944 billion barrels of oil have been extracted up till now and it is estimated that nearly 746 billion remains extractable from the known locations. Moreover, approximately 142 billion reserves is anticipated to be discovered soon. It is also expected that the net oil production will decline steadily at 2-3% a year. Thus, it is very essential to discover novel technologies which could bring down the cost involved in the extraction processes as well as be efficient at the same time. Globally, the current rate of oil reserves decline is about 4-6% per year. Also, all the 18 large oil-producing countries which even include Britain and 32 smaller once are experiencing decline in their production capacities.
Oil reserves in various parts of the world are being depleted three times faster than they are discovered. The coiled tubing technology can help in bringing down the cost of operation. This is because the technology helps in reducing the rig time. Moreover, this technology can also help in enhancing the rate of penetration. Hence, it is ideal for the companies to use coiled tubing technology in oilfield operations as this will help them to meet the downfall of the industry along with the current trend in the industry.
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