Rugged Expansion Foreseen by Multi-well Pad Drilling Market

2024-04-22 05:46:45 Industry

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The world is developing at a rapid pace fueled by the increase in consumption of energy. This has propelled the demand for energy and fossil fuels. Fossil fuels are traditional sources of energy and primarily comprise coal, oil, and gas. Oil and gas form an essential part of today?s energy mix. Increase in demand for these resources have compelled companies to engage in innovation and technological advancement toward the exploration and production of fossil fuels. These sources of energy pose high threat to the environment due to their toxic and flammable nature. Rise in environmental concerns regarding exploration and production of oil and gas has compelled exploration and production companies to look for more eco-friendly solutions. This has led to the development of techniques such as multi-well pad drilling.
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Multi-well pad drilling is a form of drilling technique, which entails drilling of multiple wells from a single drill site. With the shale gas boom, this technology is being used widely, as it helps lower the drilling time and improve economics for drilling shale wells. The technology also enables rig operators to drill a group of wells effectively and efficiently by utilizing the horizontal drilling method, which reduces the time required to move from one well location to another. This overall reduction in time along with the elimination of redundant steps for individual well drilling allows drilling of multiple wells in a shorter time span. Thus, drilling operators can save large amount of time and capital.
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Under the conventional drilling method, operators have to dissemble the drilling rig every time they move to another surface location for drilling, even if the location is less than a few yards away. They have to reassemble the drilling rig at the new location and start drilling from the scratch. This process proves to be costly and time consuming. It also accounts for large surface area footprint and creates negative impact on the environment. However, multi-well pad drilling does not use multiple drill sites. Thus, it accounts for less ground level surface area and causes much less damage to the surrounding environment.
In terms of pad size, the multi-well pad drilling market can be segmented into less than 6 pad size (<6) and greater than and equal to 6 pad size (≥6). The multi-well pad drilling market is expected to be dominated by the less than 6 pad size (<6) during the forecasted period. The greater than and equal to 6 pad size segment (≥6) is anticipated to expand at a significant pace during the forecast period.
Based on location, the multi-well pad drilling market can be bifurcated into onshore and offshore. The onshore segment includes wells drilled on land, while the offshore segment comprises wells drilled in shallow, deep, and ultra-deep waters. The onshore segment is estimated to lead the global multi-well pad drilling market during the forecast period.
In terms of region, the multi-well pad drilling market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is projected to hold substantial share of the global multi-well pad drilling market during the forecast period, with the U.S. leading the market in the region due to the large number of shale exploration and production activities in the country. Europe is likely to follow North America during the forecast period. The market in Asia Pacific is expected to expand at a rapid rate in the next few years, due to the increase in shale oil and gas exploration and production activities in the region, especially in developing countries such as India and China.
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Key players operating in the multi-well pad drilling market include DEVON ENERGY CORPORATION, Hess Corporation, Exxon Mobil Corporation, Chesapeake Energy, Cairn India Limited, Encana Corporation, CONSOL Energy Inc., Continental Resources, Inc., and Marathon Oil.
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