(PRWEB) June 05, 2014
Africa endows vast quantities of fossil energy resources. Further, the continent has witnessed frequent and substantial new discoveries of oil and gas reserves. In the past 20 years, oil reserves in Africa grew by over 25%, while gas reserves grew over 100%. Africa’s rich oil fields and the prospects for more discoveries have transformed it into an important player and a key target in global oil production and hydrocarbon resource extraction. Africa has about 15% of the world’s population; it consumes only 3% of global commercial energy implying very high scope for exports. The African well intervention services market was valued at $917.0 million in 2013, and is projected to reach $2,134.7 million by 2018, to grow at a CAGR of 18.4% from 2013 to 2018.
Browse through the market data tables, figures and detailed ToC on the “African Well Intervention Market”.
Well intervention is the process of intrusion in the well to enhance production which has declined due to changes in reservoir conditions or other operational difficulties. It also enhances the productivity of existing wells. Drilling and completion fluids are one of the most essential requirements for any drilling activity, whether carried onshore or offshore. Drilling and completion fluids serve the primary purpose of providing lubrication and decreasing the friction, cooling the wellbore, and removing rock cuttings by transporting them to the surface along with the fluids.
Middle East Well Intervention Market
The Middle East has the highest reserves of hydrocarbons in the world. Therefore, it is the primary exporter to all regions in the global oil and gas market. The region has nearly 56% of the world’s proven reserves, and is characterized with a high amount of conventional reserves with very high production potential. State-owned companies are dominant in this region, while leading IOCs such as Chevron Corp. (the U.S.), BP Plc. (the U.K.), Royal Dutch Shell Plc. (the Netherlands), and ExxonMobil Corp. (the U.S.) are operating in the fields as service contractors or joint partners. The Middle East well intervention services market was valued at $428.8 million in 2013, and is projected to reach $884.8 million by 2018, to grow at a CAGR of 15.6% from 2013 to 2018.
Middle East Drilling Fluid Completion Fluid Market
The Middle East holds the largest oil and gas reserves across the globe. Most countries are producing huge amount of oil and gas in the region. Based upon the developments expected in the Middle East, drilling activities have increased by 2% from 2011 to 2012. Major investments have been made for drilling in Oman and Saudi Arabia, which are likely to continue and drive the growth of the drilling and completion fluids market. The Middle East drilling and completion fluids market by base fluid type is estimated to reach $738.6 million by 2018 from $561.0 million in 2013, at a CAGR of 5.7% from 2013 to 2018.
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