Directional Drilling Market Segment Forecasts up to 2023 Research Reports- TransparencyMarketResearch
Increasing
demand for oil and natural gas has led to the rise in both on-shore and
off-shore drilling activities across the world. On account of its
higher productivity and throughput rates over conventional vertical
drilling, directional drilling has gained immense popularity in recent
years. Directional drilling is the process of drilling wherein the
contractors attempt to alter or change the inclination or azimuth of the
drill hole. This can be achieved through bottom hole assembly
selections and, directional drilling or wedging tools. In order to
change or control the direction of drilling holes, the drilling
contractors need to plan and select a proper method to ensure smooth
completion of the project. In the bottom hole assembly selection method,
drilling contractors make use of longer reaming shells, stabilized full
hole barrels and set parameters for the crew to gain a better control
over the drill hole.
Instead of steering the hole in a
particular direction, this method minimizes the directional change of
the drilling hole due to natural formation tendencies. In case of the
directional or retrievable wedges, drilling contractors can cut a
secondary hole off an existing hole. With the use of directional wedges,
drilling crew is able to set up and control if a hole is heading off
line. Contractors make use of retrievable wedges in cases where the
client requires no piece of metal to be left in the drilled hole. With
the use of such methods, drilling contractors are able to ensure cost
effective and quicker completion of drilling project with higher
quality.
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One
of the major factors driving the growth of directional drilling market
is the sustained high oil prices across the world. With increasing need
for higher productivity and efficiency of oil drilling process, there
has been an increase in the demand for directional drilling. In
addition, maturity of on-shore drilling sites has led to the exploration
of numerous untapped off-shore resource sites. Oil and gas companies
along with drilling contractors seek to make use of directional drilling
to gain higher control on the direction of hole on such new sites.
Another factor driving the demand for directional drilling market is the
ability to retrieve the drilling spear and other drilling equipment
from the hole. In cases where metal cannot be left in the drilled hole,
directional drilling has offered a viable solution in achieving a
precise and clear hole. Despite its immense benefits, the directional
drilling market faces a few restraints due to environmental risks and
strict government regulations. Companies in the directional drilling
market need to deal with such challenges to carry out drilling
activities across the world.
With increasing demand
for deep and ultra-deep water oil and gas reserves, the directional
drilling market has been lucrative in recent years. Companies in this
market offer various directional drilling services, turbo-drills, mud
motors, steering and measurement tools and rotary steerable systems.
Companies seek to gain leverage of the increasing intensity of
directionally and horizontally drilled wells across the world. Some of
the key players in the directional drilling market include Transocean
Offshore Deepwater Drilling, Inc., Halliburton Co., Baker Hughes, Inc.,
Ensco Plc., Weatherford International Plc., and Schlumberger Limited.
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