Williamstown, MA -- (SBWIRE) -- 02/03/2012 -- Specialty oilfield chemicals are used for improving the field operations and improve the output of drilling fluid, well stimulation, production chemicals, cementing, workover and completion, and enhance oil recovery (EOR) applications. The demand for specialty oilfield chemicals is influenced by various factors such as increasing production of crude oil, location of reservoirs, deep of drilling, oil reservoirs availability, Government policies, and trade-offs among various chemical compounds.The consumption of specialty oilfield chemicals in various applications varies from location to location. The increasing demand for specialty chemicals in the well stimulation application is due to continuous increase in the production of crude oil from the existing and new wells in U.S., Canada, Mexico, Russia, China, and other countries.
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The worldwide specialty oilfield chemicals market is showing positive signs of improvement after short term fall in 2009 due to the global economic crisis. The specialty oilfield chemicals are used consequently, during the late 2008 due to the increasing energy prices and fall of global oilfield activity. The depressing supply situation and low production volume translated into high oil and gas prices across the globe. The global specialty oilfield chemicals market declined in growth but however stands stimulated with increase in natural gas and oil production, particularly in Asia-Pacific, Latin America, and Africa. Manufacturers are heavily depending on non-traditional sources such as intense offshore waters and oil sands for natural gas and oil, promising healthy prospects for specialty oilfield chemicals.
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