San Francisco, CA -- (SBWIRE) -- 04/16/2019 -- Global mOil and Gas Conductor Pipe Market: Overview
Oil and gas conductor pipes are used by oil and gas companies, world over, for onshore and offshore drilling. The use of these pipes has correlated directly with the rise in number of directional as well as conventional drilling projects by oil and gas companies. Growing potential of profit generation in the deepwater and ultra-deepwater oil resources has propelled investment in oil and gas conductor pipes.
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Growing demand for better well drilling equipment for oil and gas companies for challenging projects is fueling the evolution of the global oil and gas conducting pipe market. Over the past few years, various countries have witnessed recovery in the prices of crude oil, thereby increasing the application of oil and gas conductor pipes.
The report takes a closer look at the current outlook, promising avenues in various product segments, and major manufacturing advances in key regions. The insights are an-evidence guide for new entrants and incumbent players to frame their strategies to chase lucrative investment pockets in the global oil and gas conducting pipe market.
Global Oil and Gas Conductor Pipe Market: Notable Developments
Over the past few years, deepwater and ultra-deepwater hydrocarbon projects have proliferated in numbers. The projects are supported by rising rig counts in several countries. Especially oil- and gas-directed rigs have witnessed spikes in recent weeks in the U.S. in its major oil- and gas-producing states. This undoubtedly has made positive impact on the global oil and gas conductor pipe market.
Giving the ever-rising demand for gas in various end-use industries, various countries have been expanding their oil and gas explorations in deepwater and ultra-deepwater fields, thus propelling the use of oil and gas conductor pipes. A significant part of these initiatives is motivated by their efforts to up natural gas production to meet the regional demands. The excitement in this direction has been fueled notably by ultra-deepwater semi-submersible projects.
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An ultra-deepwater semi-submersible rig, Mærsk Deliverer, has bagged a three-year contract for drilling in the Ichthys gas field and parts of the Browse Basin offshore Western Australia. The lone-term contract will commence in Q2 of 2020. Such contracts have a significant bearings on the global market.
Companies desiring at the helm of business developments in the global oil and gas conductor pipe market include Cenergy Holdings, OAO TMK, Tenaris, Sumitomo, and Mertex UK. Some prominent players are suppliers of oil and gas conduction pipes.
Global Oil and Gas Conductor Pipe Market: Key Growth Dynamics
The global oil and gas conductor pipes market in garnering substantial revenues from growing number of onshore and offshore drilling activities. Rise in weekly rig count over the past few weeks is a notable factor is bolstering the demand for conductor pipes. Rapidly increasing number of offshore deepwater and ultra-deepwater drilling projects worldwide is fueling the demand for oil and gas conductor pipes.
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The global demand for oil and gas conductor pipes has also been accentuated by the need for sturdy oil well drilling equipment for challenging drilling projects. Growing number of long-term contracts especially for offshore drilling augurs well for the oil and gas conductor pipe market.
Global Oil and Gas Conductor Pipe Market: Regional Assessment
Some of the key regional markets for oil and gas conductor pipes could be Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and the Americas. This is in part attributed to rapidly rising use of oil and gas conductors in onshore drilling activities in several parts of these regions. In particular, the Americas has shown a considerable potential in recent years, propelled by the growing number of deepwater exploration areas. The presence of large recoverable resources in North America, especially in the U.S. Gulf of Mexico is expected to contribute generous quantum of revenues to the global oil and gas conductor pipe market.