San Francisco, CA -- (SBWIRE) -- 04/16/2019 -- Global Water-based Drilling and Completion Fluids Market: Overview
Drilling and completion fluids of different rheological properties serve several purposes of oil and gas drilling operations. Water-based drilling fluid also called mud fluids facilitate oilfield service operations by meeting numerous reservoir conditions for a cost-effective and reliable borehole drilling. Hydrocarbon exploration and oil and gas producing companies, world over, have been extensively using water-based drilling and completion fluids in large-scale operations. Their characteristic non-toxicity makes them preferable than most other types.
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Drilling engineers try various additives in water-based drilling and completion fluids to improve the drilling-fluid properties of the resultant formulations, so that overall this leads to higher cost savings in well drilling. The global water-based drilling and completion fluids market will see a large number of avenues from growing number of drilling activities in challenging oilfield environments.
Global Water-based Drilling and Completion Fluids Market: Notable Developments
Rapidly rising numbers of offshore oil and gas explorations over recent years has stimulated mud engineers to fine tune rheological properties. This has increased the scope of novel additives, mainly based on environmentally acceptable alternatives.
A case in point is the growing popularity of polyanionic cellulose as an oilfield chemical in the water-based drilling and completion fluids market. The additive allows drilling engineers to control the viscosity and filtration properties of water-based drilling and completion fluids.
In the past couple years, this has been found to be more beneficial than conventional clay used as the additive. In the late 2018, one of the novel formulations of water-based drilling and completion fluids with high-temperature tolerance was designed and tested in oil reservoir lying offshore Sarawak, Malaysia.
Extraction of oil resources in new finds with demanding reservoir conditions has made it imperative for using better water-based drilling and completion fluids for environmental risk assessment.
A case in point is the recent discovery of Brulpadda gas in southern coast of South Africa. The production hasn't taken off but the oil and gas industry has been cautious in following all protocols to avoid accident risk. In these measures, water-based drilling and completion fluids have come to occupy an important position.
Key players in the water-based drilling and completion fluids market include Weatherford, Schlumberger, National Oilwell Varco, and Baker Hughes.
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Global Water-based Drilling and Completion Fluids Market: Key Growth Dynamics
Rising rig count activity in a number of countries has propelled attractive strides witnessed by the global water-based drilling and completion fluids market in recent years. This in part is fueled by tougher environmental regulations. The water-based drilling and completion fluids market is notably bolstered by growing need for better lubricants for developing formulations for demanding reservoir conditions.
Good drilling practices make it imperative for mud engineers to modify the rheological properties of water-based drilling and completion fluids to meet reservoir pore pressure and temperature conditions. These changes are mostly pertain to viscosity and cuttings carrying capacity.
Numerous findings from recent testing and development initiatives by companies have cemented the efforts of drilling engineers to aim for better chemistries in water-based drilling and completion fluids. Such pursuits fuel the growth dynamics of the water-based drilling and completion fluids market. Environmentally acceptable alternatives for conventional additives have also gained striking traction in the water-based drilling and completion fluids market.
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The advent of nanotechnology has enabled mud engineers to enhance the thermal and electrical properties of water-based drilling and completion fluids. Recently, nanofluids-enhanced water-based mud has come to hold a promising potential in this direction.
Global Water-based Drilling and Completion Fluids Market: Regional Assessment
Regionally, North America hold vast potential in the water-based drilling and completion fluids market. Swelling exploration and production activities in the oil and gas industry has been offering a large, sustained momentum to the regional market. Some of the other promising regional markets for water-based drilling and completion fluids market are Asia Pacific and the Middle East. The growth is also propelled by rising numbers of exploration of new gas reservoirs.