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Well Testing Market Quadruples by 2022 at a ~6% of Whooping CAGR; Asserts MRFR

Well Test Market Information Report by Well Type (Onshore and Offshore), by Services (Surface testing, Reservoir testing, Downhole Well Testing) and by Region - Global Forecast to 2022


Pune, India -- (SBWIRE) -- 01/15/2018 -- Prominent Players
AGR Group ASA (Norway), FMC Technologies Inc. (U.S.), Schlumberger Ltd. (U.S.), Halliburton Company (U.S.), Tetra Technologies Inc. (U.S.), Weatherford International Ltd. (Ireland), Expro International Group Ltd (U.K.), Greene's Energy Group (U.S.), Helix Energy Solutions Group Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Well Testing Market.

Well Testing Global Market – Overview
The Global Well Testing Market has witnessed a remarkable growth in the past few years and it has been anticipated that the market will grow at a rapid pace during the forecast period. Well testing plays a crucial role in oil and gas exploration activities. Well testing can be as the process of data acquisition to gather the information and data to understand the reservoir properties and rock formation. The overall objective of well testing is to understand the reservoir capability to produce hydrocarbons like oil, gas, condensates, and so on. The process of well testing has multiple applications which can be grouped as formation pressure measurement, permeability and skin interpretation, fluid characterization, and reservoir characterization. The well testing is conducted at each and every stage of the well that is exploration, development, and production. Increasing demand for oil and gas is also expected to fuel the demand in the well testing process. As per the study conducted by Market Research Future, the global market for well testing is likely to grow at the CAGR of around 6%.

Oil & Gas industry is one of the major revenue generating industries which has pushed the market for exploration and production activities, where, well testing methods is one of them. In other words, the growth in the oil & gas industry will create a positive impact on the market for global well testing. This market is majorly influenced by the increasing crude oil production. The current oil price dynamics is anticipated to affect the overall market growth as the declining crude oil price may offset the profit margins of the technology providers. With the current oil market scenario, formulating them will be an expensive task. Therefore, the market is projected to register a moderate CAGR ~5% during the forecast period. To cater to the increasing energy demand across the globe, huge investments are being made to drill more wells to extract the oil & gas from the earth surface. But neither all wells have hydrocarbon nor has same properties. Well testing services are an essential part of the well lifecycle and is used at every phase of the well for exploration development and production to understand the reservoir characteristics and fluid properties. With the large number of exploration and production activities taking place across the globe, the well testing technology is surging. Well testing services can be described as the process of data acquisition increasing the understanding of the reservoir characterization and the fluid properties. Due to the increase in the energy demand there has been a surge in the exploration activities. New wells need to be economically viable and should help produce enough profit for the companies. This viability check is performed by the well testing process which is performed during the all the three phases of well i.e. exploration, development, and production. The general formation evaluation workflow consists of delineating the reservoir using seismic information and well-to-well correlations, evaluating the volume of reserves, and then determining the fluids present and the ability to produce them. Logs provide initial information on the fluid type and producibility. Testing provides confirmation, detailed fluid properties, accurate pressure measurements, and production evaluation. Potential increase in recoverable resources and maturation of the old fields has resulted in the increase of the testing services pushing the market up to several billions in the last decade. The demand of such services is high in the developing countries like Indonesia, China due to the increase in the drilling activities in the region. Well testing caters to both onshore and offshore well facilities.

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Geographically, the global well testing market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, The North American region remains the largest market for well testing services. The increase in the E&P spending and increasing shale activities in the U.S. has pushed the testing services in the region thereby increasing the market. The increasing drilling activities of up to 30% are expected in the region of Gulf of Mexico thereby giving a thump to the well testing market. The oil production in the region is expected to grow at about 15% year over year to reach the production of 1.9 million barrels of oil equivalent per day by 2016. The Middle East and Europe market continues to be the key growth area due to increasing offshore activities in the countries like China and Russia.
Industry News

In October, 2017 – – Weatherford International plc today announced the commercial release of the PressurePro control system, a fully integrated rotating control device (RCD) and choke system for wellbore pressure management on land.

In June, 2017 – AGR's software is now used to create efficiencies in Aker BP's Drilling & Well department. Aker BP has been a long standing client of AGR's software solutions, having used both the P1 and iQ on its projects for a number of years. The E&P Company has recently made a number of acquisitions to strengthen its position on the NCS and now operates the Valhall, Ula, Ivar Aasen, Alvheim and Skarv fields. AGR's software solutions are focused on creating cost and well operational efficiencies through digital transformation.
In May, 2017 – Schlumberger Launched New Fluid Mapping-While-Drilling Service. SpectraSphere service uniquely enables the understanding of reservoir properties while drilling for improved reservoir characterization, well placement and reduction in overall well construction cost.

Well Testing Global Market – Segmentation
The scope of global Well Testing market is segmented into three major segments which are explained below:
? By Well Type
o Onshore
o Offshore
? By Services
o Surface Testing
o Reservoir Testing
o Down-hole Well Testing

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Well Testing Global Market - Competitive Analysis
The global market for well testing is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their well testing systems. Market leaders are rigorously involved in R&D activities, so as to develop feasible product, which fulfils all the client requirement over their exploration and production operations.

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