Oil Country Tubular Goods Market Share

Oil Country Tubular Goods Market Share Analysis

The depicted figures showcase a consistent upward trajectory in the number of operational rigs since 2016. This trend is poised to continue its ascent throughout the forecast period, acting as a catalyst for the increased demand in Oil Country Tubular Goods (OCTGs), encompassing tubing, casing, and drill pipes.
the evolution of drilling technologies, including advancements in deep-water, horizontal, and directional drilling, has spurred exploration and production (E&P) activities in challenging terrains. An illustrative instance is the July 2019 revelation by Kosmos Energy Ltd (US) of a substantial natural gas discovery in the Albian reservoir. These exploration processes employ OCTGs of both American Petroleum Institute (API) and premium-grade. The demand for OCTGs is anticipated to surge, particularly during the production phase when operations commence in offshore blocks.
there is a consistent upward trajectory in the number of oil wells drilled globally. A case in point is the data from World Oil indicating a notable increase in the total number of oil wells in the US, surging from 14,632 in 2017 to 18,552 in 2018.
This surge in operations underscores the imperative need for high-quality OCTGs capable of excelling in harsh conditions. Consequently, the escalating activities in oil and gas exploration and production are poised to act as a driving force for the global oil country tubular goods (OCTG) market throughout the forecast period.