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Deep water and ultra-deep-water exploration and drilling operations are on the rise in the global oil industry. This surge in activity comes after a significant downturn in 2014 when oil prices faced a major shock. Now, with a growing demand for oil from emerging economies and increased industrialization, the global oil industry is evolving rapidly. The OPEC's decision to extend production cuts has created an opportunity for both national oil companies and independent players in the upstream sector to increase their profit margins. This, in turn, has led to improvements in the service quality provided by oilfield service providers.
According to a study conducted by rigzone in January 2018, the total count of offshore rigs reached around 1,300. Different regions around the world contributed to this offshore rig count, with notable figures in Canada and the United States. In Canada, the total number of wells drilled in 2017 was 7,550, and it was projected to reach 7,900 in 2018. In the United States, the estimated number of wells drilled in 2017 was 24,186, and it was expected to increase to 27,095 in 2018. This rise in offshore rig count has had a positive impact on the Managed Pressure Drilling (MPD) market.
Upstream operators are increasingly focusing on offshore locations, especially those at greater depths, to optimize oil reserves. The vast areas available in offshore locations make them suitable for maximizing reserve optimization. As hydrocarbon exploration and production operators aim to boost production rates from existing wells and drill new ones, MPD activities have seen rapid development in the offshore region. For instance, in 2017, the offshore classification organization ABS granted Seadrill's West Capricorn drilling unit the MPD notation, supporting new drilling technologies and standards.
The continuous increase in offshore rig counts, reaching 376 in January 2018, is a testament to the growing exploration and drilling activities. Regions like the Gulf of Mexico and North Sea have become hotspots for new discoveries in oil and gas resources. Major operators are actively competing to secure assets in these areas, leading to increased investments in offshore exploration. Deepwater and ultra-deepwater well drilling, essential for maximizing production flow and penetration rates, have proven advantageous for MPD service providers.
Notably, in March 2018, Shell and Chevron announced a new discovery in the Gulf of Mexico, and ongoing exploration activities in Ballymore, North Platte, and Anchor regions are further contributing to the exploration momentum. The current recovery of oil prices and the extended production cut by OPEC, resulting in limited production bandwidth, have driven increased drilling operations in oil and gas wells, thereby boosting the MPD market. The growing exploration and drilling activities in deep and ultra-deep waters are creating opportunities for the MPD market to play a crucial role in ensuring optimal production and operational efficiency.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Gradual Recovery Of Oil Prices & electrical |
Wired Drill Pipe Market Highlights:
Wired Drill Pipe Market Scenario:
Wired drill pipe market is expected to reach USD 1.8 Billion, and is expected to grow at a CAGR of 5.30% during the forecast period 2023-2032.
North-America’s Oil & Gas Drilling Activity holds about 40% of the world’s current drilling activity. The exploration of new shale oil & gas in this region is on the verge of phenomenal growth with conventional & modern Drilling Methods. Many aging oil rigs in North America utilize the conventional drilling methods and data processing units which consume substantial time to generate the data and transmit it to the operators, this results into lower productivity and high operational time. Thus, the implementation of modern Drilling Technique by the application of Wired Drill Pipe Technology is the necessity of current market in North America, so as to obtain precise data from the oil & gas rigs and explore more oil & gas at low capital cost.
The growing oil & gas exploration around the world, with the continuous need of meticulous real time data from the wellbore, is driving the market for the Wired Drill Pipe. Wired Drill Pipe Market is segmented on the basis component type, such as telemetry, electrical conductors, electrical transmitters and pressure sensors, which fetch the real time enhanced data for applications, namely, data collection, managing pressure and checking integrity of wellbore operations.
Prominent Players
The key players of the Global Wired Drill Pipes Market are Schlumberger Limited (U.S.), The Halliburton Company (U.S.), IntelliServ (NOV) (U.S.), Baker Hughes (U.S.) and Weatherford International PLC (U.S.).
Wired Drill Pipe acts as a multifunctional tool for the current oil & gas rig operators, who utilizes them as to obtain real-time wellbore data which is transmitted at a bandwidth of 57,000 bits/second in a seismic or sonic waveforms. Also, the ability to regulator downhole tools with wired drill pipe is another significant feature. Using the Wired Drill Pipe System, control of tools such as rotary steerable systems, LWD (Logging While Drilling) formation testers and geosteering sensors will allow instantaneous control and ratification of commands, permitting exceptionally precise control of the system. All these factors majorly contributes to the overall operational efficiency of the rig system and thus, maximizing the capital generated from the exploration & production operation.
Wired Drill Pipe Industry Development:
- Mar 2024- TDE and Parker Wellbore have announced an exclusive deliberate partnership focusing on revolutionizing the drilling process. The TDE /Parker cooperation will carry out beginning projects and commercialize TDE's proprietary tde powerline™ downhole power and data highway and will offer tde powerline services globally. tde powerline, offered by the TDE/Parker partnership, will take part in a more efficient, greener drilling process, concentrating on resource efficiency, emissions reduction, and enhanced overall drilling safety. The ability to lower NPT and strengthen safety by removing turbines, pulses, and batteries and allowing a constant view of conditions at-bit and along-string measurements will drive immediate, informed, and actionable decision-making to provide efficient, safe wells digitally and, consistently, precisely, and on time. tde powerline is one of the field's first downhole high power, high bandwidth data highways, allowing smart digital drilling systems – a prime enabler for AI-driven solutions and drilling automation. tde powerline wired drill pipe technology offers electric power from the surface through the drill string to the BHA and highly increases downhole data streaming while drilling to levels not seen till now. The Tde powerline technology offers 300 watts of power. It backs bidirectional communication at 200 000 bit/sec – a near-fourfold rise from present wired drill pipe data rates or 10 000 times mud pulse data rates. tde powerline can distinguish be retrofitted to present drill pipe with premium connections at the closest Parker Wellbore facility or offered as a pre-configured tde powerline drill string managed by the tde/Parker partnership. tde powerline needs no repeaters, no rig modification, and no added operational run time, offering a fully vendor-neutral, open-architecture platform for third-party BHA components. The company invites downhole tool suppliers to partner to allow their tools to use the tde powerline power and data highway.
Global Wired Drill Pipe Technology Market Segmentation:
Wired Drill Pipe Market is segmented on the basis of location into onshore and offshore, to enable data recording and sensor reports for drill operations. The overall fast assessment of transmitted data results into lower downtime of rig and enables drilling time reduction by almost 3 days/well, which ultimately reduces the operational cost and increase the overall capital generated from the rig. All these factors constitute towards the growth of Wired Drill Pipe Market during the forecast period. However, high initial capital cost for setup and overall modification or replacement of the existing drill pipe will restrain the growth of Wired Drill Pipe Market.
The report for global wired drill pipe market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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