The looming energy crisis and lack of drilling activities force the energy exploration & production companies to look for viable solutions to meet the mounting global demand. Coiled tubing is a technology used by these companies to extract oil from old wells.
Deep Dive into Coiled Tubing (CT)
Oil exploration and production (E&P) companies use coiled tubing to extract oil from the mature wells. It serves as a cost-effective technique compared to conventional drilling techniques. It also leaves reduced carbon footprint due to the requirement of small crews and minimal drilling equipment.
Vertical wells encompass custom coiled tubing drilling (CTD) units that extract oil and leave minimum carbon footprints. Pumping, circulation/deliquification, and logging & perforation are some other applications of CT. Introduction of DRAFT IRP 21 can further encourage drilling activities.
Real Time Imaging
In March 2017, Halliburton, a US based oilfield services company introduced SPECTRUM FUSION coiled tubing services. It can provide real-time images of the wellbore in a single downtime trip. It can be used for diagnostic and intervention services for better safety of the well workers.
Funding for Consolidation
Statoil Technology Invest (STI), a subsidiary of Statoil, encourages small and medium enterprises to enter the highly consolidated marketplace. It offers funding and undertakes a stake in the emerging companies in light of a success. A recent instance of this was Sekal, software used in monitoring and diagnosing wellbores during real-time operations.
Market Overview
The worldwide coiled tubing market is estimated at USD 5 billion by 2025, according to Grand View Research, Inc. It is expected to exhibit a CAGR above 5% over the forecast period (2014 to 2025). High energy demand from power production, transportation, and other sectors is the key market driver. Declining oil & gas production from the existing oil wells is expected to augur significant demand during the forecast period.
Well intervention, drilling, and others are the major coil tubing services. Among these, well intervention accounted for over 66% market share on account of revenue in 2016. Offshore applications are estimated to garner huge revenue in the years to come. North America led the overall market on the basis of revenue in 2016. Notable players in the global market are Halliburton, Baker Hughes, Cudd Energy Services, and Schlumberger Ltd.
In-depth research report on coiled tubing market:
In-depth research report on coiled tubing market:
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