Multi Pad Drilling Market Analysis

Multi Pad Drilling Market Analysis

Offshore multi pad drilling market size for 2015 was valued over USD 850 million and is set to witness strong growth owing to increasing capital investment and availability of resources in offshore locations. Volatile crude oil price along with geopolitical instability may hamper the business growth.
 

Onshore multi pad drilling market share is predicted to witness growth over 15% from 2016 to 2024. Ongoing projects with huge untapped potential will positively encourage the industry growth over the forecast timeline. In 2017, Nobal Energy announced to invest USD 1.8 billion in onshore and USD 625 million in offshore area of the U.S. The company is mainly focusing in Eagle ford, DJ Basin and Delaware Basin for drilling and completion.
 

Global multi pad drilling market share from < 6 pad size is predicted to witness growth over 13% by 2024. It’s less technical supervision requirement, easy operability features will positively influence the industry growth. In 2017, Antero is also planning to drill average six well per pad in Utica Shale.
 

Multi pad drilling market size from ≥ 6 pad size is set to exceed USD 90 billion by 2024. Increasing investment in upstream sectors will propel the business growth. In 2017, the EQT is announced to drill 76 wells in Pennsylvania and 43 wells in West Virginia with an average lateral length of 7,000 feet by utilizing multi pad technology.
 

U.S. multi pad drilling market size is set to witness substantiate growth on account of increasing shale gas exploration and production. High capital spending in O&G project may positively influence the industry growth.
 

Middle East multi pad drilling market share is predicted to witness growth over 7% by 2024. Rising spending on oil infrastructure to maintain production capacity and to fulfill capacity expansion targets may favor the regional industry growth.
 

Increasing drilling in offshore area will augment the Russia multi pad drilling market share from 2016 to 2024. In 2016, Rosneft entered in agreement with Indonesia’s Pertamina and began offshore operations in the Sea of Okhotsk with Statoil. High investment in gas field development project will further complement the industry growth. In 2016, DEA will invest over USD 1.25 billion to develop Davlin’s natural gas field in Norway.
 

China multi pad drilling market share is expected to witness strong growth over the forecast timeline owing to abundant availability of shale gas resource. In 2016, China holds 130 BCM recoverable shale gas reserves and 5.19 TCM conventional gas reserves.
 

Argentina multi pad drilling market share is set to exceed USD 2 billion by 2024 on account of increasing investment in Vaca Murta Shale deposits in Patagoni. In 2017, BP, Total, Chevron, YPF and Dow are investing USD 5 billion to develop shale reserves. The country is also planning to offers a subsidized price of USD 7.50 per mbtu natural gas produced at new wells by 2020 which may further propel industry outlook.