Growing Role of Oilfield Stimulation Chemicals Market in Maximizing Oil and Gas Reservoir bolsters uptake

Chemicals and additives are added in oil and gas wells during the course of drilling, cementing, completing, stimulating, and production processes. Specialty chemicals play a crucial role in drilling activities and are aimed at improving the productivity of oil and gas wells world over. These chemicals usually consist of gelling agents or viscosities, corrosion inhibitors, acids, and biocides. They are primarily used during hydraulic fracturing and matrix treatments and helps in reducing consumption of water, thereby improving the overall reservoir production. 

Trends Driving Demand for Oilfield Specialty Chemicals 

The drive for stimulation chemicals stems largely from the need for maximizing gains from reservoir production against dynamically changing oilfield environments. With highly volatile drilling activity and dwindling profitability of oil and gas producers, the usage of these chemicals is driven by the need for reducing operational costs and smoothen the extraction process.  These chemical are instrumental in opening up new flow channels to recover natural oil and gas. According to Transparency Market Research, the global market for oilfield stimulation chemicals is headed for bright future during from 2018 to 2025. 

Advent of Custom-Formulated Stimulation Chemicals augurs well  

The rising adoption of environmental-friendly processes in oil and gas production is also propelling the demand for oilfield specialty chemicals. The growing demand for specialty chemicals that enhance fracturing operations to improve hydrocarbon production is also catalyzing the market growth. 

Recent advances in surfactant chemistry has also positively impacted the demand for these chemicals. The advent of a vast assortment of custom-formulated stimulation chemicals also augurs well for the market. The increasing focus on improving the productivity of maturing oil wells is also bolstering the demand. 

Rising Exploration of Unconventional Gas Reserves opens New Paradigms 

The noticeable contraction in investment in the oil and gas sector may prove unfavorable to the demand for oilfield stimulation chemicals. Nevertheless, the rising demand for improving unconventional reservoir production efficiency has catalyzed the demand for oilfield stimulation chemicals. The rapid strides being experienced by unconventional oil and gas activities is a notable factor opening new paradigms in the market. 

Unconventional gas reserves are gaining traction among oil and gas companies in meeting the rapidly rising domestic needs for clean energy.  Against this background, service contracts occupy a crucial role. In this regard, Saudi Aramco has on May 2018 inked a service contract with Halliburton one of the world's largest oil field service companies based in the U.S. The pact will enable the U.S. corporation to expand its gas production operations by leveraging the strength of oilfield stimulation services and enhance hydraulic fracturing operations. Such moves catalyze the demand for specialty chemicals used in oilfield stimulation. 

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Promising Regional Avenues for Uptake of Oilfield Stimulation Chemicals

From geographical standpoint, North America and Asia Pacific are anticipated to be potentially lucrative or promising regional markets. In North America essentially, the rapidly rising exploration activity in the oil and gas sector in the region has accentuated the demand for oilfield stimulation chemicals. The substantial production for various oilfield stimulation chemicals, especially surfactants, in China is imparting a robust momentum to the growth of the market. The substantially rising oilfield stimulation activities across the region is also catalyzing the growth of the market. 

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