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Directional drilling market receives boost from increasing oil and gas exploration undertakings: TMR

Directional Drilling refers to drilling wells at multiple angles, instead of vertical drilling, for better exploration of oil and gas reserves. Other than this, Directional Drilling allows reaching out to multiple wells through one vertical well bore, which in turn helps minimize the impact of drilling on the environment. To do so, drilling contractors attempt to alter the angle of inclination of the drill hole. Turbo-drills, steering and measurement tools, mud motors, and rotary steerable systems are the devices that enable contractors to carry out the desired functions.

The report states that the Directional Drilling Market will display positive growth in the coming years. Directional drilling results in higher productivity and throughput rates in comparison to conventional vertical drilling, the foremost reason for the rising popularity of this technique in the recent years. With consistently increasing oil prices across the world, the need for higher productivity and process efficiency has been the reason for the popularity of alternate drilling techniques such as directional drilling.

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Moreover, with on-shore drilling sites reaching exhaustion, the need to tap into offshore sites has become urgent. To enable this, oil and gas companies, along with drilling contractors, are employing directional drilling to enable better control on the direction of the drilling hole at offshore drilling locations. Directional drilling also enables retrieval of drilling spears and other drilling equipment from the wellbore and presents a viable solution to achieve a precise and clear hole for situations where metal has to be removed from the wellbore.

However, the directional drilling market faces restricted growth prospects due to environmental deterioration issues and strict regulations in place for these techniques. Companies that are involved in directional drilling need to look into these issues to ensure high-performance results of these activities. Nevertheless, with increasing exploration of deep and ultra-deep water oil and gas reserves, the market for directional drilling has received a boost.

The report mentions and profiles top players in the global directional drilling market, namely Transocean Offshore Deepwater Drilling Inc., Baker Hughes Inc., Weatherford International Plc., Halliburton Co., Ensco Plc., and Schlumberger Limited.

Transparency Market Research has featured a new report that provides valuable insights on the rising prominence of directional drilling in the oil and gas industry. This report looks into the progression of the global directional drilling market in the 2015-2023 period. The market growth analysis, technological advancement, and the changing competitive hierarchy of the said market for the forecast period is presented in the report, titled “Directional Drilling Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” The report covers the performance of the directional drilling market across North America, Europe, Asia Pacific, and Rest of the World.

Research Report: http://www.transparencymarketresearch.com/directional-drilling-market.html

About TMR

Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.

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