The Asia-Pacific Drilling & Completion Fluid Market

Thursday 21 May 2015, Amsterdam

For processes such as suspending cuttings, controlling pressure, stabilizing exposed rock, providing buoyancy, and cooling and lubricating, drilling and completion fluids are the most essential requirements, regardless of the application areas. The primary objective of the method is to provide lubrication and decrease the friction in a drilling activity; cooling of a wellbore; and the removal of rock cuttings by transporting them to the drilling surface as the rock cuttings are mixed with the fluids. The major types of drilling and completion fluids have been classified based on the base fluid used. The major types of drilling and completion fluids include water-based systems, oil-based systems, and synthetic based systems, among others.

The Asia-Pacific region is one of the fastest-growing markets for drilling and completion fluids, owing to the rise in drilling and exploration activities in countries such as China, India, Australia, and Indonesia, among others. Australia and China have huge shale reserves where drilling activities are in the initial stage; thus, they are expected to become a huge market for drilling and completion fluids in the coming years. The growing population, improvements in economic conditions, and high rate of migration towards big cities, accelerated by industrial development, has raised the energy demand in Asia-Pacific.

Increased drilling activities and increased shale gas exploration drive the market for drilling and completion fluids. New oil & gas fields have been discovered to cater to the growing demand for energy in the Asia-Pacific region, which is expected to increase the demand for drilling and completion fluids in the region. Moreover, the region has witnessed a significant increase in drilling activities in the region, mainly in offshore areas. The growth of the drilling and completion fluids market is directly proportional to the increasing drilling activities, globally.

The application areas of drilling and completion fluids include onshore applications and offshore. The onshore application accounted for over 75% of the total drilling and completion fluids market in 2013. Offshore activities are estimated to grow at a moderate growth rate of 5.2% due to the rise in deepwater and ultra-deepwater drilling. The use of drilling fluids in the hard rock drilling process propels the onshore applications market for drilling and completion fluids. Traditional drilling and completion fluids and additives are harmful to the environment as the discharged fluids are toxic in nature and contaminate the surrounding ecosystem. This has led to the development of new environment-friendly fluids that are biodegradable. Nanotechnology is pursued to create the future