The drilling process is one of the most essential requirements for any oil & gas exploration activity whether carried onshore and offshore in which, drilling and completion fluids are one of the essential requirements to conduct it. Differences in drilling conditions in onshore and onshore drilling activities impact the type and quantity of drilling fluids used. The major market players include M-I Swaco (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), and Anchor Drilling Fluids USA, Inc. (U.S.). M-I Swaco is the market leader of the European drilling and completion fluids market, followed by Halliburton, Baker Hughes, and Anchor Drilling Fluids U.S. Inc.
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The major markets in the European region include Russia, Norway, and the U.K. Russia is the market leader in the European oil & gas sector, and onshore drilling activities are on a continuous rise, providing growth opportunities to the key players. Russia is the most prominent country and has a huge market for drilling and completion fluids. The major fluids include water-based systems, oil-based systems, and synthetic-based systems. In 2014, the water-based system occupied the largest market share of European drilling and completion fluids market, followed by oil-based and synthetic-based drilling fluids. This is because water-based systems are most widely used drilling fluids and are more environmentally friendly than rest of the drilling fluids.
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With increase in the demand for energy, drilling activities are also rising. The growth of the drilling and completion fluids market is proportional to the on-going drilling activities. The use of drilling fluids is dependent on geological conditions, economic viabilities, and other technical issues. Hence, creating an opportunity for players to explore new markets and enter new segments.
Technological developments have enabled exploration activities to be carried out for sources other than shale gas, coal, methane, and unconventional resources. Sophisticated technologies increase the production capacity as well as speed.
However, the European drilling and completion fluids market is expected to grow due to a surge in the offshore application. Offshore activities are mainly carried out in the North Sea adjoining Norway and U.K., which comprise 80% of the total drilling and completion fluids market for offshore applications. The major drivers in the European region are growth in drilling activities, increase in oil production, technological advancements & innovations, and development of advanced drilling fluids.
