The focus on research and advancements in drilling technologies has aided companies in minimizing their cost of operation and maintenance. This has not only increased the efficiency and stability of the product/service but has also increased the production rate, thus, generating large revenue. Research & development in directional drilling involves substantial investments and significant risks. In order to minimize the same, leading players are seeking new products and service developments and signing new contracts and agreements.
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The oil and gas industry has witnessed a technological revolution in the extraction of oil and gas with the advent of horizontal drilling technologies, for instance, rotary steerable systems. These systems have facilitated the production of oil and gas in hostile environments, such as HPHT wells. Innovations in the field of wireless communication have also facilitated the gathering of downhole information in real time, thus providing increased control over the well trajectory. These progressions have reduced the overall well drilling costs while increasing the hydrocarbon production.
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Directional drilling is advancing beyond conventional mud motor applications. With the growing demand for energy and depletion of existing reservoirs, untapped reservoirs with typical geological structures are quickly becoming a crucial alternative. However, these resources cannot be tapped effectively with the existing vertical well technology; companies need to adopt directional drilling technologies to explore the most difficult formations across the Middle East.
Although the directional drilling market is currently dominated by a few major players, the market scenario is expected to become competitive in future with various companies catering to onshore and offshore applications. The Middle East is one of the most lucrative markets for directional drilling as of now owing to the increasing demand for oil by Asian countries.
The drilling services market continues is witnessing steady growth as the requirement to maintain and boost recovery rates from hydrocarbon resources has increased and will continue to do so in future. As a result of the need to maintain and boost production, drilling services will play a key role in the future of the Middle East oil and gas market.
