Tuesday, 3 April 2018

Oilfield Chemicals Enable More Cost-effective Gas & Oil Production

Oilfield chemicals are used for exploring and drilling of gas and oil in order to enhance these operations by boosting the productivity and efficiency of the drilling process. These chemicals are also used at various stages of the gas and oil production as drilling additives, corrosion inhibitors, paraffin dispersants and demulsifiers, and so on. Oilfield chemicals find application in drilling, production, cementing, and workover & completion.

Workover & Completion: The Largest Oilfield Chemicals Application Segment

The workover and completion application sector held 35 % of the overall revenue share in the past and is likely to grow further during the forecast period (from 2017 to 2025). The overall valuation in workover and completion application is likely to grow at a CAGR of 4.8 % during the forecast years. This growth is attributed to its ability to improve the recovery of gas and oil while reducing its impact on the environment. It includes enhancing the productivity of the reservoir by creating favorable flow paths using matrix stimulation and hydraulic fracturing.

The production chemicals segment has shown tremendous growth potential in the Middle East and Africa and is expected to reach a total value worth over USD 2.20 billion by 2025 in the region. Various companies focus on product and technological innovations in the field of oilfield chemicals. For example, in 2015, BASF Global Oilfield Solutions introduced a range of new chemicals solutions for the gas and oil industry. The innovations, for stimulation, cementing, drilling, and enhanced oil recovery, and production applications, include:

Eradicake, Pyrolase Cellulase, and Pyrolase HT Cellulase

·       BasoMSA
·       Basolon IN 40
·       Aspiro
·       Polytrol FL 45

Market Insights

The global oilfield chemicals market is predicted to reach at USD 28.48 billion registering a growth rate of 4.3 % over the forecast period (from 2017 to 2025), says a report by Grand View Research, Inc. Escalating product demand in various petroleum operations such as enhanced oil recovery, well stimulation, drilling, cementing, hydraulic fracturing, and production is estimated to propel the market globally. Rising production of crude oil is also expected to boost the overall market growth over the next few years. Some of the major companies in this market are Dow Chemical Co.; Schlumberger Ltd.; Baker Hughes; BASF SE; and Stepan Co.

In-Depth Research Report On Oilfield Chemicals Market:

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