The Africa drilling and completion fluids market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing number of drilling operations in African countries. Moreover, the rapid development of shale and deep-water and ultra-deepwater fields are driving the market growth.
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Completion fluids are used during drilling and during the steps of completion, or recompletion of the well. A completion operation includes perforating the casing, setting the tubing and pump, and cementing the casing. Drilling fluids serve various functions, which include controlling formation pressures, removing cuttings from the wellbore, sealing permeable formations encountered while drilling, cooling and lubricating the bit, transmitting hydraulic energy to downhole tools and the bit, and maintains wellbore stability. Drilling fluids such as mist, foams, and stiff foams are used in limited applications. Completion fluid is a solid-free liquid that are used to complete an oil or gas well. The fluid is meant to control without damaging the production. These fluids typically include brines, chlorides, and bromides, and formats.
Market Trends, Drivers, Restraints, and Opportunities:
- Declining operational cost in the country’s basin is one of the major drivers that is contributing to the growth of the Africa drilling and completion fluids market.
- Volatile oil prices owing to the supply-demand gap can restrain the growth of the market.
- The COVID-19 pandemic had halted the well exploration activities across the globe. This, in turn, had disrupted the market in the year 2020 dramatically. However, the declining number of cases is expected to recover the market soon.
- Geopolitical tensions can hinder the Africa drilling and completion fluids market growth in the projected timeline.
- Rising investment in the offshore oil and gas operations is expected to augment the market growth.
Africa Drilling and Completion Fluids Market Segment Insights:
Oil-based segment to grow at a rapid pace
Based on fluid types, the market is divided into water-based, oil-based, and others. The oil based segment is anticipated to account for a key market share and is expected to grow at a steady rate during the forecast period. Oil-based drilling fluids use oil as the continuous phase in the extraction process. Lower well friction is one of the advantages of oil-based drilling fluids. Therefore, they are often used in long-reach wells where friction is a critical parameter. Usually, the borehole does not show time-dependent deterioration with water-based fluids.
Offshore segment to account a major market share
Based on locations, the market is divided into onshore and offshore. The offshore segment is anticipated to account for a major market share due to the increasing demand for oil field services. This, in turn, is expected to help the service companies to propel the investment in offshore locations. Some of the advantatheirges of offshore operations include tax benefits, asset protection, and privacy.
Nigeria accounts a considerable market share
On the basis of geographies, the market is segregated into Nigeria, Algeria, Ghana, and Rest of Africa. Nigeria is anticipated to account for a considerable market share market owing to the recent developments in deep-water fields, horizontal drilling, and fracking. This, in turn, have increased the demand for drilling and completion fluids in the country. The upstream activities began to increase, which have positively impacted the crude oil production and number of well completion activities in the country.
Competitive Landscape
The major players of the market are Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC, and National-Oilwell Varco Inc.
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