Increase in oil and gas drilling activities to boost the global oil and gas fishing tools market, says technavio _ business wire

LONDON–( BUSINESS WIRE)– Technavio

analysts expect the global

oil and gas fishing tools market for 2015-2019 to reach

USD 3.8 billion, growing at a CAGR of over 4%.

Fishing tools are employed for fishing the stray equipment (also known

as fish or junk) from the bottom of an oil well. The fish can be broken

components of the drill string, bit breaks, or even a pipe or tool

fallen from the rig floor. These tools are specially crafted with

respect to the specific fish type or specific function. They are screwed

to the fishing string, which is similar to the drill string, and lowered

into the well.

Technavio’s lead analysts for energy research have identified the following four factors that will

drive the global oil and gas fishing tools market:

Increased demand for oil and gas worldwide

Rise in unconventional oil and gas resources

Increase in downhole data efficiency

Increase in oil and gas drilling activities

Increased demand for oil and gas worldwide

Increased demand for oil and gas is one of the major drivers in the

global oil and gas fishing tools market. Expansion of oil and gas

exploration and drilling activities is expected to stimulate the growth

of the market in the near future. The growing demand for oil and gas

will drive large investment in state-of-the-art technology to increase

the efficiency of fishing tools, ensuring continuity in drilling and

well completion activities.

Rise in unconventional oil and gas resources

Governments and oil industries worldwide are shifting their focus toward

unconventional oil and gas resources because of the decline in

production and exploration of conventional oil reserves. Unconventional

sources of oil and gas are as follows:

• Tight oil (produced from low-permeability limestone, carbonates, and

siltstones)

• Shale gas (natural gas locked in fine-grained, organic rich rock)

• CBM (natural gas locked in coal)

• Shale oil

• Oil shale

“Oil and gas from unconventional sources requires advanced fishing

tools. The share of oil and gas from unconventional resources is

expected to increase significantly over the next decade which will

positively impact the market for fishing tools,” says Vishu Rai, lead

research analyst at Technavio for oil

and gas research.

Countries such as Argentina and China are increasingly developing

infrastructure in order to uphold the commercial feasibility of

unconventional oil and gas such as shale gas and tight oil. Other

countries such as Algeria, Poland, Australia, Colombia, Russia, and

Mexico are in the early stages of shale exploration.

Increase in downhole data efficiency

With advances in logging techniques and equipment coupled with the

development of sophisticated downhole sensor systems, the degree of

accuracy of downhole data has increased to a great extent.

Acoustic-based LWD techniques have facilitated the availability of

real-time data, which has reduced the uncertainty related to downhole

drilling conditions and fish position and type. This has enabled the use

of appropriate downhole drilling and fishing tools, specific to the

condition of the well and characteristics of the fish.

According to Vishu, “Increased downhole data efficiency is a major

driver for the global oil and gas fishing tools market because it

enables appropriate use of fishing tools of specific configuration.”

Increase in oil and gas drilling activities

The increase in the oil and gas drilling activities worldwide is one of

the major drivers in the global oil and gas fishing tools market.

According to the International Energy Agency, the global demand for

energy is expected to increase from 2,000 mtoe in 2010 to 16,800 mtoe by

2030. Approximately 90% of this increased demand is expected to come

from China and India.

The growing demand for energy has resulted in the shift of focus to

unexplored reservoirs. By tapping these unexplored resources, the

production levels can be significantly increased, which can bridge the

gap between the demand and supply of energy. This is expected to propel

the growth of the oil and gas fishing tools market during the forecast

period.

Browse Related Reports:

Global

Downhole Drilling Tools Market 2015-2019

Global

Offshore Drilling Market 2014-2018

Drill

Pipe Market in the Middle East 2015-2019

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