Technical Advances to Boost the Well Intervention Services Market | Technavio

November 12, 2017

LONDON–(BUSINESS WIRE)–#MarketResearch–Technavio’s latest market research report on the global
well intervention services market provides an analysis on the most
important trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

The global well intervention services market is highly reliant on the
upstream oil and gas industry and the related crude oil prices. The rise
in global oil and gas consumption has been a major driver for the
industry and will continue to do so during the forecast period.

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The top three emerging market trends driving the global well
intervention services market according to Technavio research
analysts are:

Technological advances in well intervention techniques
New-generation, automated drilling rigs
Laser drilling in oil and gas sector

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Technological advances in well intervention techniques

Technology is rapidly evolving in the oil and gas industry. New
innovations are flowing into the industry to ensure greater recovery
from oil and gas reserves. These innovations also cover the well
intervention process. For instance, Well-SENSE Technology added a
breakthrough to its proprietary FibreLine Intervention (FLI) technology.
FLI is a compact and cost-effective system that is used for the
collection of well data by performing Distributed Acoustic Sensing
(DAS), Distributed Temperature Sensing (DTS) or Distributed Pressure
Sensing (DPS).

According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for oil
and gas research, “Increasing the number of fiber optics lines in
the FLI system enables the collection of huge amounts of data, and
results in greater understanding of the well. Such innovations in well
intervention techniques will help in lowering the costs and risks
associated with production and present an opportunity for the
enhancement of oil or gas production.”

New-generation, automated drilling rigs

The global crude oil price slump, which started in July 2014, led to
reduced capital expenditure on exploration. The decline in crude oil
price continues to shrink the profit margins of upstream oil and gas
companies, thus spurring the need to improve the operational efficiency
of drilling activities. An important tool that can lead to higher
margins and increase operational efficiency is the use of digital
technology in the upstream oil and gas industry.

Digitization will aid in recording enormous amounts of data, comparing
them with data from other fields and rigs as well as historical data,
and use it to make effective decisions. New-generation rigs make use of
digital technology and integrate digital sensors in downhole drilling
tools with the surface equipment. Real-time data is transferred via
software to enhance the rate of penetration (ROP) and accuracy in
staying within the drilling zone. This new technology can digitally
integrate the drilling process with the surface equipment via the
software, which will help in automating the mechanical processes of
geosteering.

Laser drilling in oil and gas sector

The oil and gas industry has been revolving around the basic
conventional method for drilling using drill bits and drill pipes. Laser
drilling offers various advantages like increased ROP, higher accuracy,
precision drilling, single diameter borehole, and reduction in drilling
time when drilling through hard formations. Laser drilling uses about 15
times less power than drilling rigs, and hence, ensures huge savings on
energy costs.

“Laser drilling incorporates a combination of a laser and a
mechanical drill bit. The rotating laser beam is fired toward the rock
formation to fracture and weaken the rock. Then the drill bit breaks the
fractured rock from the beamed area. This prevents frequent trip-ins and
trip-outs, which saves time and money. Laser drilling rigs will occupy
less space when compared with conventional drilling rigs thus improving
mobility and saving time. Thus, appropriately designed laser drilling
systems have the potential to revolutionize the oil and gas industry,” says
Thanikachalam.

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