Rise in Unconventional Oil and Gas Resources Will Uplift the Well Completion Equipment in the Middle East Through 2019: Technavio
Technavio, a tech-focused research firm, has published a new report on
completion equipment in the Middle East, which is
expected to grow at a CAGR of almost 5% from 2015-2019.
The latest report by Technavio draws attention towards the rise in
unconventional oil and gas resources such as tight oil, shale gas, CBM,
and shale oil, which is driven by the decline in the production and
exploration of conventional oil reserves.
“Saudi Aramco has invested $3 billion to develop unconventional gas
resources in Saudi Arabia till date. As a result, the market share of
oil and gas from unconventional resources is expected to increase
significantly during the forecast period,” says Faisal Ghaus, Vice
President of Technavio.
The new report by Technavio also accentuates the advances in
technologies in the well completion equipment, which will improve
production rates, fuel redevelopment of existing oilfield wells,
facilitate higher production from unconventional resources, and ensure
better well management.
“Advances in technology have increased the volumes of production and
reduced the costs and risks associated, motivating vendors to make
bigger investments in R&D to improve the reliability and efficiency of
the well completion equipment,” explains Ghaus.
Technavio currently has
more than 3000 market research reports on a huge range of topics,
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops
over 2000 pieces of research every year, covering more than 500
technologies across 80 countries.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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Copyright Business Wire 2015
Source: Business Wire
(September 2, 2015 - 11:45 AM EDT)
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