Directional Drilling Market - Introduction of Laser Drilling to Drive Growth | Technavio
Technavio’s latest market research report on the global
directional drilling market provides an analysis of 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.
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Technavio has published a new report on the global directional drilling market from 2017-2021. (Graphic: Business Wire)
The rise in the development of unconventional oil and gas resources will
fuel the growth of the global directional drilling market.
Unconventional oil and gas resources such as shale oil, tight oil, and
coal bed methane are not only costly to produce but are also difficult
to recover. Operational efficiencies and technological advances have
made unconventional resource exploitation feasible and more profitable.
Shale gas boom in the US saw the rise in unconventionally produced
natural gas supply. The huge discovery of oil sands in Canada has
created a wealth of opportunity for oil production. As the world energy
focus shifts toward natural gas and heavy oil, unconventional sources
such as shale have seen growth.
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The top three emerging market trends driving the global directional
drilling market according to Technavio research analysts are:
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Technological innovations
-
Discovery of new oil fields
-
Introduction of laser drilling
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Technological innovations
The rising exploration and production of oil and gas in the offshore
regions and expansion of drilling operations in deep and ultra-deepwater
exploration will fuel the demand for directional drilling in the market.
Deep and ultra-deepwater exploration has extreme environmental
conditions, and it becomes impertinent to use technology that aids in
reaching the target zones and reduces the scope for human error. The
deployment of motive directional drilling guidance system with oil and
gas exploration has established the use of cognitive computing that
directs directional drilling process.
According to Anju Ajaykumar, a lead analyst at Technavio for oil
and gas research, “The deployment of motive directional
drilling guidance system in oil and gas exploration has pioneered the
use of cognitive computing that guides directional drilling process.
These systems are designed to guide and monitor multiple wells from an
operator’s command center that enable an experienced directional driller
to steer multiple wells simultaneously.”
Discovery of new oil fields
The surging demand for energy and increase in global population is
propelling the requirement for new oil fields in the market. Companies
are investing in the exploration of new oil fields to sustain the
competition, increase their profit margins, and gain a competitive
advantage in the market. On 10 March 2017, Spanish oil giant Repsol
along with privately-held partner Armstrong Energy, announced the
discovery of conventional oil in Alaska's North Slope. Such discoveries
will fuel the demand for directional drilling where new formations
require specialized technologies.
Introduction of laser drilling
The environmentally sensitive areas in the deepwater drilling activities
require new methods of drilling to produce crude oil effectively
thereby, promoting the development of new technologies for drilling
activities. Laser drilling works on the principle where light energy is
transferred from the surface through fiber optic cabling. The fiber
optic cabling transmits light with negligible loss of energy through
total internal reflection, and the energy is transferred to a series of
lenses that direct the laser light to the surface of the rock. This beam
of light, which is highly concentrated, can cut rock many times faster
than the conventional method of drilling.
“The use of laser drilling will increase the opportunities to recover
greater reserves of hydrocarbon, save drilling time, and reduce
operational costs. This new process will enable precise and accurate
drilling, with the ability to cut the rock in select areas,” says
Anju.
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