North America Pressure Pumping Market Progresses for Huge Profits by 2025
The pressure drilling market is largest in U.S., due to rising shale gas plays and increasing oil and gas exploration. According to Annual Energy Outlook 2017, published by U.S. Energy Information Administration, the natural gas production may account for 40% of U.S. energy production by 2040, which will augment pressure pumping market. However, the increasing environmental concerns will restrain the growth of pressure pumping market in U.S.
The oil and gas industry in Canada has a lucrative growth, due to increased exploration, drilling, production, refining activities. Furthermore, advancement in science and technology, availability of experienced financing institutes for oil and gas sector, abundant resources, and proficiency in remote location operation are factors fueling the growth of oil and gas industry which, in turn, is propelling pressure pumping market growth in Canada. According to Natural Resources Canada, oil sands production is estimated to double to 3 mb/d by 2020, while production of crude oil from oil sands will exceed 4.5mb/d by 2025. This will augment the demand for pressure pumping in Canada.
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Pressure pumping involves propagation of cracks and fractures through rocks by using pressurized fracturing fluid and pumping cement into well bore to complete it. Pressure pumping is required for stimulation, completion, intervention and other processes related to well lifecycle. It is used for extraction of resources from resources such as tight gas, shell gas, and unconventional liquids. They are mainly used for extraction of resources that are difficult to recover by regular drilling and low permeability reserves. Pressure pumping services are primarily used by sand control services, acidizing services, cementing services and hydraulic fracturing services. The advantage of using pressure pumping services is the enhancement of productivity of reserves which, in turn, improves asset value and investment return.
The increasing energy requirements, availability of advanced technology and increasing investments in unconventional and offshore exploration are expected to drive the pressure pumping market in North America. The growing concern about the environmental damage caused by pressure pumping such as seismic activities and water contamination are the major factors hindering the growth of pressure pumping market.
Key Players in the North America Pressure Pumping Market
The pressure pumping market players are adopting various strategies such as merger and acquisition to retain their market position. For instance, in April 2017, Patterson-UTI Energy merged with Seventy Seven Energy Inc. Some market players operating in pressure pumping market in North America include Halliburton, RPC, Inc., Baker Hughes, Calfrac Well Services Ltd, Schlumberger, Frac Tech Services, International Step Energy Services Ltd., Trican Well Services Ltd., Key Energy Services, Sanjel Energy Services, Liberty Oilfield Services, Consolidated Oil Well S2ervices, LLC Magnum Cementing Services, and Ltd. Nine Energy Services.
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