Well
completion is the process of making oil and gas well capable of
production after drilling is accomplished to signified depth. It
comprises entire completion processes, which include running the
production tubing, setting the downhole tools, and numerous other
operations, which are carried out for making the well ready for
production. Furthermore, the process of stimulation to improve the
productivity of a well is also involved in well completion operation.
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Increasing
exploration and production activities across the globe backed by
increasing number of rigs is contributing to growth of the well
completion equipment and services market. For instance, Oil and
Natural Gas Corporation (ONGC) aims to increase crude oil production
from 22.6 MT (million tons) in 2017 to 26.42 MT in 2022. However,
fluctuating oil price is a major factor restraining growth of the
well completion equipment and services market worldwide.
Packers
hold the largest market share in the well completion equipment and
services market as it provides numerous services such as zonal
isolation, seal between inside of the casing and production tubing,
wellbore wall, and other services. In 2017, TAM International Inc. an
oilfield services company introduced casing annulus packers with the
Deadbolt valve system, which is designed to run in harsh
environments.
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Onshore
segment dominated the global well completion equipment and services
market. According to U.S. Energy Information Administration, in 2015
the Global onshore crude oil production was 71% and that of offshore
was 29%. However, offshore oilfield activities are projected to be
the fastest growing segment, owing to growing offshore exploration
and production activities in deep and ultra-deep waters.
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