Press Release

Global Well Testing Services Market is Expected to Reach US$ 11,167 Mn by 2025

Date : Aug 20, 2018

New report published by Global QYResearch which offers insights on the global Well Testing Services market. The Well Testing Services market has been experiencing steady growth graph since past years. During the 2017-2025 timeline, the global market for Well Testing Services is expected to reflect a 1.6x increase in the revenue growth. In 2017 the global Well Testing Services market was valued at US$ 6,943 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 11,167 Mn growing at a value CAGR of 6.12% throughout the period of forecast.

Global Well Testing Services Market: Market Driver and Restraint

Investment in well testing services is shifting from onshore to offshore E&P activities. Offshore well testing services are more lucrative than onshore well testing services for various service providers. Downhole is used to measure accurate pressure even under hostile conditions. Different types of downhole testing tools include slip joints, circulating and reversing valves, downhole tester valves, downhole safety valves, downhole sampling, downhole pressure gauges, retrievable packer, pressure test and fill-up valves, jars and safety joints, and testing packers. Downhole sampling is also used to recover formation fluid samples at reservoir conditions with a suite of pressure compensating equipment that allows controlled, uncontaminated sampling without flashing. Conventional drill stem testing (DST) is a proven and cost-effective means of evaluating a well. These tools are used as cased hole test tools and open hole test tools. Tools used in cased hole testing include circulating valves, tester valves, packers, and a range of accessory tools. Open hole testing tools comprise packers, valves, safety joints, and testers. Data acquisition services/real time monitoring is used to ensure reliability, accuracy, and easy access to information as it is being measured for well testing. Data acquisition is one of the most important objectives of well testing. Equipment used to perform a well test has improved technologically over the years; however, the need to acquire data remains the same.

Oil & gas field/well operators are looking for efficient, cost-effective, and safe methods that provide old wells a new lease of life with continued production and maximized recovery. This is anticipated to offer substantial growth opportunities to the well testing services market in the near future. Year-on-year increase in new oilfield discoveries has augmented the demand for well testing services.

Global Well Testing Services Market: Key Takeaways

The outlook of well testing services is highly dependent on the prices of crude oil and renewable-based power. Several E&P projects have come to a standstill due to the decline in prices of crude oil, thereby hampering the demand for well testing services across the globe. This has triggered investments in the renewable energy business owing to government support and regulations pertaining to carbon emissions. High investments in solar and wind power technologies have shifted the focus toward clean energy. This has adversely affected the global well testing services market. However, stability in prices of crude is expected to provide lucrative opportunities to the global well testing services market for new discovery as well as existing oil wells.

Global Well Testing Services Market: Developments & innovations in terms of product and technology

In July 2018, SGS and Baker Hughes, a GE company, announced a strategic alliance agreement (SAA) for the joint deployment and commercialization of the latter’s real-time software and sensor-based predictive corrosion management (PCM) solution. On February 28, 2018, Oil States International, Inc. announced that it had acquired Falcon Flowback Services, LLC, a full service provider of flowback and well testing services for the separation and recovery of fluids, solid debris, and proppants used during hydraulic fracturing operations. Falcon Flowback Services, LLC is expected to provide additional scale and diversity to Oil States International, Inc.’s completion services well testing operations in key shale plays in the U.S. The acquisition was valued at around US$ 85 Mn. The acquisition has helped the company expand its well testing footprint and equipment offerings.

In February 2018, Schlumberger Limited launched the. The motion-compensated testing services tower saves time and minimizes risk for deepwater operations by enabling precise perforating and other CT, wireline, and slickline operations concurrent with the drilling activity. It is designed specifically to fit on the limited-space deck of a tension-leg platform and compensate for moving seas. It can skid easily from one well slot to another and convey a long string of perforating guns even while working below the drilling mast equipment package (MEP). In January 2018, Halliburton was tasked with developing and delivering an integrated well testing services campaign, plugging 20 wells in an offshore field off Norway, at the lowest cost possible. This included providing project management, engineering, personnel, equipment, and services. A creative, customized solution was needed to produce a low-cost, effective solution. Considerable collaboration with the oil & gas customer and detailed well analysis is likely to be needed to determine the appropriate solution in order to meet project requirements at the lowest cost possible.

In October 2017, TechnipFMC plc announced it had entered into an agreement to acquire Plexus Holding plc’s wellhead exploration equipment and services business for jack-up applications. The acquisition is expected to further extend and strengthen TechnipFMC plc.’s position in exploration-drilling products and services. In November 2017, Wintershall Holding GmbH, an oil & gas exploration company, deployed Emerson’s latest product Roxar Downhole Sensor System in the Maria offshore field in Norway. The new product by Emerson is anticipated to improve well integrity monitoring and offshore safety, thereby expanding its business portfolio in Europe.

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