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Downhole tools are deployed optimising oil and gas extraction from a well beneath the earth's surface using products like drilling tools and flow and pressure control tools, among others. In recent years, unconventional oil and gas production has witnessed robust growth, which includes shale gas, tight gas, gas hydrates, and coalbed methane gas. This has invigorated investments by major players in research activities focused on efficient extraction of unconventional gas, owing to which the demand for downhole tools is bolstering the market growth. The subsequent demand has resulted in advanced manufacturing practices to equip downhole tools with modern technology to aid in cost-cutting and efficient production. Moreover, the worldwide rising oil prices due to depletion of resources have necessitated the need for technology that reduces navigation costs and wastage. Hence, technical integration like Artificial Intelligence (AI), geocoding and the Internet of Things (IoT) is giving rise to ‘intelligent drilling’ solutions, which are anticipated to augment industry growth.
Maersk Drilling (CPH: DRLCO), one of the companies in the downhole tools industry, recently announced its first low emission drilling operation with hybrid technological integrations in Maers Intrepid in December 2020. The Maers Intrepid is an ultra harsh environment CJ70 jack-up rig designed for year-round operations around the North Sea. The installation of low-emission technology is equipped with data intelligence to monitor energy consumptions and CO2 emissions. The cloud-based Energy Emission Efficiency (EEE) uses real-time data to monitor energy consumption which aids in optimising utilisation. In addition, the Selective Catalyst Reduction (SCR) system is designed with features that convert NOx emissions into harmless water and nitrogen before releasing. The technological integration was funded by Norwegian NOx funds and Equinor’s decision to introduce compensation formats to stimulate emission reductions. The ongoing research and development project aims to explore methods to further limit greenhouse gas emissions from drilling operations. Thus, such innovations and government initiatives are positively impacting the growth of the industry.
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The major players in the global downhole tools market are Weatherford International plc, Ulterra Drilling Technologies, L.P., Varel International Energy Services, Inc., Baker Hughes Company, and National Oilwell Varco, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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