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The increasing drilling activities, completion operations, gas plant operations, and production operations are driving the market for drilling waste management. With the growing awareness regarding the toxicity of drilling waste, the requirement for drilling waste management is surging.
The introduction of various stringent government regulations to control pollution in water bodies and air, among others, is propelling the market growth. The deployment of innovative methods for drilling wastes by onshore and offshore operators is likely to fuel the market growth. Technological advancements and innovations to enhance the efficiency of drilling and solids control are anticipated to provide further impetus to the market growth in the forecast period.
Some of the significant companies in the drilling waste management market include Halliburton Company (NYSE: HAL) and TWMA. The latter announced in February 2021 that it had secured a seven-figure contract with Spirit Energy, a leading exploration and production company. Under the five-year contract, the company would offer drilling waste management services on the harsh environment jack-up rig Maersk Resolve. This contract marks the company’s first project with the E&P company, and it would provide Spirit Energy access with its bulk cutting transfers, skip and ship, drill cutting processing, and NORM services.
In addition, the company would also offer its flagship, TCC RotoMill®, that can be deployed at the rig side offshore to enable rig contractors and operators to treat drill cutting at source for eliminating carbon footprint and costs associated with ship to shore methods. As the service processes drill cuttings offshore, it reduces lifting operations by up to 95% while improving the risk profile of drilling projects.
The major players in the global market are Halliburton Company Weatherford International plc, NOV Inc., Scomi Group Bhd, and KOSUN Machinery Co., Ltd, 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.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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