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The global well testing services market is being aided by the growing exploration and production activities and the growing energy demand. Currently, surface well testing services are the only technique that can provide customers with true reservoir capacity at full scale under dynamic conditions. It validates enhanced output during cleanup and commissioning and facilitates the monitoring of reservoirs to help enhance the field management practices. With the companies providing a wide range of surface well testing devices for the exploration and appraisal phase, the customers are expected to get more accurate and reliable surface well test measurements during each stage of the field development. Thus, it is expected that the growth of the segment over the forecast period will aid the overall market.
Some of the major companies in the global well testing services market include Halliburton Energy Services, Inc., a subsidiary of Halliburton Company (NYSE: HAL), Tetra Technologies, Inc. (NYSE: TTI), and Schlumberger Limited (NYSE: SLB). The growing investments by the companies to enhance their product portfolio will also accelerate the market growth. In May 2020, Tetra Technologies, Inc. announced that the company’s portfolio mix and completion fluids and products segment had aided it to achieve strong first quarter 2020 results, with the sales coming from a strong international offshore fluid demand or from the customers engaged in deepwater completion projects.
The favourable government initiatives in the emerging nations are further aiding the market growth. In August 2018, Baker Hughes announced that the company had bagged an oilfield development contract from Cairn Oil & Gas, a subsidiary of Vedanta Ltd, to build nearly 300 new wells and leverage a chemical enhanced oil recovery (EOR) programme in Rajasthan, India to increase oil and gas production across three fields in the area and support the government’s vision of minimising dependency on imports. The project marks one of the largest integrated projects for Baker Hughes in India, which will allow the company to strengthen its foothold in the country. Such developments are expected to aid the global well testing services market growth in the coming years.
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The major players in the global well testing services market are Expro International Group, Halliburton Energy Services, Inc., Tetra Technologies Inc., Greene’s Energy Group, Weatherford International plc, Schlumberger Limited, SGS SA, and TechnipFMC plc, 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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