GCC Well Testing Services Market to be dominated by Real Time Well Testing through 2027
Rapid transformation of oil & gas industry and need to
lower risks while exploration activities are expected to drive the demand of GCC
well testing services market in the forecast period, 2023-2027.
According
to TechSci Research report, “GCC Well Testing Services Market, By Region, Competition
Forecast & Opportunities, 2027”,
the GCC well testing services market is expected to witness robust CAGR growth
in the forecast period, 2023-2027. The rise in the drilling activity in
offshore regions and the surging demand for high precision measurement while
drilling and reservoir measurement instruments are the major driving factors
influencing the market growth in the forecast period.
Well
testing services are in high demand. They are used to understand the
reservoirs' capability to produce hydrocarbons like oil and gas and rock formation,
which finds application in reservoir characterization, permeability & skin
interpretation, fluid characterization, and formation pressure measurement.
Implementing these applications in the oil and gas industry boosts the market
demand.
At
the initial stage, when the well testing services are conducted, the reservoir
response to stable breakdown and pressure build-up provides information about
the productivity expectations about the new well. Well testing services help to
ensure that the operations are conducted safely and maximize the rig-time
efficiency during extraction and production operations.
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The
GCC well testing services market is segmented by services, application, stage, competitional
landscape, and regional distribution.
On the basis of the services, the GCC
well testing services market is divided into real time well testing, downhole
well testing, reservoir sampling, and surface well testing. The real time well
testing segment is dominating the market and is expected to maintain its
dominance throughout the forecast period, 2023-2027. Real time well testing is
in high demand as it provides immediate access to the reservoir through data
acquisition and control, wireless downhole telemetry, and data visibility from
remote locations around the globe. They stabilize and optimize the well
production by providing real-time data, which also aids in achieving higher
accuracy. The data generated is in real-time, and it helps the oil and gas
market players to make quick decisions by providing constant insights about the
ongoing operation. It helps make real-time decisions, quality check and data
validation, optimize the overall process and ensure safe operations. Companies
invest in technological advancements to design and find innovative well testing
methods.
On the basis of the application, the GCC
well testing services market is divided into onshore and offshore. The offshore
segment is anticipated to witness the fastest incremental growth in the
forecast period. Onshore activities are being performed for a long time,
leading to the maturity of the existing oil & gas reserves. Therefore, the
steady depletion of onshore oil and gas reserves is shifting the focus over
offshore exploration and production activities. To meet the current energy
requirements, the need to explore unexplored oil and gas reserves is necessary,
which is the major reason for the high growth of offshore exploration and
production activities.
On the basis of the stage, the GCC well
testing services market is divided into exploration, appraisal, development,
and production. The exploration segment is anticipated to account for a
significant market share in the next five years. Surging energy demands and the
need to explore new and untapped oil reserves are driving the demand for exploration
activities in the region.
Major market players operating in GCC well
testing services market are:
- SGS Middle East
- Energy Services Limited Co.
- MB Petroleum Services
- Gulf Energy
- Middle East Oilfield Services
- Halliburton Company
- Schlumberger Limited
- Tetra Technologies Inc.
- Weatherford International Ltd.
- AGR Group ASA
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“Oil and gas major market players are
constantly looking for cost-effective, safe, and efficient methods that can
transform the life of old wells to ensure continued production and maximize
recovery in extraction and exploration operations. Recovery of the crude oil
prices due to improving economic conditions and the rapid urbanization and
accelerated construction activities in developing economies is expected to
accelerate the discovery of advanced technology and equipment. The use of
technologies like the internet of things in oil exploration activities and
surge in deep-water, and ultra-deep-water exploration activities are expected
to propel the growth of GCC well testing services market till 2027” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“GCC Well Testing
Services Market By Services (Real Time Well Testing, Downhole Well Testing,
Reservoir Sampling, & Surface Well Testing), By Application (Onshore &
Offshore), By Stage (Exploration, Appraisal, and Development, Production), By
Region, Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of GCC well testing services market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in GCC well testing services market.
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