Global procurement intelligence advisory firm, SpendEdge, has announced the release of their 'Drilling Fluids Market Procurement Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of drilling fluids and acts as an all-inclusive guide for making smart purchasing decisions.
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Global Drilling Fluids Procurement Market Intelligence Report (Graphic: Business Wire)
"The use of procedures such as directional drilling and hydraulic fracturing, in addition to improvements in proppants used for aiding shale gas extraction, is expected to make shale gas extraction commercially viable in countries like Algeria and Mexico," says SpendEdge procurement analyst Anil Seth. "Also, the slow recovery in oil and gas prices will motivate buyers to increase their spend on oil and gas E&P activities," added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Drilling Fluids Market:
- Consolidation among companies offering oilfield services
- Recovery of oilfield services segment due to the rise in prices of oil and gas
- Concerns about environmental damage leading to the demand for environment-friendly drilling fluids
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Consolidation among companies offering oilfield services:
M&A activities among companies in the oilfield services sector are resulting in the formation of oilfield service-related companies that can cater to a wide range of service requirements. It also enables them to complement and complete their portfolios of oilfield services. Moreover, such activities allow the buyers to negotiate better as they can procure all the integrated oilfield-related services from a single global supplier. Also, acquiring different services from a single supplier helps the buyers in reducing their management complexities
Recovery of oilfield services segment due to the rise in prices of oil and gas:
Gradually, recovering oil and gas prices are leading to a recovery of the oilfield services segment worldwide. Environments with low production costs, such as onshore basins, are observed to have a faster recovery, as opposed to high production cost environments such as deepwater plays. Moreover, the restoration of the oilfield services segment will increase the negotiation opportunities for buyers while allowing them access to higher options.
Concerns about environmental damage leading to the demand for environment-friendly drilling fluids:
Regulations exist on the use and disposal of different types of drilling fluids and drill cuttings coated with these drilling fluids. The growing concerns regarding the environmental damage that can be caused by these drilling fluids are the reason for the enactment and enforcement of these environmental regulations. This has led to the demand for drilling fluids that have a minimal environmental impact. Also, the use of environmental-friendly drilling fluids enables users to perform drilling operations without the risk of being penalized.
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