Saudi Arabia Oilfield Chemicals Market Has The Highest Share In Drilling Fluid Chemicals
Published By : 29 Apr 2014 | Published By : QYRESEARCH
Due to high drilling activities or rig counts seen across the grand Kingdom of Saudi Arabia, the drilling fluid chemicals accounts for the highest share in the country. This is seen according to a new study titled as ‘Saudi Arabia Oilfield Chemicals Market Forecast and Opportunities, 2019”
Today, Saudi Arabia has the highest drilling activities in the oilfield chemicals market. Oilfield chemicals are nothing but specialty chemicals used in production, drilling, and transportation processes in oil or gas exploration. Different types of chemicals used in these processes impart a wide variety of fluids that helps in improving the process efficiency and oil production in the market.
According to the report, the Saudi Arabian oilfield chemicals market revenues are estimated to rise at a CAGR of around 5.1% for the forecast period, 2014-19. Moreover, the study also proves that the domestic consumption of the oil is likely to grow at a CAGR of 7% during 2014-2020. This will help it reach an estimated value of 5 million barrels per day by 2020.
Saudi Arabia’s focus on leveraging alternative shale gas resources is rising day by day. This country at present has over 600 trillion cubic feet of shale gas reserves as an added attribute to their growing economy. This figure is more than twice the amount of proven conventional natural gas reserves across any country in the world.
The Kingdom now plans several projects to expand its offshore business of non-associated natural gas fields. This business is run in parallel to the domestic energy projects where they have the highest share in energy exports.
Saudi Aramco is the current scaling national oil company mapping shale gas reserves in three latent locales of the country including south Ghawar, north-west, and Rub-al-Khali. Many expanding activities in natural gas sector in and around these areas, as well as across the entire Kingdom are expected to impel the demand for oilfield chemicals over the next five years. Nevertheless, Baker Hughes is the recent market leader in the country’s oilfield chemicals industry.