(MENAFN– America News Hour) Coiled tubing is used for upstream activities in the Oil and Gas industry. It is a coiled and lengthy tubular product used in oil and gas well operations. It also finds use in pumping of nitrogen, well clean out’s and as production tubing in depleted gas wells. Coiled tubing services are classified into 3 type of services – Well Intervention Services, Drilling Services and other services.
The Coiled Tube market, by service, is projected to grow at a CAGR of 6-7% to $4.4 Billion by 2020.
Using coiled tubing in oil and gas industry operations has several advantages ranging from quicker trip times, contained well pressure and lower personnel requirement. With more & more investments being channelled towards the E & P Industry, it is all set to grow at a rapid pace. Also, with the development of deep water and offshore drilling markets picking up, demand for coiled tubing is also increasing.
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Other major driver is the extensive shale gas exploration and drilling activities all over the world. Other primary growth drivers include redevelopment of mature fields and discovery of the new reserves.The demand for such coiled tubing’s in the near future is sure shot to sustain, and increasing shale gas projects are the major drivers of this market.
Oil reserves in mature fields are declining steeply and are a major concern among the production companies and service providers. The decline in oil & gas production, increasing operating costs, and challenges due to aging facilities are also responsible behind the boost in the Coiled Tube market across the world.
The coiled tubing market, as discussed above is segmented based on the kind of service into 3- well intervention services, drilling services and other services.
Well intervention services includes well cleaning and well completion services like -fishing, logging, acid & chemical treatment,removal of sand, wax, and other plugs , perforation, fracturing, scale removal, nitrogen pumping, high-pressure jet washing, and others. The major advantage of Coiling Tube technology over conventional technologies is its increased operational speed in a well and its ability to safely work on a live well without having to kill it.
Currently, North America is the largest market for coiled tubing both in terms of active fleet count as well as value. The region accounted for almost half of the total revenue in 2013. In North America, the U.S. has a major share of around 59% of the active fleet count in 2013. This growth of ultra-deep coiled tube services can be attributed to the increase in shale activities in the region.
U.S. coiled tubing market revenue by services, 2014 – 2025 (USD Million)
In the recent years, scope of business has expanded in areas like Asia Pacific, Europe and the Middle Eastern regions as well. However, with the slowdown in demand from North-America, the overall industry growth curve is expected to remain unchanged.
Few of the key players in the industry are :
Trican Well Services Ltd
Superior Energy Services Inc
Calfrac Well Services Ltd
Baker Hughes Inc.|
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