Several types of processes are employed to produce oil from reservoirs after drilling. Demand for processes that maximize recoverable reserves, while reducing costs of intervention is increasing. Intelligent well completion is a new well completion technology utilized to reduce capex and opex and increase production rates. This completion system is capable of collecting, analyzing, and transmitting wellbore production and reservoir and completion-integrity data. It also enables remote action to improve reservoir and well production performance.
Rising demand for oil and gas due to industrialization, urbanization, and population growth is a key driver of the intelligent well completion market. Increase in exploration and new discovery of oil and gas deposits is fueling the the intelligent well completion market. Additionally, intelligent well completion increases the overall recovery and facilitates production from unconventional resources such as shale gas and tar sands reserves. This, in turn, boosts the intelligent well completion market. Furthermore, increase in investments in the oil and gas sector by market vendors is also driving the market. For instance, in April 2018, U.S. Oil & Gas Plc (USOIL) has started the new exploration drilling at the Hot Creek Valley project in Nevada.
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Intelligent Well Completion Market: Key Segments
The global intelligent well completion market can be segmented based on function, application, and region. In terms of function, the intelligent well completion market can be divided into downhole control system, downhole monitoring system, surface control system, and communication technology. Downhole control system and downhole monitoring system segments are expected expand at a significant pace during the forecast period mainly due to growing preference for deep and ultra-deep water drilling.
Based on application, the intelligent well completion market can be classified into onshore and offshore.. The onshore dominates the application segment of the intelligent well completion market. Expansion of the onshore segment is driven by the rise in oilfield recovery, elimination of non-productive time, and increase in profitability through the design of integrated workflows. Costs incurred for oil & gas activities, such as drilling and well completion, are lesser for onshore than those of offshore applications. These factors drive the onshore segment of the intelligent well completion market.
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