Downhole tools helps in minimizing the cost involved in performing oil recovery related activities from an oil well and helps in improving the life of an oil well and thus, improving the continuous flow of fluid. These tools performs various operations such as fishing of any leftover equipment/tool in the borehole, repairing & performing any cementing and well casing operations, well measurement, creating fracs in the reservoir bed, etc.
The primary purpose of using down whole tools is to carryout work over operations and well completion process as well as examining the reservoir properties such as rock, sand, liquid by bringing their sample on the well surface. They are mostly used during extreme temperatures and pressure conditions.
There are many types of down hole tools that are used to conduct well activities such as slick line tools & equipment, wire line tools & equipment, example, drilling jars, fishing tools, pushing tools, drill pipes, tubular tools, centralizers, etc.
Down hole Tools are pieces of oilfield equipment that are used during well drilling, completion and intervention or well work over activities and helps the oil well in optimizing the production levels and maintain a continuous flow from a reservoir.
The global oilfield consumables market is segmented on the basis of geography. North America including the U.S and Canada and Mexico have the highest share of oilfield consumables market. Europe, Latin America and Middle East including Russia, Germany, U.K, Ukraine, Argentina, Saudi Arabia, Iran and Algeria also have a huge market for oilfield consumables. Asia Pacific has a large potential market for oilfield consumables. Asia Pacific market for oilfield consumables has grown enormously in recent years. Countries such as Australia, China, India, Kazakhstan, and Indonesia have given a huge boost to oilfield consumables market.
The drivers for oilfield consumables market includes the increasing demand for energy and discovery of new oil & gas reserves around the globe. In recent years, oil & gas production has increased enormously worldwide. New energy sources and advanced drilling technology will further bolster the demand for oilfield consumables.
The oilfield services market is expected to grow at a CAGR of over 3% during the forecast period of 2020 – 2025. Factors such as increase in demand for advanced technology, tools and equipment to increase efficiency of exploration and production activities in onshore and offshore areas is expected to drive the market for oilfield services. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics and several other factors has been restraining the growth in the demand for oilfield services market.
The growing demand for refinery products is also likely to boost the oil & gas production in the region in the long term. The increasing need for crude oil and natural gas in China, Russia, and Saudi Arabia is estimated to provide an impetus to onshore projects in the coming years.
Few Indian major players are as under
Super Seals India Ltd.
Sigma Freudenberg Nok Pvt. Ltd.
Sankar Sealing Systems Pvt. Ltd.
Rubber Products Ltd
Proseal Closures Ltd.
Hi Tech Arai Pvt. Ltd.
Halliburton Oil Field Services (India) Ltd.
