Coiled tubing is used in the Oil and Gas industry, primarily for upstream activities. It is a lengthy and coiled tubular product used for oil and gas well operations. It also finds use in well clean out’s, pumping of nitrogen and as production tubing in depleted gas wells among others. Coiled tubing services are divided into well intervention services, drilling services and other services.
The usage of coiled tubing in the oil and gas industry has multiple advantages ranging from contained well pressure, quicker trip times and lower personnel requirement among others. The market is poised for growth as more and more investments are being channeled towards the E&P industry. With development of offshore and deep-water drilling markets picking up the usage of such coiled tubing in these markets are imminent. Extensive shale gas exploration and drilling activities all over the world is one of the primary drivers of this market. Growing energy demands are likely to sustain the drilling industry even in the distant future and ensure the demand for such coiled tubing’s.
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The coiled
tubing market can be segmented on basis of services as well
intervention services, drilling services and other services. Well intervention
services can be segmented into well cleaning and well completion services (acid
& chemical treatment, fishing, logging and perforation etc.). On the
regional front North America is currently the largest market for coiled tubing
both in terms of value and active fleet count. As awareness regarding benefits
of this technology is increasing, other world markets are likely to increase
their demand for coiled tubing. An expanding scope of business has been
observed in areas like Europe, Asia Pacific and the Middle Eastern regions.
However with the slowdown in North-American demand the overall growth curve for
the industry is likely to be moderated in the near future.
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Some of the key players in the
industry are Schlumberger Ltd, Halliburton Co, Trican Well Services Ltd,
Superior Energy Services Inc, Calfrac Well Services Ltd and Baker Hughes Inc.
among others.
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