The global well testing services market was valued at approximately US$ 6 Bn in 2017 and is anticipated to expand at a CAGR of more than 6% from 2018 to 2026, according to a new report titled ‘Well Testing Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ by Transparency Market Research (TMR). Rising expenditure on offshore E&P activities is expected to propel the demand for well testing services across the globe.
Subsea services to remain a dominant type segment
during the forecast period
Among types, the subsea services segment constituted more than 25% share
of the global well testing services market in 2017. Subsea services involve a
complete package of equipment installation, jointing, personnel, and
maintenance. Subsea services include installation services, asset management
services, inspection maintenance and repair (IMR), and production optimization
services, which are related to subsea oil & gas assets. Subsea landing
strings are widely used for offshore well testing operations. They are employed
to reduce the risk associated with the use of tools designed for
ultra-deep-water, high-pressure and extreme-temperature reservoir testing. They
are used in offshore well testing, completion and intervention projects. Subsea
services consist of subsea landing string operating systems, subsea test tree
systems, and subsea service support infrastructure. The investment in subsea
landing string services is higher than other services, due to their several
uses in offshore operations. Thus, the subsea services segment holds a major
share, in term of value, of the global market. North America dominated the
global market for well testing services in 2017, owing to presence of a large
number of rig wells in the U.S. and Canada. The U.S. possessed more than 850
rigs and Canada owned more than 200 rigs in 2017.
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Stringent EPA regulations and weakening prices of
crude oil to impact the market
The U.S. EPA promulgated the ‘Oil & Gas Extraction Effluent
Guidelines & Standards (40 CFR Part 435)’ in 1979. It amended these
regulations in 1993, 1996, 2001, and 2017. The regulations cover wastewater
discharge from field exploration, drilling, production, well treatment, and
well completion activities. These activities take place on land, coastal areas,
and off the shore. The EPA established pre-treatment standards under Sub-part C
in 2017. These standards prohibit discharge of wastewater pollutants from
onshore unconventional oil & gas (UOG) extraction facilities to publicly
owned treatment works. The EPA has not promulgated effluent limitations
guidelines and standards for pollutant discharge from coal bed methane
extraction facilities. Declining prices of crude oil can have an adverse effect
on well testing services across the globe. Governments of several countries
have imposed strict norms on carbon emissions, which has shifted investments to
the renewable energy sector. Governments are providing subsidies for generation
of renewable power, which has made well testing a highly lucrative market.
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Increasing investments in offshore oil & gas
activities to boost the demand
Among applications, the offshore segment dominates the well testing
services market. Excess depletion of onshore oil & gas assets has shifted
investments from onshore to offshore oil & gas assets. Rising demand for
energy and increasing expenditure on shallow-water, deep-water, and
ultra-deep-water oil & gas assets are expected to propel the demand for
well testing services in the near future. Several key players in the oil &
gas industry are investing heavily in offshore assets. Thus, a move from
onshore to deep-water offshore drilling is expected in the next few years, led
by major international oil and E&P companies that are willing to invest in
exploration efforts. More than 70% of new discoveries pertain to offshore
areas.
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North America, especially the U.S., to lead the
global well testing services market
North America dominated the global well testing services market in 2017
and the same trend is expected to continue during the forecast period. The U.S.
drilled more than 14,000 wells in 2016 and is expected to explore more oil
& gas wells in the near future. The U.S. upstream sector is a complex
combination of technical, financial, political, and logistic factors. Growing
exploration of unconventional reserves is likely to boost the demand for well
testing services in the country in the near future.
Highly competitive market with the dominance of top
players
The global well testing services market is highly competitive. The
market is highly fragmented with the presence of a large number of local and
international players in the market. Leading players dominate the market. Key
players operating in the global well testing services market are Schlumberger
Limited, HELIX ESG, Halliburton, Expro Group, Weatherford International Plc.,
SGS S.A., Tetra Technologies, Inc., TestAlta, CETCO Energy Services, Oil States
International, Inc., PTS Production Technology & Services Inc., Abraj
Energy Services SAOC, Emerson Automation Solutions, Integra Group, and TechnipFMC
plc.
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