Rapid transformation of oil & gas industry and need to lower risks while exploration activities are expected to drive the demand of GCC well testing services market in the forecast period, 2023-2027.
According to TechSci Research report, “GCC Well Testing Services Market, By Region, Competition Forecast & Opportunities, 2027”, the GCC well testing services market is expected to witness robust CAGR growth in the forecast period, 2023-2027. The rise in the drilling activity in offshore regions and the surging demand for high precision measurement while drilling and reservoir measurement instruments are the major driving factors influencing the market growth in the forecast period.
Well testing services are in high demand. They are used to understand the reservoirs' capability to produce hydrocarbons like oil and gas and rock formation, which finds application in reservoir characterization, permeability & skin interpretation, fluid characterization, and formation pressure measurement. Implementing these applications in the oil and gas industry boosts the market demand.
At the initial stage, when the well testing services are conducted, the reservoir response to stable breakdown and pressure build-up provides information about the productivity expectations about the new well. Well testing services help to ensure that the operations are conducted safely and maximize the rig-time efficiency during extraction and production operations.
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The GCC well testing services market is segmented by services, application, stage, competitional landscape, and regional distribution.
On the basis of the services, the GCC well testing services market is divided into real time well testing, downhole well testing, reservoir sampling, and surface well testing. The real time well testing segment is dominating the market and is expected to maintain its dominance throughout the forecast period, 2023-2027. Real time well testing is in high demand as it provides immediate access to the reservoir through data acquisition and control, wireless downhole telemetry, and data visibility from remote locations around the globe. They stabilize and optimize the well production by providing real-time data, which also aids in achieving higher accuracy. The data generated is in real-time, and it helps the oil and gas market players to make quick decisions by providing constant insights about the ongoing operation. It helps make real-time decisions, quality check and data validation, optimize the overall process and ensure safe operations. Companies invest in technological advancements to design and find innovative well testing methods.
On the basis of the application, the GCC well testing services market is divided into onshore and offshore. The offshore segment is anticipated to witness the fastest incremental growth in the forecast period. Onshore activities are being performed for a long time, leading to the maturity of the existing oil & gas reserves. Therefore, the steady depletion of onshore oil and gas reserves is shifting the focus over offshore exploration and production activities. To meet the current energy requirements, the need to explore unexplored oil and gas reserves is necessary, which is the major reason for the high growth of offshore exploration and production activities.
On the basis of the stage, the GCC well testing services market is divided into exploration, appraisal, development, and production. The exploration segment is anticipated to account for a significant market share in the next five years. Surging energy demands and the need to explore new and untapped oil reserves are driving the demand for exploration activities in the region.
Major market players operating in GCC well testing services market are:
- SGS Middle East
- Energy Services Limited Co.
- MB Petroleum Services
- Gulf Energy
- Middle East Oilfield Services
- Halliburton Company
- Schlumberger Limited
- Tetra Technologies Inc.
- Weatherford International Ltd.
- AGR Group ASA
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“Oil and gas major market players are constantly looking for cost-effective, safe, and efficient methods that can transform the life of old wells to ensure continued production and maximize recovery in extraction and exploration operations. Recovery of the crude oil prices due to improving economic conditions and the rapid urbanization and accelerated construction activities in developing economies is expected to accelerate the discovery of advanced technology and equipment. The use of technologies like the internet of things in oil exploration activities and surge in deep-water, and ultra-deep-water exploration activities are expected to propel the growth of GCC well testing services market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“GCC Well Testing Services Market By Services (Real Time Well Testing, Downhole Well Testing, Reservoir Sampling, & Surface Well Testing), By Application (Onshore & Offshore), By Stage (Exploration, Appraisal, and Development, Production), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of GCC well testing services market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in GCC well testing services market.