DUBLIN, May 29, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/m4djvh/drill_collars) has announced the addition of the "Drill Collars Market in the Middle East 2015-2019" report to their offering.
The drill collar market in the Middle East to grow at a CAGR of 13.19% over the period 2014-2019
Decreased Investment in in-house production units is one of the major trends being witnessed in this market. Integrated oil and gas companies in the Middle East are reducing investments in drill collar manufacturing as the equipment is easily available in the market with customization. Also, by renting drill collars, the overall capital cost for operators will reduce, and liability for performance is transferred to the equipment provider.
According to the report, increased global demand for oil and gas is fueling the market growth. This demand will encourage vendors to make large investments in advanced oilfield technologies to increase the efficiency and reliability of drill collars and other drilling equipments.
Further, the report states that geopolitical issues in the Middle East have led to the decline in foreign investments and also adversely impacted the ongoing and upcoming drilling projects. With the rising environmental and human health concerns, renewable and sustainable sources of energy have gained importance over fossil fuels.
The various uses of drill collars are:
- To provide necessary weight to the drill bit
- To protect the drill string from buckling forces
- To provide a pendulum effect to maintain the vertical trajectory of the well
- To stabilize the drill bit to increase the drilling efficiency
- To help maintain hole size integrity
The drill collar market in the Middle East is segmented as follows:
- Design: Slick and spiral
- Raw materials: Standard steel drill collar and non-magnetic alloy drill collar
- Tasman Oil Tools
- Weatherford International
Other Prominent Vendors
- Aliron Tool Research
- Challenger International
- Command Energy Services
- Downhole Oil Tools
- Global Drilling Solutions
- National Oilwell Varco
- Workstrings International
For more information visit http://www.researchandmarkets.com/research/m4djvh/drill_collars
Media Contact: Laura Wood , +353-1-481-1716, firstname.lastname@example.org
SOURCE Research and Markets