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Well cementing is one the most crucial operations performed in oil and gas drilling activities. It restricts the fluid movement from the groundwater reservoir to the borewell. It also provides a firm structure to the casing and prevents the casing from blowouts and corrosion. The process aids in the efficient production of oil and gas and ensures minimal environmental hazards. The oil and gas corporations invest heavily in drilling activities. There are more than 900,000 active oil and gas wells in the United States alone. The increasing oil and gas exploration and mining activities augment the demand for well cementing. As the world is gradually recovering from the COVID-19 pandemic, major oil tycoons emphasize resuming the projects that got hampered during the pandemic. As per Fortune Business InsightsTM, the global market for well cementing is projected to reach USD 16.63 billion by 2026. The swelling demand for oil and gas due to rising consumption by the global population is anticipated to propel the demand for well cementing.
The humanitarian crisis has brought the global economy on the verge of recession. The multi-million-dollar market has experienced a negative effect of the pandemic. The disruptions in global supply chain networks and the stringent lockdowns and curfews imposed by the governments of several nations have resulted in a halt in the oil and gas exploration projects and, therefore, diminished the well cementing demand. However, the key players operating in the market are restructuring their business operations and anticipate strong growth in the upcoming years.
Fortune Business InsightsTM Identifies the Following as the Top 10 Key Players in the Global Well Cementing Industry:
The company is a global pioneer and operates in around 70 nations. The company dominates the cementing sector with a wide range of modern cementing solutions. The extraordinary cementing solutions ensure that the cementing sheath is able to protect the casing, bear stress, fluctuating temperature, pressure, and offer zonal isolation all over the well’s life. Most recently, in April 2021, the company recorded a revenue of USD 1.9 billion in the first quarter of 2021. The high cementing in the North Sea is responsible for the increased revenue.
The company offers CemCRETE concrete-based oilwell cementing technology and efficient deepwater cementing technology. The company occupies a huge global market share. It signed a cementing technology licensing agreement with Sanjel in March 2020. Sanjel Energy can select the cementing technology by Schlumberger in Canada offshore through this agreement.
Baker Hughes is one of the most prominent well cementing companies globally. It furnishes an advanced design technology and is reportedly working on the development of well cementing that can operate in the arctic’s land, high pressure, deepwater, and in high-temperature situations. The company bought BJ Service’s core assets in July 2020, including the cementing business.
The company has been operating in the market for almost 50 years and is one of the leading players in offshore oilfield services. The company’s annulus cementing ring maintains the integrity of the sealing across the life of the oil and gas well. The cementing seal remains intact even after enduring acid corrosion, hot corrosion, failure of a packer, or pressure, and temperature fluctuations.
COSL entered a strategic agreement with CORO technologies for two well campaigns in August 2019. The first one will test the well’s design, and the other will test the Tambak exploration.
The company is a pioneering global well construction and intervention provider. It focuses on providing oil services and offers a variety of facilities throughout the well’s life cycle.
In October 2019, Keane and C&J Energy Services merged to form NexTier Oilfield Solutions to facilitate enhanced well construction and oilfield services.
The company specializes in conventional and deepwater cementing and is a top wellbore production and solutions company. It provides innovative systems that help to achieve zona isolation.
The company launched the world’s first open hole single-trip cementing sidetrack system called AlphaST in August 2019. The system does not require a cement plug to initiate sidetrack operations.
The company specializes in cementing equipment, R&D, and formulations. It is a global player in the well services and is highly focused on working efficiently. The company acquired Canyon Technical Services Group Ltd. and is progressing on implementing the Triple E program.
Most recently, Trican Well Services reported the earnings of the fourth quarter of 2020. An increase of 109% was observed in cementing job count, and the cementing alone accounted for 18% of the total revenue.
The company is a globally renowned independent oilfield service provider. It provides remedial and primary cementing services. These companies developed a proprietary ultra-lightweight cementing system that uses ordinary cement without cement extenders.
Calfrac Well Services generated 16% higher revenue in March 2021 as compared to December 2020. The company also finished 93 cementing projects in the first quarter of 2021 over 85 jobs completed in 2020.
The company is a major cementing service provider. It has finished over 18,500 service jobs in a period of three years. The company is currently involved in a study with the University of Alberta to quantitatively assess the impact on the integrity of cement due to stress-induced 3D fractures.
A patent for a new technology of cementing complex well called VISWEEP DM IS was filed by the company in November 2019. The technology aims to improve efficiency and more simple past cementing.
The company has experience of over 25 years in cementing services, including remedial and primary services. It provides cementing equipment with a fully automated density control potential. The company also offers customized cement systems.
Gulf Energy established its second manufacturing plant in Oman and in May 2021, won a contract worth more than USD 1 billion from Petroleum Development in Oman. The 9-year long contract includes cementing, mining, coil tubing, and fishing.