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The rising demand for energy has from each part of the world has increased the demand for more efficient techniques to be used for exploration activities. The rise in exploration activities to satisfy the increasing demand required more efficient technologies for exploration which would increase the current production rate at various sites.
The multi-pad drilling technique is the latest advancement in the exploration industry which gives higher production rates and is cost-efficient. During the multi-pad drilling activity the drilling wells can be drilled vertical, horizontal or directional depending on the formation. The wells are drilled at a certain distance from each other which allow the mobility of the rigs used for drilling purpose.
The various advantages provided by multi-pad drilling as compared to conventional practices are nonoperational time is reduced, boost in production capacity, time lost during assembly and disassembly is saved, and cost of production also goes down. This all factor has seen the multi-pad drilling market to grow in recent years, and the trend is set to continue over the given forecast period.
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Based on its pad size the global multi-pad drilling market can be segmented into up to 6 pad and above 6 pad. The increased adoption of the up to 6 pad segment due to ease of usage and cost-benefit it will dominate the global multi-pad drilling market during the given forecast period. Based on its application global multi-pad drilling market can be segmented into onshore and offshore. Owing to the increased onshore exploration for shale gas, the onshore segment will have a higher growth rate than offshore segment over the given forecast period.
The major market driver for the global multi-pad drilling market is the increasing demand for natural gas and crude oil. The increase in demand has led to a rise in exploration activities. Also the advantages of multi-pad drilling over other practices have impacted the growth of the global multi-pad drilling market.
Key market restraint for the global multi-pad drilling market is the growing strict norms put forward by government organizations to avoid the damage to the environment caused due to use of multi-pad drilling. Also, the requirement of large area as multiple drills is done, and the requirement of special rigs for multi-pad drilling can hamper the growth of the global multi-pad drilling market.
Some of the notable companies in the global multi-pad drilling market are Devon Energy, Chevron, ExxonMobil, Cairn Oil and Gas, Continental Resources, CONSOL Energy, Earthstone Resources, Pioneer Natural Resources Company, Encana Corporation, Marathon Oil Corporation, Cheasapeake Operating Inc, Hess Corporation, Nabors Industries, and Continental Resources.
By Pad Size
The global multi-pad drilling market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market has captured pace in North America and Middle East regions in recent years. The shale boom in the North America region with the USA leading the pack has been the driving factor for the multi-pad drilling market in the region. In the Middle East, the increased exploration activities in the GCC countries and other countries has driven the growth of multi-pad drilling market. Asia Pacific region has also seen increase in the rate of adoption of the multi-pad drilling. The major countries in the region are China and India. The increasing number of exploration in Europe and Latin America are also opportunities for the growth of the multi-pad drilling market.
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