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Need for fossil fuels for different purposes is increasing exponentially across the globe. Growing necessity to operate various electricity generation plants, manufacturing units, automotive, and other industrial operations have led companies to find favorable solutions for maximum fossil fuels recovery. Oil & gas by-products are also readily used in the production of waxes, lubricants, fertilizers, polymers, paints, plastics, and other chemicals.
Fluctuating oil prices globally along with high drilling cost of new wells will positively influence refracturing market growth. Refracturing involves pumping a mixture of fluid into an underperforming well to foster production. It is done to revive an existing vertical or horizontal well to increase oil & gas flow for a longer duration.
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On the basis of location, the refracturing market can be segmented into onshore and offshore. Onshore refracturing is majorly adopted to rejuvenate old low production or uncompleted wells using appropriate proppants inland basins. While offshore refracturing is applied in the large geologic formations present under the seabed. On the basis of reservoirs, the global refracturing market can be divided into shale, coal bed methane (CBM), and tight reservoirs.
Shale refracturing uses multistage fracs coupled with appropriate strategy and design to enhanced production through low permeable shale reserves. Tight reservoirs refracturing can yield excellent results by selecting correct refracturing time and method along with a proper selection of candidate wells.
The major market driver for the global refracturing market is abruptly changing crude oil prices in the international market. Major operators in the oil & gas industry tend to shift towards controlled cost operations and simultaneously access additional reservoir volumes. A well-designed refrac job with appropriate methods & fracking fluids can cost at about 25% of the cost of a new well.
The key market restraint for the global refracturing market is difficulty in selecting the right wells, along with limited expertise to choose correct treatment design. Different parameters, including wellbore integrity, type of fluid, wellbore integrity, and initial well performance, are considered while selecting wells for successful refrac operation.
Some of the major companies that are present in the refracturing market are Schlumberger, Halliburton, Apache Corporation, Baker Hughes, a GE company, ConocoPhillips, Trican Well Service Ltd., Comitt Well Solutions LLC, Whiting Petroleum Corporation, and Weatherford.
· Coal Bed Methane (CBM)
· Tight Reservoirs
· North America (The USA and Canada)
· Europe (UK, Italy, Spain, Russia, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global refracturing market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is likely to dominate the industry during the forecast period. Better technical advancement, along with optimum investments to develop strategies and methods to carry out a refracturing job successfully, will positively influence the USA market outlook. Substantial unconventional reserves, including shale and tight oil across the Latin America region, is projected to enhance regional growth. In the Asia Pacific, increasing energy demand in emerging economies coupled with rising exploration & production activities to suffice needs is anticipated to cater refracturing market across the region.