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Oil and Gas Enhanced Production Services Industry to 2015
Oil and Gas Enhanced Production Services Industry to 2015
Global Oil and Gas Enhanced Production Services Industry Expenditure Expected to Rise Steadily in the Near Future
London,
London,
United Kingdom
(prbd.net)
25/04/2011
The oil and gas enhanced production services expenditure has grown consistently since 2000 to 2008 as a result of the rise in demand as well as costs for enhanced production services. This is a result of efforts to improve the production efficiency in terms of percentage recovery of crude oil and natural gas from onshore and offshore reservoirs. From an annual capital expenditure of $ 21.95 billion in 2000, the annual spending for the global oil and gas enhanced production services grew at AAGR of 26.38 % till 2008, when the annual capital expenditure was $ 68.27 billion. Year 2009 saw a decline in spending over the previous year by around 12.25%.
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The application of enhanced production techniques such as artificial lift in upstream production processes would considerably improve the percentage recovery of oil and gas from onshore as well as offshore reservoirs. For instance, the Ministry of Oil and Gas of Bahrain has recently declared that their country’s oil production has increased by more than 25%, from 32,000 barrels per day to around 40,000 barrels per day, a first time production increase in the past 33 years, as a result of application of artificial lift techniques in oil and gas extraction activity carried out in their reservoirs. In Bahrain, artificial lift helped produce more oil and gas through bettement of percentage hydrocarbon recovery by adding energy to the fluid column in a wellbore with the objective of initiating and improving production from the well. Artificial-lift systems use a range of operating principles, including rod pumping, gas lift and electric submersible pump. It could be expected that considerable investments in artificial lift techniques would be done by the upstream oil and gas sector to increase the production efficiency, in the near future.
GBI Research, a leading business intelligence provider, has released its latest research, “Oil and Gas Enhanced Production Services Industry to 2015 - Enhanced Oil Recovery Proving to be a Key Solution for Tapping Uncoventional Reservoirs and Depleting Oil Fields”. The study, which is an offering from the company’s Energy Research Group, provides an in-depth analysis of the oil and gas enhanced production services market worldwide and highlights the various concerns, key trends, along with major upstream deals in the upstream exploration and production sector. The report provides forecasts for the oil and gas enhanced production services industry to 2015. The report also provides segmental forecasts of the oil and gas enhanced production services industry by segment type and mentions the technology overview of each segment. Profiles of major oilfield services companies providing enhanced production services are also provided. The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.
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