Worldwide Oil and Gas Nuclear Magnetic Resonance Industry to 2027 – Onshore Sector to Dominate the Demand
DUBLIN–(BUSINESS WIRE)–The “Oil and Gas Nuclear Magnetic Resonance Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The oil and gas nuclear magnetic resonance (NMR) market is expected to grow at CAGR of more than 5% during the forecast period of 2020-2025.
Key Market Trends
Onshore Sector to Dominate the Demand
- NMR is a type of log that provides information about the quantities of fluids present, the properties of these fluids, and the sizes of the pores containing these fluids.
- In 2019, India’s state-owned company ONGC announced that it had allotted INR 6,000 crore in drilling 200 wells over the next seven years in Assam to increase the output from the state. The wells are expected to be drilled during the next seven years, hence increasing the demand for logging services market during the forecast period.
- In Russia, Gazprom Neft continues to conduct studies on its Bazhenov acreage and is targeting 40,000 b/d of production from shale by 2023. To attain successful recovery, the demand for logging, including NMR, is likely to increase.
- With increasing rig count in the Asia Pacific to 228 in 2019, drilling of new can be expected. The new wells are likely to undergo logging activities in the forecast period.
- Due to the COVID-19 outbreak, delay in upstream projects is expected in the short term. Later in the forecast period, with the initiation of new projects, the market of NMR is expected to grow considerably.
North America to Dominate the Market
- The United States was one of the largest producers of crude oil and natural gas, accounting for around 18% and 23% of the global production, respectively, in 2019. The production surged in 2019, mainly due to robust drilling in its shale reserves, led by the Permian Basin.
- Onshore oil production in the United States accounts for around 84% of the country’s oil production and 3% of the country’s natural gas production as of 2018. Increased onshore exploration activity in the forecasted period is expected to drive the NMR demand.
- It is expected that around USD 76 billion will be spent on 97 upcoming oil and gas projects in the country between 2018 and 2025 in the United States. With new exploration and drilling projects, NMR logging can witness considerable growth.
- As of April 2019, 8390 drilled wells are incomplete in the country, with the Permian Basin having the largest share. The successful completion of these well is expected to raise the demand for logging activities.
- Despite the decrease in the number of active rig count to 990 in 2019, the uncompleted wells and new wells in the forecast period can witness the application of NMR logging in the future.
- Due to the availability of vast shale reserves in the United States and Canada, the number of wells is increasing that is expected to drive the need for NMR in the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Location of Deployment
5.2.1 North America
5.2.4 Middle-East and Africa
5.2.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Weatherford International plc
6.3.3 Vista Clara Inc
6.3.4 Baker Hughes Company
6.3.5 Qteq Pty Ltd
6.3.6 Mount Sopris Instruments Inc.
6.3.7 Schlumberger Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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