Multi Pad Drilling Market Statistics, Regional Growth & Forecast To 2024

20-10-2022

By Ronak Bora

Multi pad drilling industry, having generated a phenomenal revenue of USD 90 billion in 2015, is slated to double its share over the coming seven years, with a projected CAGR of 15% over 2016-2024. The technique is being adopted widely as a prominent means to increase the rig productivity both in terms of volume and time. Multi pad drilling helps to reduce the rig mobilization time between multiple wells, thereby eliminating repetitive steps in the drilling process. The increasing number of exploration activities pertaining to unconventional resources such as shale and tight gas coupled with the rising rig counts will further provide a substantial impetus to multi pad drilling market.

In terms of applications, onshore multi pad drilling will witness tremendous growth due to abundant availability of conventional and unconventional resources. As per the estimates, onshore multi pad drilling market size was USD 90 billion in 2015 and is estimated to register a CAGR of 15% over 2016-2024. Offshore multi pad drilling having stood at USD 850 million in 2015 is expected to chart out a moderate growth map over the coming years owing to the high capital investments involved while sponsoring the offshore projects.

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The government initiatives toward protecting the environment from hazardous chemicals and emissions are also playing a pivotal role in driving multi pad drilling market trends across various geographies. Below are the key regional highlights pertaining to multi pad drilling market:

U.S. multi pad drilling industry size will observe a remarkable expansion over the coming years, primarily driven by huge capital investments for exploration and production of shale gas.
Driven by the adoption of affordable and efficient drilling technologies, China multi pad drilling market is projected to record a CAGR of 12% over 2016-2024. Reportedly, the region holds 130 BCM of recoverable gas and 5.19 TCM of conventional gas.
Middle East multi pad drilling industry size is poised to expand at a CAGR of 7% over 2016-2024, driven by huge capital investments in oil infrastructure.
Russia is another profitable avenue for multi pad drilling market having had a valuation of USD 5 billion in 2015.
Argentina, having accounted for 40% of the Latin America industry share in 2015, is slated to exceed a market valuation of USD 2 billion by 2024.

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The companies engaged in this industry have been vigorously involved in strategic collaborations and mergers & acquisitions to enhance their global presence. One such recent instance was recorded when Exxon Mobil, the prominent participant of the multi pad drilling market made a declaration earlier this year of acquiring several private companies and 275,000 acres of land in the Permian Basin, with a deal-strike value of USD 6.6 billion. Some of the other renowned names in this market include Earthstone Energy, Inc., Encana, Hess Corporation, Pioneer Natural Resources, Cairn India, Nostra Terra Oil & Gas, Chevron Corporation, Nabors, Devon Energy, Consol Energy, Chesapeake Energy, and Marathon Oil Corporation.

Partial Chapter of the Table of Content

Chapter 2 Executive Summary

2.1 Multi pad drilling industry 360⁰ synopsis, 2014 - 2024

2.1.1 Business trends

2.1.2 Pad trends

2.1.3 Application trends

2.1.6 Regional trends

Chapter 3 Multi Pad Drilling Industry Insights

3.1 Industry segmentation

3.2 Industry size & forecast, 2014 – 2024

3.3 Industry ecosystem analysis

3.3.1 Vendor matrix

3.4 Technology & innovation landscape

3.4.1 Patent trends

3.5 Regulatory landscape

3.5.1 U.S.

3.5.2 Russia

3.5.3 China

3.5.4 UK

3.6 Industry impact forces

3.6.1 Growth drivers

3.6.1.1 Increasing exploration and production of unconventional resource

3.6.1.2 Cost effective technology

3.6.1.3 Rising petroleum pad demand

3.6.2 Industry pitfalls & challenges

3.6.2.1 Volatile crude oil price

3.7 Growth potential analysis

3.8 Porter’s analysis

3.9 Competitive landscape, 2015

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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....