Directional Drilling Market to Record an Exponential CAGR | 2023

Increasing demand for oil and natural gas has led to the rise in both on-shore and off-shore drilling activities across the world. On account of its higher productivity and throughput rates over conventional vertical drilling, directional drilling has gained immense popularity in recent years. Directional drilling is the process of drilling wherein the contractors attempt to alter or change the inclination or azimuth of the drill hole. This can be achieved through bottom hole assembly selections and, directional drilling or wedging tools. In order to change or control the direction of drilling holes, the drilling contractors need to plan and select a proper method to ensure smooth completion of the project. In the bottom hole assembly selection method, drilling contractors make use of longer reaming shells, stabilized full hole barrels and set parameters for the crew to gain a better control over the drill hole.

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Instead of steering the hole in a particular direction, this method minimizes the directional change of the drilling hole due to natural formation tendencies. In case of the directional or retrievable wedges, drilling contractors can cut a secondary hole off an existing hole. With the use of directional wedges, drilling crew is able to set up and control if a hole is heading off line. Contractors make use of retrievable wedges in cases where the client requires no piece of metal to be left in the drilled hole. With the use of such methods, drilling contractors are able to ensure cost effective and quicker completion of drilling project with higher quality.

One of the major factors driving the growth of directional drilling market is the sustained high oil prices across the world. With increasing need for higher productivity and efficiency of oil drilling process, there has been an increase in the demand for directional drilling. In addition, maturity of on-shore drilling sites has led to the exploration of numerous untapped off-shore resource sites. Oil and gas companies along with drilling contractors seek to make use of directional drilling to gain higher control on the direction of hole on such new sites.

Another factor driving the demand for directional drilling market is the ability to retrieve the drilling spear and other drilling equipment from the hole. In cases where metal cannot be left in the drilled hole, directional drilling has offered a viable solution in achieving a precise and clear hole. Despite its immense benefits, the directional drilling market faces a few restraints due to environmental risks and strict government regulations. Companies in the directional drilling market need to deal with such challenges to carry out drilling activities across the world.

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With increasing demand for deep and ultra-deep water oil and gas reserves, the directional drilling market has been lucrative in recent years. Companies in this market offer various directional drilling services, turbo-drills, mud motors, steering and measurement tools and rotary steerable systems. Companies seek to gain leverage of the increasing intensity of directionally and horizontally drilled wells across the world. Some of the key players in the directional drilling market include Transocean Offshore Deepwater Drilling, Inc., Halliburton Co., Baker Hughes, Inc., Ensco Plc., Weatherford International Plc., and Schlumberger Limited.

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Ganesh Rajput

As one of the lead news writers on CMFE News, Ganesh’s specialization lies in the science and technology domains. His passion for the latest developments in cloud technology, connected devices, nanotechnology, and virtual reality, among others, shines through in the most recent industry coverage he provides. Ganesh’s take on the impact of digital technologies across the science, technology, and business domains gives his writing a fresh and modern outlook.

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