These systems in global drilling fluids market serve various purposes, including removal of cuttings from hellebore, to suspend and release cuttings, to counterbalance the orientation pressures, to seal permeable formations, to maintain the hellebore stability, to minimize formation damages, to work as a coolant and lubricant for drilling bit, to transmit hydraulic energy to drilling bit, to control corrosion of the equipment, and so The completion and drilling fluids market Is driven by the Increasing drilling costless and It Is expected to be another strong, profitable year for E&P companies around the globe, especially for those focusing on crude 011. The price trend of crude OLL and natural gas will support greater liquids and shale exploration In a number of international areas, just like it has been done in North America over the past few decades. The relatively high price also supports large development projects offshore.
The drilling fluids market is growing at 7. 5% from 2013 to 201 8 which directly complements the drilling activities. Almost 13% of the oil and gas reserves are found in offshore waters. Around 10% of those are found in deep water and around 3% In ultra deep waters. Technological developments coupled with high demand are Increasingly putting pressure to Increase the depth of wells which in turn results In various damages to the drill bit re required. Hence, the critical factors responsible for the growth of the drilling and drilling activities onshore and offshore, discoveries of new CB and shale reserves, and the emergence of nanotechnology.
