Industry News

British Petroleum signs concession amendments in Egypt for development of Nooros field

CAIRO: British Petroleum, a multinational oil & gas company has signed an amendment for three concession areas such as Temsah, Ras El Barr and Nile Delta offshore in Egypt. These amendments help in the development for Nooros field, where BP recently attained one of the highest production. Further, the fast track development of Nooros field would accelerate the drilling activities in the Nile Delta offshore concession. Nooros field attained 700 MMcfgd and aimed to achieved 880 MMcfgd by early 2017.     

TechSci Research depicts the increase in drilling activities in Egypt would surge the demand for drilling fluid market. Recovery in oil & gas prices, and increased capital expenditure by major oil & gas companies is projected to increase rig count and drilling activities across the globe. This is anticipated to fuel demand for drilling fluids during the forecast period. Increasing drilling activities in offshore and onshore fields are anticipated to drive demand for drilling fluids across the globe in the coming years. Increasing onshore activities can be attributed to rise in deep sea drilling, due to growing global oil demand. Growth in offshore drilling such as deep water and ultra-deep water drilling activities are also anticipated to contribute to the rising demand for drilling fluids across the globe during 2016-2021.

According to released report of TechSci Research “Global Drilling Fluids Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2011 - 2021”, the global market for drilling fluids is forecast to grow at a CAGR of over 8% during 2016-2021, on account of anticipated increase in oil & gas drilling activities. In 2015, North America dominated demand for drilling fluids across the globe, followed by Asia-Pacific. Moreover, water based drilling fluids dominated global drilling fluids market, due to their environment friendly properties and cost effectiveness.

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