Cuadrilla gets approval to drill 4 exploration wells at a Bowland basin, England

Increasing drilling activities across the globe to augment demand for drilling fluids in the coming years

United Kingdom: UK-based Cuadrilla Resources Ltd. received approval from local authorities to hydraulically fracture 4 exploration wells in the company’s Lancashire area which holds an estimated 200tcf of natural gas in place of shale. The company has identified two Preston new Road locations for the same and plans to drill 4 wells at each location.

TechSci Research depicts technological advancements and exploration activities pertaining to shale gas and coalbed methane (CBM) are boosting global drilling fluids market. Furthermore, in line with regulations and increasing environmental concerns, drilling fluid manufacturers across the globe are focusing on production of environment friendly products. High costs and environment concerns are projected to reduce demand for oil based drilling fluids and in turn boost sales of high performance aqueous drilling fluids and synthetic drilling fluids.

According to a 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. Increasing drilling activities in offshore and onshore fields is 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 is also anticipated to contribute to the rising demand for drilling fluids across the globe during 2016-2021.