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.