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Aker BP Receives Permission to Drill Oil Exploration Well in Volund

The development of project would boost the demand for drilling fluid across the region.

Norway: The  Petroleum Safety Authority Norway (PSA) has given authority to  Aker BP ASA to drill oil wells with the designation 24/9-11S. The consent has been granted to assess the potential of subsea facility at Volund. It would take around 28 days for the drilling operation which will facilitate the production of crude oil in the region. The drilling activities would be performed through Transocean Arctic mobile drilling facility.

TechSci Research depicts that grant to Aker BP for drilling the exploration well would have a positive impact on oil exploration activities in the region. North Sea is rich in crude oil and a large amount of petroleum reserves in that region are yet to be tapped. The drilling activities would have a major impact on the growth of oil and gas market since drilling fluid is used in the drilling activities. The grant offered to drill oil exploration well in Volund would encourage the drilling fluid market in the region.

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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