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.