Multi Pad Drilling Market Size

Multi Pad Drilling Market Size

Multi Pad Drilling Market size for 2015 was valued over USD 90 billion and is forecast to grow over 15% CAGR by 2024./p>

Increasing exploration and production of unconventional resources including shale and tight gas coupled with rising rig count will drive the global multi pad drilling market size over the forecast timeframe. Major countries accounting for E&P are Mexico, Russia, U.S., Canada, Brazil, Saudi Arabia, China and UAE. As of 2015, average wells drilled per rig was approximately one in the Eagle Ford region (U.S.), but till the onset of 2016, the well count reached to 5 wells per rig./p>

Stringent government regulations including Environmental Protection Act 1994 to ensure the environment protection will stimulate the multi pad drilling market share by 2024. The technology features to reduce the well drilling & infrastructure cost, enhance productivity and minimize environmental impact, which may further complement the industry outlook. For instance, 10 wells per pad walking rig can save up to 35.8% of the drilling cost for each well, similarly a typical 4 wells per pad skidding rig can save up to 26.4% of the drilling cost./p>

Increasing demand to produce O&G at minimum cost with less turnaround time will positively encourage the multi pad drilling market size. For instance, In Chesapeake Energy’s Powder River Basin Project cost reduced by 45% since 2014 i.e. USD 4.5 million to USD 2.6 million. A single rig with a 10 well pad, on an average can save total time of 19.6 wells/year. Growing crude oil demand along with rapid industrialization will further complement the business growth.