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Technological Advancement, Volatile Oil Prices, Rising Drilling Cost to Propel Refracturing and Restimulation Growth
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Innovation in Refracturing and Restimulation is driving new opportunities for Oil and Gas Industry. With volatility in Oil Prices, there is growing need for reducing production cost. This is in turn driving technological advancements to propel the growth of refracturing and restimulation procedures. Innovation in Refracturing and restimulation is expected to create growth opportunities in the upcoming years across upstream – exploration and production. As operators and equipment providers are foraying into digital landscape, and service providers are not far behind. The technological advancements that are focused on improving production cost, increasing operational efficiencies, will be key driving forces for growth in refracturing and restimulation activities. The growth opportunities for refracturing and restimulation represent significant impact on the overall oil and gas industry. While there are a few challenges and pain points that are currently witnessed in this space, technological investments made by all the market players – operators, equipment and service providers as well as contractors, are expected to address several of the challenges. The recent development of IIoT based solutions uses the historical production data aid in precise determination of ideal wellbore. This coupled with effective isolation and diversions technologies represent significant opportunities for increased refracturing and restimulation activities. With a a flux of innovation driving operational efficiencies, the initial capital investment is a point to consideration for the market players. Several operators, equipment and service providers are often deterred by the high initial cost of investment and the market uncertainties from fluctuating crude oil prices. Operators such as Pioneer Natural Resources, Chesapeake Energy, Exxonmobil along with equipment and service providers such as Schlumberger, Halliburton, Weatherford are positioned in the refracturing and restimulation market as innovators primarily due to their continued investments in effective and economical technologies. These investments outline their strategies for growth in overall oil and gas market. The oil prices are witnessing significant volatility and are trending at new lows, driven in large parts by the inconsistencies in oil production by both OPEC and non- OPEC nations. This has created an increased pressure on the oil operators and equipment service providers to reduce the total cost of production. As a result, operators as well as equipment and service providers are focusing their attention on refracturing and Restimulation of old well bores as an option. Therefore, it becomes imperative for operators, equipment and service providers to monitor and evaluate new technological innovations refracturing and Restimulation methodologies, which will help in determining the ideal wellbore and the appropriate methodologies of refracturing and Restimulation, to bring in operational efficiencies. Permian Basin will be a prime area of focus for refracturing and restimulation based on the results. In addition, Eagle Ford has showcased potential with a significant production increase of 30-70%. Innovations in Data Analysis, Isolation, Proppant Tracers, Diverting Technology (Mechanical and Chemical), and Reservoir Real-Time Monitoring will propel implementation of Refracturing. Economic Considerations (50-70% lesser than drilling and completing a new well) and Technological Feasibility (% of potential EUR produced/remaining, Offset Characteristics, Pressure depletion) will be key criteria in driving refracturing and restimulation market in the upcoming months.
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