The oil and gas nuclear magnetic resonance (NMR) market is expected to grow at CAGR of more than 5% during 2020 – 2025. To get certainty about lithology and hydrocarbon availability, the application of NMR is expected to grow significantly. Increasing upstream activities in regions like the Middle-East and North America is expected to drive the market. Additionally, growing natural gas exploration, especially from shale formations, is driving the demand for logging tools. On the other hand, the decline in crude oil prices owing to the weaker demand from the end-users has led to a decrease in the upstream activities, and thus, the demand for the NMR logging is also likely to be hindered.
– Application of nuclear magnetic resonance is likely to dominate in the onshore sector, owing to large scale drilling projects and wells in onshore.
– With increasing deepwater and ultradeep exploration, the risk associated with successful exploration is increasing. To increase certainty, application logging like NMR is likely to create significant opportunities.
– North America, with its vast reserves of recoverable shale gas and tight oil reserves in the world, is dominating in NMR market and is expected to continue its dominance in the forecast period.
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The prominent players in the global Oil and Gas Nuclear Magnetic Resonance market are:
Halliburton Company, Weatherford International plc, Vista Clara Inc, Baker Hughes Company, Qteq Pty Ltd, Mount Sopris Instruments Inc., Schlumberger Limited.
Market Segmentation by Region:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Europe, Germany, France, UK, Italy, Russia, Rest of Europe, Central & South America
Global Oil and Gas Nuclear Magnetic Resonance Market Overview
Onshore Sector to Dominate the Demand
– NMR is a type of log that provides information about the quantities of fluids present, the properties of these fluids, and the sizes of the pores containing these fluids.
– In 2019, Indias state-owned company ONGC announced that it had allotted INR 6,000 crore in drilling 200 wells over the next seven years in Assam to increase the output from the state. The wells are expected to be drilled during the next seven years, hence increasing the demand for logging services market during the forecast period.
– In Russia, Gazprom Neft continues to conduct studies on its Bazhenov acreage and is targeting 40,000 b/d of production from shale by 2023. To attain successful recovery, the demand for logging, including NMR, is likely to increase.
– With increasing rig count in the Asia Pacific to 228 in 2019, drilling of new can be expected. The new wells are likely to undergo logging activities in the forecast period.
– Due to the COVID-19 outbreak, delay in upstream projects is expected in the short term. Later in the forecast period, with the initiation of new projects, the market of NMR is expected to grow considerably.
North America to Dominate the Market
– The United States was one of the largest producers of crude oil and natural gas, accounting for around 18% and 23% of the global production, respectively, in 2019. The production surged in 2019, mainly due to robust drilling in its shale reserves, led by the Permian Basin.
– Onshore oil production in the United States accounts for around 84% of the countrys oil production and 3% of the countrys natural gas production as of 2018. Increased onshore exploration activity in the forecasted period is expected to drive the NMR demand.
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– It is expected that around USD 76 billion will be spent on 97 upcoming oil and gas projects in the country between 2018 and 2025 in the United States. With new exploration and drilling projects, NMR logging can witness considerable growth.
– As of April 2019, 8390 drilled wells are incomplete in the country, with the Permian Basin having the largest share. The successful completion of these well is expected to raise the demand for logging activities.
– Despite the decrease in the number of active rig count to 990 in 2019, the uncompleted wells and new wells in the forecast period can witness the application of NMR logging in the future.
– Due to the availability of vast shale reserves in the United States and Canada, the number of wells is increasing that is expected to drive the need for NMR in the forecast period.
Furthermore, Global Oil and Gas Nuclear Magnetic Resonance Market following points are involved along with a detailed study of each point: –
– Global Oil and Gas Nuclear Magnetic Resonance Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
– Global Oil and Gas Nuclear Magnetic Resonance Market competition by Manufacturers (2021-2027)
– Production and Consumption by Regions
– Complete profiling and analysis of Manufacturers (2021-2027)
– Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses
– Industrial Chain, Sourcing Strategy and Downstream Buyers
– Marketing Strategy Analysis, Distributors/Traders
– Global Oil and Gas Nuclear Magnetic Resonance Market Effect Factors Analysis (2021-2027)
– Global Oil and Gas Nuclear Magnetic Resonance Market Forecast (2021-2027)
– Global Oil and Gas Nuclear Magnetic Resonance Market Research Findings and Conclusion
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyses key emerging trends and their impact on present and future development.
The research includes historic data from 2015 to 2020, and forecast to 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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