LONDON–(BUSINESS WIRE)–Technavio, a tech-focused research firm, has published a new report on the well completion equipment in the Middle East, which is expected to grow at a CAGR of almost 5% from 2015-2019.
The latest report by Technavio draws attention towards the rise in unconventional oil and gas resources such as tight oil, shale gas, CBM, and shale oil, which is driven by the decline in the production and exploration of conventional oil reserves.
“Saudi Aramco has invested $3 billion to develop unconventional gas resources in Saudi Arabia till date. As a result, the market share of oil and gas from unconventional resources is expected to increase significantly during the forecast period,” says Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also accentuates the advances in technologies in the well completion equipment, which will improve production rates, fuel redevelopment of existing oilfield wells, facilitate higher production from unconventional resources, and ensure better well management.
“Advances in technology have increased the volumes of production and reduced the costs and risks associated, motivating vendors to make bigger investments in R&D to improve the reliability and efficiency of the well completion equipment,” explains Ghaus.
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Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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