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The drilling and completion fluids market are projected to reach USD 12.76 billion by 2023 from USD 9.62 billion in 2018, at a CAGR of 5.82%. The growth in this market is supported mainly by the increasing onshore and offshore drilling activities and the rising shale gas exploration. Drilling and completion fluids are essential for any onshore or offshore drilling activities. These fluids facilitate the drilling process by suspending cuttings, controlling pressure, stabilizing the exposed rock, and by providing buoyancy, cooling & lubrication.

The PDC drill bits market is estimated to grow at a CAGR of 4.41% from 2018 to 2023, to reach a projected market size of USD 4.54 billion by 2023. This growth can be attributed to the increasing demand for production & exploration activities in the world, leading to an efficient oil & gas drilling. The PDC drill bits market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the PDC drill bits market include Schlumberger (US), BHGE (US), Halliburton (US), NOV (US), and Varel (US). The North American region is projected to account for the largest market share during the forecast period because of a higher rate of drilling activities owing to shale gas exploration & production. The North American region is estimated to be the fastest-growing market as well during the forecast period. Vast hydrocarbon resources in the US shale basins and continuous offshore drilling in the Gulf of Mexico are driving the demand for the market.

According to the new market research report "Coiled Tubing Market by Fleet (Operator, Region), Service (Well Intervention Service (Well Completions & Mechanical Operations, Well Cleaning & Pumping Operations) Drilling Service, Others), Application (Onshore, Offshore), Region - Global Forecast to 2025", size is projected to reach USD 4.0 billion by 2025 from an estimated USD 3.0 billion in 2020, at a post COVID-19 CAGR of 5.8% during the forecast period. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from Asia Pacific are the driving factors for the coiled tubing industry, globally. Coiled tubing units are required while intervention and drilling operations during either of the phases, well drilling, completion, and production.

Latest report "Coiled Tubing Market by Fleet (Operator, Region), Service (Well Intervention Service (Well Completions & Mechanical Operations, Well Cleaning & Pumping Operations) Drilling Service, Others), Application (Onshore, Offshore), Region - Global Forecast to 2025″, size is projected to reach USD 4.0 billion by 2025 from an estimated USD 3.0 billion in 2020, at a post COVID-19 CAGR of 5.8% during the forecast period. The rising number of mature fields in Europe and the Middle East, along with rising primary energy demand from Asia Pacific are the driving factors for the coiled tubing industry, globally. Coiled tubing units are required while intervention and drilling operations during either of the phases, well drilling, completion, and production.

The Iraqi Drilling Company (IDC) has signed a contract with the Dhi Qar Oil Company to drill 20 new oil wells in the Nasiriyah oil field in Southern Iraq for a fee of $128m over two years. The deal was authorised by the Iraqi Ministry of Oil on 11 September.

Italian oil and gas industry contractor Saipem has secured two offshore drilling contracts in Norway and the Middle East with a combined value of more than $200m.

US President Barack Obama extended a moratorium on new deepwater offshore drilling Thursday as oil giant BP's critical top-kill operation had likely temporarily stopped an oil leak that has already created the worst oil spill in US history.

Norwegian energy company Equinor has submitted an environment plan (EP) for its proposed drilling activity in the Great Australian Bight to Australia's National Offshore Petroleum Safety and Environmental Authority (NOPSEMA).

According to the new market research report "Enhanced Oil Recovery Market by Technology (Thermal (In-Situ Combustion, Steam, Others), Chemical (Polymer, Surfactant, Alkaline Surfactant Polymer), Gas (CO2, Other Gas), Other EOR), Application (Onshore, Offshore), and Region - Global Forecast to 2025", The global enhanced oil recovery market size will grow to USD 59.4 billion by 2025 (forecast year) from USD 43.3 billion in 2020 (estimated year), at a CAGR of 6.5% during the forecast period. The rising number of mature fields in North America and the Middle East, along with rising primary energy demand from the Asia Pacific, are the driving factors for the enhanced oil recovery market, globally. Technological developments in advancements in shale oil & gas reserve development, production from oil sand, and deep-water drilling have led oil & gas production across regions, which creates opportunities for growth of the market.

Slightly over twenty years ago, Johnathan Roberts started work on an oil rig at $5 an hour. Today, the newly appointed operations manager of Norway's Standard Drilling makes about half a million dollars a year.

Against a background of escalating tension between the US and Russia over events in Ukraine, oil companies from each country have been working to overcome the numerous challenges of extracting oil from the Arctic Ocean. Having completed one of the largest Arctic expeditions in history to understand the challenges, the partnership has now started to drill.