Market Size of Africa Drilling and Completion Fluids Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Africa Drilling & Completion Fluids Market Analysis
The Africa drilling and completion fluids market is expected to grow at a CAGR of over 5% during the forecast period.
The COVID-19 pandemic affected the market severely in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the increase in the number of drilling operations in African countries and the development of shale, deep-water, and ultra-deepwater fields are expected to drive the market's growth.
- On the other hand, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitical tensions, and several other factors, are expected to hamper the growth of Africa's drilling and completion fluids market during the forecast period.
- Nevertheless, wells are being drilled away from land into the sea, and more profound than before, such as deepwater and ultra-deepwater projects, are likely to create lucrative growth opportunities for Africa's drilling and completion fluids market in the forecast period.
- Nigeria dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments in the oil and gas industry.
Africa Drilling & Completion Fluids Industry Segmentation
The drilling and completion fluid protects the reservoir. It ensures downhole safety and smooth drilling work, thus combining the drilling fluid technique with the reservoir-protecting technique and forming a drilling and completion fluid technique that protects the reservoir. The African drilling and completion market is segmented by Fluid Type, Location, Well Type, and Geography. By Fluid Type, the market is segmented as Water-Based, Oil-Based, and Others; By Location, the market is segmented as Onshore and Offshore. By Well Type, the market is segmented into Conventional Wells and High-Pressure, High-Temperature Wells. The report also covers the market size and forecast for the African drilling and completion fluids market across major countries of the African region. For each segment, the market sizing and forecasts have been done on revenue (USD billion).
| Fluid Type | |
| Water-Based | |
| Oil-Based | |
| Others |
| Location | |
| Onshore | |
| Offshore |
| Well Type | |
| Conventional | |
| High Pressure High Temperature (HPHT) |
| Geography | |
| Nigeria | |
| Algeria | |
| Ghana | |
| Rest of Africa |
Africa Drilling and Completion Fluids Market Size Summary
The Africa drilling and completion fluids market is poised for growth, driven by an increase in drilling operations and the development of shale, deep-water, and ultra-deepwater fields across the continent. Despite the challenges posed by volatile oil prices and geopolitical tensions, the market is rebounding from the impacts of the COVID-19 pandemic and is expected to expand steadily. Nigeria stands out as a dominant player in this market, benefiting from significant investments in its oil and gas sector. The country's low-sulfur crude oil production aligns with global demand, further solidifying its leadership in the exploration and production sector. The ongoing expansion of Africa's offshore oil and gas industry, supported by government incentives and policies, is expected to bolster the demand for drilling and completion fluids.
The market landscape is moderately fragmented, with key players such as Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC, and National-Oilwell Varco Inc. actively participating. The recent announcement of new offshore exploration and drilling activities in Nigeria, along with investments by companies like China National Offshore Oil Corporation and Eni, are anticipated to drive market growth. Additionally, the resurgence of upstream activities, including deepwater and horizontal drilling projects, is expected to increase the demand for drilling and completion fluids. As Africa's offshore exploration and production activities continue to expand, the market is likely to experience significant growth opportunities in the coming years.
Africa Drilling and Completion Fluids Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Fluid Type
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2.1.1 Water-Based
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2.1.2 Oil-Based
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2.1.3 Others
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2.2 Location
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Well Type
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2.3.1 Conventional
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2.3.2 High Pressure High Temperature (HPHT)
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2.4 Geography
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2.4.1 Nigeria
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2.4.2 Algeria
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2.4.3 Ghana
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2.4.4 Rest of Africa
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Africa Drilling and Completion Fluids Market Size FAQs
What is the current Africa Drilling and Completion Fluids Market size?
The Africa Drilling and Completion Fluids Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Africa Drilling and Completion Fluids Market?
Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC and National-Oilwell Varco Inc. are the major companies operating in the Africa Drilling and Completion Fluids Market.
