The report titled “Oil and Gas Magnetic Ranging Market” assesses the MENA market based on type, deployment, and region. A comprehensive report provides a detailed historical and future market size with trend analysis. The market share analysis, production, competitive landscape, development plans, expansion opportunities, and competition analysis for the target companies evaluated in the MENA oil and gas magnetic ranging market study are highlighted in the report.
Market Overview and Dynamics: Increased crude oil production and the presence of oil fields in the region buoy the market growth
The MENA Oil and Gas Magnetic Ranging market is expected to grow at a CAGR of 5.8% during the forecast period of 2022-2028. The growing number of mature fields is expected to require assistance in gravity drainage which results in the growth of the market. Significant crude oil production and the presence of oil fields across the region are expected to propel market growth in the upcoming years. The rise in demand for oil and gas will fuel the growth for higher effectiveness in the oil extraction process which is provided by magnetic ranging.
Moreover, the growing need for the production of heavy hydrocarbons like heavy oil and bitumen will also drive the market growth for magnetic ranging in the forthcoming years. Magnetic ranging also supports coalbed methane production (CBM), steam-assisted gravity drainage (SAGD), etc. which is expected to fuel the growth of the oil and gas magnetic ranging market. Furthermore, various companies are investing in technological advancements and increasing their capabilities in Exploration & Production (E&P) activities, which are anticipated to fuel the market growth in the forecast period.
- On the basis of deployment, the onshore segment is anticipated to dominate the market owing to the large-scale drilling projects and mature fields in the onshore area.
- Based on region, the GCC region is expected to dominate the MENA oil and gas magnetic ranging market due to the vast reserves of oil and gas, which is expected to fuel the market growth.
Competition Analysis: Regions with increased oil and gas drilling activities to be the budding market
The MENA oil and gas magnetic ranging market experiences intense competition due to the presence of numerous established companies in the market. With an increase in horizontal drilling and directional drilling, the deployment of magnetic ranging is more likely to increase the market growth in the forthcoming years. Moreover, with new exploration and drilling projects, the oil and gas magnetic ranging market is likely to grow significantly. The observed industry trend in the MENA oil and gas magnetic ranging market is product innovations, launches, and alliances. During the estimated period of 2022–2028, a significant amount of market consolidation is anticipated.
- In August 2022, the Petroleum Directorate of Sierra Leone showed interest in collaboration with GCC and other African Oil and gas producing countries and companies to drive the socio-economic growth of the respective regions.
- In March 2019, Abu Dhabi National Oil Company (Adnoc) announced to increase its oil and gas capacity to 5 million barrels per day by 2030. This would provide new growth opportunities for the market in the coming years.
Some of the leading players involved in the production and sales of oil and gas magnetic ranging across MENA region are Transocean Ltd., Big Guns Energy Services Ltd., Weatherford International Plc, GMW Associates, Vector Magnetics LLC, Scientific Drilling International Inc., Baker Hughes, Bartington Instruments Ltd., Halliburton Company, Schlumberger, and Prime Horizontal Group of Companies among Others.
RationalStat has segmented the MENA Oil and Gas Magnetic Ranging market on the basis of type, deployment, and region.
- By Type
- Active Magnetic Ranging (AMR)
- Passive Magnetic Ranging (PMR)
- By Deployment
- By Region
- Middle East
- Saudi Arabia
- Rest of MENA countries
- North Africa
- Rest of North Africa
- Middle East
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