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Drilling fluids market grows on back of coalbed methane exploration

World Coal,

The key role coalbed methane (CBM) plays in the drilling fluids market has been detailed in a report: “Drilling fluids market for oil and gas (offshore & onshore) global industry analysis, size share, growth, trends and forecasts”.

The drilling fluids market is set to grow at a CAGR of 8% to 2019, on the back of increasing exploration of CBM and other unconventional resources.

The report states: “Increasing exploration of shale gas, coal bed methane (CBM) and other unconventional resources promotes the use of horizontal drilling, which is also expected to boost market revenue for drilling fluids.”

The report notes a caveat that environmental concerns, and geopolitical issues surrounding the extraction of oil in the Middle East is expected to hinder market growth.

The successful implementation of nanotechnology in various industry has prompted a number of market participants to apply the technology to the oil and gas industry. Companies, such as Halliburton and NewPark Drilling Fluids, as well as Schlumberger are set to invest heavily in developing drilling fluids using nanotechnology.

Drilling fluids, also known as drilling mud, play a crucial role in the drilling process for oil and gas extraction, mineral extraction and bore wells. These fluids are used to remove cuttings and rock fragments, lubricate and cool drilling bits, control formation pressure and maintain stability of the well. In addition, drilling fluids also function as corrosion inhibitors, shale inhibitors, filtration reducers, defoamers, emulsifiers, breakers, biocides and weighting agents, with specific additives.

The role CBM plays in the drilling fluids market is likely to increase as the years roll by. A separate report, “Global coal bed methane (CBM) market analysis size and segment forecasts to 2020” says that depleting conventional natural gas reserves raise questions on its sustainable status, which will likely lead to increased focus towards the use of unconventional gas sources such as CBM, shale gas and tight gas. Analysts suggest that, as the CBM sector grows, it is likely that this growth will feed into the drilling fluids market, and as the drilling fluids market grows, further investment will be made in CBM – a cyclical pattern of market growth. 

Edited from various sources by Sam Dodson

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