MENA Oil And Gas Magnetic Ranging Market Analysis And Forecast, 2019-2028

The report titled “Oil and Gas Magnetic Ranging Market” assesses the MENA market in terms of type, deployment, and region. The report offers thorough historical and forecast market size along with trends analysis. Market share analysis, production, development plans, competitive landscape, expansion possibilities, and competitive analysis for the target companies evaluated in the MENA oil and gas magnetic ranging market research are outlined within the study.

Market Overview And Dynamics:

Increasing crude oil production and the abundance of oil fields in the region boost the market’s growth. The MENA Oil and Gas Magnetic Ranging market is predicted to expand at a CAGR of 5.8 % over the forecast period 2022-2028. The increasing amount of mature fields will require help with gravity drainage, resulting in the expansion in the size of this market. The significant production of crude oil and oil fields in the region is likely to boost market growth over the next years. The rising demand for oil and gas will boost demand to improve the efficiency of the extraction of oil, which is supported by magnetic rangers. Additionally, the increasing demand to produce heavy hydrocarbons, such as bitumen and heavy oil, will fuel the market’s magnetic-ranging growth in the coming years. Magnetic ranging is also a major factor in the production of coalbed methane (CBM) and steam-assisted gravity drain (SAGD) and others. that is anticipated to drive the expansion of the magnetic oil and gas ranging market. Additionally, numerous firms invest in technological advancements and enhancing capacities in Exploration & Production (E&P) activities, which are expected to boost market growth in the next forecast period.

Segmental Analysis

• based on 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 are 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 socioeconomic 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 the 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.

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