Driven by the rising production of deepwater oil and the high volume of crude oil in matured reserves, the global artificial lift systems market is poised to expand at a 6.20% CAGR from 2014 to 2020. The value of the global market was pegged at US$13 bn in 2014 and this is projected to rise to US$19.8 bn by 2020.
Some of the top companies competing in the global artificial lift systems market are Flotek Industries, Inc., Weatherford International Ltd., Superior Energy Services, Inc., Kudu Industries, Inc., Schlumberger Limited, Halliburton Company, Borets Company LLC., Baker Hughes, Inc., Dover Artificial Lift, and National Oilwell Varco, Inc.
Here’s a snapshot of some of the recent developments in the artificial lift systems market:
Weatherford’s Expanded Artificial Lift Systems Portfolio: Texas-based oil and natural gas service company Weatherford International Ltd. recently added a new product to its portfolio of existing artificial lift systems. The sand-tolerant pump is aimed at slowing production declines, optimizing the life of oil wells, and reducing workovers, and serves as a substitute for standard rod pumps in wells that have high sand production. The accumulation of sand in the plunger or barrel results in abrasions and the sand-tolerant pump prevents this accumulation, thereby reducing the chances of pump failure or inefficiency. The sand-tolerant pump has demonstrated the improvements made in the design of artificial lift pumps and the overall working in harsh and sand-laden environments.
Cimarron and Keane Group’s Acquisition Activities: Oklahoma-based oilfield equipment provider Cimarron Energy recently acquired North Dakota’s Diverse Energy Systems, bringing in significant design and production experience for operators in North Dakota’s oil and gas industry. Cimarron acquired Diverse’s field and manufacturing assets in North Dakota as well as Texas for an undisclosed amount and the company will now be able to offer artificial lift systems to its clients, along with other offerings such as processing, production, vapor handling, measurement/custody/transfer, and rental equipment. US-based well completion services company Keane Group acquired all of the US assets of Canada-based Trican Well Services for US$247 mn. These ongoing alliances have been significantly driving the North America artificial lift systems market.
Baker Hughes’ New Approach to Artificial Lift Systems: Texas-based Baker Hughes, one of the largest oil field services companies in the world, recently trialed a new adaptive production system, which it says, is a completely new approach to artificial lift systems. The Leap system was first installed in the Mississippi Lime play in Oklahoma at a depth of 5,200 feet. This new system is designed to adapt to changing production profiles that are typical in some of the most unconventional oil wells. Baker Hughes had set up its artificial lift research and technology center in 2014 and has been dedicatedly working on developing new artificial lift technologies.
Some of the top companies competing in the global artificial lift systems market are Flotek Industries, Inc., Weatherford International Ltd., Superior Energy Services, Inc., Kudu Industries, Inc., Schlumberger Limited, Halliburton Company, Borets Company LLC., Baker Hughes, Inc., Dover Artificial Lift, and National Oilwell Varco, Inc.
Here’s a snapshot of some of the recent developments in the artificial lift systems market:
Weatherford’s Expanded Artificial Lift Systems Portfolio: Texas-based oil and natural gas service company Weatherford International Ltd. recently added a new product to its portfolio of existing artificial lift systems. The sand-tolerant pump is aimed at slowing production declines, optimizing the life of oil wells, and reducing workovers, and serves as a substitute for standard rod pumps in wells that have high sand production. The accumulation of sand in the plunger or barrel results in abrasions and the sand-tolerant pump prevents this accumulation, thereby reducing the chances of pump failure or inefficiency. The sand-tolerant pump has demonstrated the improvements made in the design of artificial lift pumps and the overall working in harsh and sand-laden environments.
Cimarron and Keane Group’s Acquisition Activities: Oklahoma-based oilfield equipment provider Cimarron Energy recently acquired North Dakota’s Diverse Energy Systems, bringing in significant design and production experience for operators in North Dakota’s oil and gas industry. Cimarron acquired Diverse’s field and manufacturing assets in North Dakota as well as Texas for an undisclosed amount and the company will now be able to offer artificial lift systems to its clients, along with other offerings such as processing, production, vapor handling, measurement/custody/transfer, and rental equipment. US-based well completion services company Keane Group acquired all of the US assets of Canada-based Trican Well Services for US$247 mn. These ongoing alliances have been significantly driving the North America artificial lift systems market.
Baker Hughes’ New Approach to Artificial Lift Systems: Texas-based Baker Hughes, one of the largest oil field services companies in the world, recently trialed a new adaptive production system, which it says, is a completely new approach to artificial lift systems. The Leap system was first installed in the Mississippi Lime play in Oklahoma at a depth of 5,200 feet. This new system is designed to adapt to changing production profiles that are typical in some of the most unconventional oil wells. Baker Hughes had set up its artificial lift research and technology center in 2014 and has been dedicatedly working on developing new artificial lift technologies.
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/artificial-lift-system-industry.htm
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