Worldwide Casing and Cementation Hardware Industry to 2025 – Middle-East and Africa to Witness Significant Growth

Dublin, Jan. 19, 2021 (GLOBE NEWSWIRE) — The “Casing and Cementation Hardware Market – Growth, Trends, and Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.Despite global crude price fall in 2020, Petroleos Mexicanos is aiming to double the drilling wells to 423 in 2020. New wells are expected to create significant demand for casing hardware in the forecast period.Vedanta’s upstream subsidiary, Cairn Oil and Gas, is planning to invest INR 58,521 crore across to conclude exploration work across 30 blocks in India, With new exploration activities, demand for casing and cementation is anticipated to rise during the upcoming period.Surat Gas project in Australia is expected to hold more than 60% of the country’s proven coal seam gas. With an estimated project development cost of USD 7.15 billion, the project is expected to be initiated by 2021. Multiple wells will be drilled, requiring casing and equipment at a massive scale.The increase in global crude oil production to 94.7 million barrels per day has resulted due to the drilling of new wells, which are increasing the demand for casing hardware significantly.Due to the Coronavirus pandemic in 2020, delay in upstream projects is anticipated to slowdown the growth of the market. However, later in the forecast period, with the initiation of projects, casing hardware is expected to dominate the market.Middle-East and Africa to Witness Significant GrowthMiddle-East has the largest proven reserves of oil. With 113 thousand million tons of crude reserves, large scale drilling and completion activities are expected in the region, driving the casing and cementation hardware market in the future.Kish gas Field in Iran spread on both offshore and onshore locations is expected to hold 59 trillion cubic feet of gas. The field is to be developed in three phases with multiple wells. The project is expected to create ample market growth in the forecast period.In January 2019, Halliburton signed two contracts with operators Eni to provide integrated drilling services at the Zubair oil field. Development wells are to be drilled in the forecast period, creating demand for casing and cementation hardware.Middle-East and Africa has one of the highest proven reserves and produced one-third of global oil production. With multiple exploration and development projects in both oil and gas fields, the region is expected to witness significant growth in the casing and cementation hardware market.Competitive LandscapeThe market estimate (ME) sheet in Excel format3 months of analyst supportKey Topics Covered:CONTACT: ResearchAndMarkets.com
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