Global Crude Oil Flow Improvers Market – Shift from Shallow to Deepwater Exploration to Boost Growth| Technavio
LONDON–(BUSINESS WIRE)–#CrudeOil–The global
crude oil flow improvers (COFI) market is expected to grow at a
CAGR of more than 5% during the period 2018-2022, according to a
new market research study by Technavio.
The report presents a comprehensive research of the global
COFI market by application (extraction, refinery, and
transportation) and by product type (paraffin inhibitors, asphaltene
inhibitors, scale inhibitors, drag reducing agents, and hydrate
inhibitors). The report also determines the geographic breakdown of the
market in terms of detailed analysis and impact, which includes key
geographies such as APAC, the Americas, and EMEA.
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Market driver: shift from shallow to deepwater exploration
Most of the offshore production is mainly concentrated on shallow waters
because of the low cost and technical challenges. Advances in drilling
technology, floating production, dynamic positioning equipment, and
drilling units have made deepwater exploration a viable option. The
exhaustion of some of the shallow offshore resources has pushed vendors
to explore and produce oil and gas from deepwater and ultra-deepwater
(at depths of 1,500 meters or more) resources.
According to a senior analyst at Technavio for specialty
chemicals research, “The increasing oil exploration in
deepwater and ultra-deepwater is expected to drive the demand for crude
oil flow improvers. Low temperatures and high pressure on the offshore
locations can lead to the precipitation of waxes, hydrates, and
asphaltenes. Crude oil flow improvers enhance the flow assurance of
crude oil and help in increasing the production capacity.”
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Market trend: refracturing of old crude oil wells
Refracturing of shale wells is a topical issue as operators can use
latest technologies on old wells, thereby increasing the production
without incurring costs on new wells. The functions of old or
underperforming wells are stopped, and hydraulic simulation is applied
for completion. The application of hydraulic simulation in horizontal
shale wells is in the initial phase. In 2015, the number of horizontal
wells re-fracked in the US was almost less than 1% of the total number
of horizontal wells. Refracturing can lead to an increase in the demand
for crude oil flow improvers during the forecast period. In 2016 there
were over 50,000 existing wells in the US, which can also be fracked.
Market challenge: stringent regulations and policies
The constant push from regulatory authorities such as the Environmental
Protection Agency (EPA) and Registration, Evaluation, Authorisation and
Restriction of Chemicals (REACH) is likely to limit onshore and offshore
activities, thereby hampering the growth of the global COFI market. The
EPA amended new regulations in the Oil and Gas Extraction Effluent
Guidelines and Standards (40 CFR Part 435) in 2016. The regulation
contains strict guidelines and policies for wastewater discharges from
production, field exploration, drilling, production, well treatment, and
well completion activities.
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