Global Hydraulic Fracturing Market: Progress and Challenges
The report deals with the market for hydraulic fracturing and their services globally, especially in the US and Canada where the demand is high. Another major market covered in the scope of the report is China which has been aggressively expanding its fracturing capacity over the last two years.
PR9.NET September 22, 2014 - Hydraulic fracturing is a stimulation technique used to extract oil and gas from shale rocks, wherein the rock is fractured by a hydraulically pressurized liquid. This high-pressure fluid is usually chemicals and sand suspended in water, which is injected into a wellbore to create cracks in the deep-rock formations through which natural gas, petroleum, and brine can flow more freely. The goal is to create a network of interconnected fractures that serve as pore spaces for the movement of oil and natural gas to the wellbore.
Hydraulic fracturing service cost varies from well to well, depending on the number of fracturing stages and on the depth of the wells. Further, the costs associated with procuring water and sand plays a major role in deciding the fracturing service cost per well in each region. Region-wise fracturing service cost for wells is generally estimated, based on the historical data which is provided by different service companies. The hydraulic fracturing market includes fracs completed by both Plug & Perf as well as the Sliding Sleeve method. All these have been considered for the calculation of the service cost, per well, in that specific zone.
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Hydraulic fracturing is highly controversial. Most of the countries in Europe support the ban been put on fracturing due to concerns related to environmental impact of hydraulic fracturing like contamination of ground water, depletion offresh water, degradation of the air quality, risk of triggering earthquakes, surface pollution, noise pollution and hence the consequential risks to health and environment. However, recent technological advancements have made the fracturing process much safer and efficient, making many countries across the globe now eager to extract their oil and gas resources.
At present, the global market for hydraulic fracturing is estimated to grow at a compound annual growth rate (CAGR) of 8%. However, hydraulic fracturing demand slowed down in the U.S. due to excess supply of oil and gas in the domestic market, and also due to the limited number of exploration projects. As a result, the price of oil and gas decreased in 2012 when compared with the year 2011. The fracturing cost per well, however, is expected to decrease on an annual basis in the U.S., but it will continue to increase in Canada in the next few years.
China has increased its fracturing capacity recently, and it will continue to increase substantially for the next five years. The increase in fracturing capacity is definitely going to play a major role in the near future, especially in a number of Asian countries. Globally, at present, the fracturing service cost stands in the range of $2.5 to $3.5 million per well, which have more than 15, and less than 30 fracturing stages.
IndustryARC has made forecasts for the market after consulting with market leaders in this industry, analyzing the costs, the raw material trends, the regulatory scenario in the globe, demand for oil & gas and the competitive landscape. The comprehensive report also talks about the future for this market, and how the CAGR is scheduled to grow at a steady pace. Moreover, a region-based analysis has been made, to show the different segments which allow fracturing and their subsequent benefits. The market for hydraulic fracturing looks more steady at present from what it was back in 2012, especially in the case of Canada and China.
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