'Significant spending in the oil & gas drilling technologies market' forecasts Visionga

World energy demand is growing at an incredible pace. As a result of rapid growth in demand for energy, conventional oil & gas fields are being depleted rapidly.

To develop new oil and gas fields ever more challenging environments and depths have to be overcome. For example companies are now drilling in the arctic, deepwater and ultra deepwater and they are developing special drilling equipment with directional control capabilities that can withstand evermore challenging conditions and penetrate ever harder rock formations in increasingly tough environments.

More recently the development of unconventional oil and gas resources such as oil sands, shale oil and gas, coal-bed methane and tight gas have also given rise to more drilling and exploration across the globe. Although hydrocarbon resources are abundant, these unconventional resources are difficult to extract and require more technologically advanced equipment to detect, drill and develop such fields. Hence, drilling companies are integrating their services with development of wells to win ever larger contracts with top multinational oil and gas companies.

Drilling for hydrocarbons is a high-stakes game where rich and unexpectedly vast sources of hydrocarbons can be established such as those off the coast of Rio De Janeiro, Brazil. In other circumstances, multi-branch wells are drilled to extract oil from unconventional sources. All these needs have spurred the upstream hydrocarbon drilling industry to invest millions of dollars in research to develop drilling equipment capable of unlocking the wealth of hydrocarbon that was previous impossible or uneconomic to reach.

Visiongain's latest energy report, the Oil & Gas Drilling Technologies Market 2011-2021, takes a comprehensive look into the hydrocarbon drilling industry. Visiongain calculates that expenditure in the oil & gas drilling technologies industry will exceed $70.1bn in 2011 and capital expenditure in the oil & gas drilling technologies market will see significant growth over the forecast period.

You will gain valuable insights into the future developments of the oil & gas drilling industry by ordering The Oil & Gas Drilling Technologies Market 2011-2021 report.

To see sample pages of the report please visit http://www.visiongain.com/Report/676/The-Oil-Gas-Drilling-Technologies-Market-2011-2021

For an exec summary please email Sara Peerun
Email: sara.peerun ( @ ) visiongainglobal dot com
Tel: +44 020 7336 6100

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Keywords : Significant spending, oil & gas drilling, technologies market, forecasts Visionga,

by Sara Peerun (few years ago!)

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