GCC Drill Pipes Market

GCC Drill Pipes Market Overview

Drill pipes in GCC are thin-walled, hollow pipe made from steel or aluminum alloy used in drilling rigs. In Gulf Cooperation Council Countries, the drilling pipes are widely used for the oil and gas exploration activities due to presence of huge number of oil wells. Drilling pipes has wide range of benefits including high durability, quick installation, less disruption to landscaping, lower installation cost, offers flexibility which can be installed anywhere, and offers negligible soil contaminations in the oil & gas fields.

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Major GCC Drill Pipes Market Drivers

Major driving factor for the growth of the GCC drill pipes market includes rising the oil & gas exploration activities, coupled with government initiatives and programs which requires essential tools and equipment such as pipes, drilling collars. Drill pipes are one of important tool that necessary for any oil & gas drilling projects in the GCC region. For instance, in 2019, Eni and OMV Austrian oil and gas producer has signed deal for USD 5.8 Billion in the Abu Dhabi state oil company’s refining unit. The companies also agreed to partner in a trading unit of the refined products with Abu Dhabi National Oil Co with USD 19.3 Billion.

Also, increasing oil & gas production activities in the Gulf countries due to growing demand in the APAC countries have impelled the drill pipes market growth. For instance, according to the OPEC organization report, the Saudi Arabia’s oil production reached 10.32 mb/d in 2018 which would enhance the drill pipes market in GCC region.

Restraining Factor for the GCC Drill Pipe Market

Fluctuation in raw material prices, pipes subjected to failure due to fatigue, corrosion and stress in the oil and gas field along with lack of interoperability of the pipe may hinder the GCC drill pipe market growth. These drill pipes lack interoperability standards in several countries that negatively impacting the sales and use of GCC drill pipes market.

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The growing application of drill pipes market in the gulf countries with growing demand for the water, gas and oil in the APAC countries due to surge in the development projects in these countries has impelled the market growth. For instance, 2020, Abu Dhabi’s Supreme Petroleum Council has been approved USD 122 Billion budget for spending on oil and natural gas expansion over the next five years. Also, one of the leading oil and gas Exploration Company in GCC Apicorp has increased the spending of total USD 185 Billion for developing and expanding the oil & gas production capabilities between 2019 and 2023.

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Also, the demand for the GCC drill pipes market is driving in the investment for the oil and gas exploration activities by the leading players with Gulf countries government initiatives have impelled the drill pipes market growth. For instance, 2021, Arab Gulf Countries has announced investment of around USD 10 Billion for new Oil and Gas projects in the Gulf Cooperation Council (GCC) such as Kuwait, Bahrain, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). It created massive demand for the growth of the GCC drill pipes market growth in these countries

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Key Developments:

• • In 2021, Reelwell launched electrically powered open-platform wired drill pipe technology for commercial purpose. This Dual Link pipe technology is tested on a rig consists of a braided conductor with a pipe connector system, more than 800 wires, and transceivers.
  • In 2019, Hilong Petroleum Company LLC (UAE) signed a contract with Abu Dhabi’s National Drilling Company (NDC) for providing HL120S high-strength hydrogen sulfide-resistant drill pipe for three island and land drilling rigs which are involved in the several drilling plan. The contract was valuedatUSD13.87 Million. This HL120S high-strength hydrogen sulfide-resistant drill pipe has high demand in the Middle East region.