Global demand for energy has been increasing rapidly in recentyears. This has led to a rise in the exploration and production of oil and gas.The need for usage of whipstocks is rapidly increasing for drilling in complexareas during exploration of oil and gas. Discovery of unconventional resourceshas augmented the demand for whipstocks. Increase in need for energyexploration and production is boosting the demand for whipstocks. Whipstocksare used as they are economical in the extraction of oil and gas; they areplaced in the complex zones of the underground subsurface areas.
Whipstocksare steel blocking devices placed in a borehole. Most of them are set in thebottom of the hole or on top of a high-strength cement plug, some of them areset in the openhole. The whipstocksmarket can be segmented based on type, application, and region. Interms of type, the whipstocks market can be classified into open-holewhipstocks and cased-hole whipstock. Open-hole whipstocks are the first type ofdeflection tool used to change the wellbore trajectory. Cased-hole whipstocksare used during the initiation of casing operations.
Whipstocksare used in drilling rigs in offshore and onshore areas. The whipstocks marketpresents several opportunities. There is scope for increasing the net value ofcomplex and mature oilfield assets. Additionally, whipstocks can be customizedthrough designing, integrating, and installing to produce oil and gas. Theyhelp in deviating a wellbore trajectory to explore complex geological areas foroil and gas exploration. New technologies are emerging that help in reducingthe production and service costs of whipstocks. However, the whipstocks marketexhibits certain restraints. The oil and gas industry has been experiencingweak demand and low prices since the last few years. Gyroscopic survey needs tobe conducted for proper tool orientation before using whipstocks. Moreover, itis difficult to strategize for the future production of oil and gas owing tothe fluctuating prices of crude oil globally.
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In termsof geography, North America witnesses high demand for whipstocks. This can beascribed to the increase in oil and gas activities in offshore regions of theU.S. Discovery of shale oil in North Dakota in North America has boosted thedemand for whipstocks. The whipstocks market is expanding in Asia Pacific,especially in countries such as India, China, and Japan due to the rise inmaritime security activities, rise in offshore oil and gas productionactivities, and improvement in underwater communications in these countries. InEurope, the whipstocks market is expected to expand in countries such as theU.K., Germany, France, and Norway due to increased oil and gas drillingactivities in the Johan Sverdrup field in the North Sea and improvement inoffshore drilling activities. Countries in Latin America such as Brazil andMexico are anticipated to witness an increase in demand for whipstocks due torapid urbanization and rise in offshore oil and gas exploration and productionactivities in the Gulf of Mexico. Demand for whipstocks in Middle East &Africa is also expected to rise due to increase in the number of offshore oiland gas exploration and production activities. Moreover, countries such asSaudi Arabia, Kuwait, and Qatar in the Middle East have been involved inextensive drilling and production of oil and gas due to the high global demandfor energy. The deepwater discoveries in Africa are anticipated to propel thegrowth of the whipstocks market.
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Key globalplayers operating in the whipstocks market include Baker Hughes Incorporated,Schlumberger Ltd., Weatherford International, Halliburton, and Eaton OilTools.
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