DRILL BITS FOR OIL AND GAS INDUSTRY APPLICATION MARKET ANALYSIS

Market News

Recent Developments:

• In January 2022, the Chinese state-owned national oil company CNOOC Ltd planned to drill 227 offshore exploration wells and 132 onshore unconventional exploration wells and acquire about 17,000 sq km of 3D seismic data.
• China National Offshore Oil Corporation (CNOOC) is a major Chinese state-owned oil company that focuses on the exploration, development, and production of crude oil and natural gas in offshore China. CNOOC is the third-largest national oil company in China, after China Petrochemical Corporation (Sinopec) and China National Petroleum Corporation (CNPC). CNOOC Limited is a major subsidiary of CNOOC and is China's largest producer of offshore crude oil and natural gas.
• In China, thirteen new projects are expected to come online in 2022, including the Bozhong 29-6 oil field development, Kenli 6-1 oilfield Block 5-1, 5-2, 6-1 development, Enping 15-1/10-2/15-2/20-4 joint development, and Shenfu South gas field development. Other projects include Liza Phase II in Guyana and 3M (MDA, MBH, and MAC) in Indonesia. CNOOC's total capital expenditure for 2022 is budgeted to be around CNY 90-100 billion. The capital expenditures for exploration, development, production, and others will account for about 20%, 57%, 21%, and 2% of total capital expenditures, respectively.

Mergers and Acquisitions

• In September 2021, National Energy Services Reunited Corp. (NESR) announced a partnership with Ulterra Drilling Technologies, L.P. to deploy polycrystalline diamond compact (PDC) drill bits, The partnership aimed to offer customers a market-leading and proven drill bit technology to complement NESR's drilling services.
• National Energy Services Reunited Corp. (NESR) is a leading oil and gas services provider in the Middle East and North Africa (MENA) region. The company was formed as a Special Purpose Acquisition Company (SPAC) and has since completed several significant business combinations and acquisitions to strengthen its position in the industry.