OILFIELD DRILL BITS MARKET ANALYSIS

Market Concentration and Competitive Landscape

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With many of the easily accessible conventional oil and gas reservoirs now largely depleted, industry players have been forced to exploit unconventional resources such as tight oil, shale gas, and deepwater reserves which are technically more challenging to drill. This has increased the complexity of drill bits design. Drill bits required for drilling horizontal and directional wells in tight formations need to be equipped with advanced cutting structures, bearings, and hydraulic features to withstand high drilling pressures, torques, and temperatures. Similarly, drill bits for offshore deepwater wells demand enhanced seal design and ability to drill longer vertical and horizontal sections with high build rates. Manufacturers have responded to this need by introducing new cutter materials, hydraulics, configurations, and designs in drill bits. For instance, the use of diamond cutters, steerable systems, roller cone bits for shales, and PDC (polycrystalline diamond compact) bits equipped with mud motors for managed pressure drilling has grown. The shift to resource bases which are harder to drill through will likely sustain demand for technologically sophisticated drill bits.