OILFIELD DRILL BITS MARKET ANALYSIS

Key Developments

• In July 2022, Halliburton Company introduced the new Hedron fixed-blade polycrystalline diamond compact (PDC) drill platform. These drills combine the latest technology with industry-leading customization processes to provide customers with high-performance, application-specific designs
• In January 2022, the China 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. 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, 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.
• In March 2021, Saudi Aramco planned to increase its capital expenditure in the upstream sector to around US$ 35 billion in 2021 from US$ 27 billion in 2020. Such a scenario in 2021 had a positive impact on the market studied.