WELL COMPLETION EQUIPMENT AND SERVICES MARKET ANALYSIS

Market News

Well Completion Equipment and Services Market Key Developments:

• In March 2017, a wholly owned LUKOIL subsidiary, LUKOIL-Western Siberia introduced new well completion technologies for multi-stage hydrofracturing at Yugra fields, Russia. This new assembly consists of liner hanger, hydrofracturing equipment, and swelling packers with hybrid elastomers. This upgraded technology was tested at five wells of Imilorskoye and Tevlinsko-Russkinskoye successfully and is expected to provide higher flow rates from well.
• In November 2018, three well service companies including TEC Well Service, Momentum Pressure Control, and M6 Energy Services came together to form a new company, Axis Energy Services, LLC. Axis Energy Services, will work as completion specialist, whereas, Axis is the first well servicing company built on-purpose which will focus on optimizing completions on long-lateral shale wells.
• In March 2019, Weatherford International plc., introduced TR1P system, the world's first remote-activated, single-trip deepwater completion system. This system would combine the upper and lower completions in one trip and is expected to reduce installation time between 40% to 60% and reduce rig time by 4 to 6 days.