The oilfield casing spools market is likely to witness robust growth in the near future. The market is expected to witness major growth as offshore and on-shore oil extraction activities continue to rise. Cessing pool is an essential equipment in drilling activities due to its ability to control overhead pressure. It has a straight bore bowl with embedded 45 degree landing shoulder design. The design is necessary for preventing damage of sealing areas by drilling tools. The large pressures during oil drilling, its ability to perform multiple tasks like outlets for fluid returns, retaining the bowl protector, and testing blowout preventers are expected to result in significant opportunities for players in the oilfield casing spools market. Additionally, the growing demand for higher pressure absorbing mechanisms and ample scope for innovations in design are expected to drive growth of the oilfield casing spools market.
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Oilfield Casing Spools Market: Notable Developments
Subsea 7 has been awarded a contract for subsea pipelines and associated marine operations. The contract will push the company in the second phase of the large scale Johan Sverdrup project. This is an important development as it is taking place in the Norwegian sector of the North Sea. Norway has vowed to construct large underwater infrastructure and continues promising projects as oil-extraction near the ocean remains tremendously lucrative.
The new project which includes the construction and installation of approximately 100 kilometers of rigid infield pipelines, including 40 kilometers of pipe-in-pipe flowlines, 27 kilometers of water injection and 37 kilometers of gas injection pipelines and 25 spools. Subsea 7 described the contract value as “substantial”, defined to be in the range of $150-300 million.
UK authorities have accepted the Neptune Energy’s decommissioning plan. The approved plan will see decommissioning of the Juliet field in the Southern North Sea. The Juliet manifold and wellhead protection structure will fully recover to shore for reuse and recycling. Rising demand for energy and decommissioning of several old oil fields is also a major boon for the oilfield casing spools market. Many countries are investing huge sums of investments to find new oilfields and the quest to become an independent producer of energy is expected to create significant opportunities in the oilfield casing spools market.
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Oilfield Casing Spools Market: Drivers and Restraints
The growing demand for oils, oil exploration activities, and rising investments are expected to remain major drivers in the oilfield casing spools market. Rising oil exploration activities are not limited in the gulf, wherein many drilling activities have taken place in the past. Among these, new regions like Mexico, Brazil, Alaska are also rising quickly. Currently, there are over 8 major oil exploration projects are taking place around the world. The rising demand for energy, and increasing instability in oil manufacturing regions are expected to drive significant growth for the oilfield casing spools market.
Oilfield Casing Spools Market: Geographical Analysis
The oilfield casing spools market is expected to witness robust growth in the near future. The oilfield casing spools is likely to witness highest growth in North America region. Growing oil exploration activity in Alaska, major technological advancements, and constant innovation are expected to remain key factors in growth of the region. Additionally, the oilfield casing spools market is also expected to witness major growth in Asia Pacific region.
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