Latin
American countries such as Brazil, Argentina, and Venezuela are home
to some of the biggest oil reserves around the globe. Among the three
countries, Venezuela stands in the top ten among oil-producing
countries in the world by production volume. In the last two decades,
Venezuela has been involved in exporting oil to various countries
around the world. Recently, exploration expeditions taking place in
the nation have resulted in new oil and gas discoveries, owing to
which Latin America is enjoying a huge amount of fresh investment.
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Latin America Drilling Fluids Waste Management Market
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The
Latin America drilling fluids waste management market is believed to
attain a value of US$945.3 million by the end of 2020, showcasing a
healthy growth at a 12.6% CAGR between the years 2014 and 2020. The
market was worth US$413.4 million in 2013.
Government
Regulations to Boost Demand for Drilling Fluids Waste Management
The
discovery of shale gas deposits in the aforementioned countries is
attracting many MNCs to Latin America. As per the research, Argentina
is the only nation to initiate large-scale production of shale gas.
The production and exploration activities in Argentina are encouraged
by political support with the expectation that the country’s
economy can be stimulated by the production process. As a reason, in
the near future the government is expected to come up with supporting
schemes to fuel the growth of the drilling fluids waste management
market.
A
major part of the investments is granted to Brazil for exploration
and production operations that involve deep and ultra-deep reserves
of the nation. These activities are expected to accelerate drilling
activities in the next two years. This increase is anticipated to
augment the demand for mud drilling technology and equipment, which
will invoke concerns about disposal procedures.
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The
Latin America drilling fluids waste management market has been
segmented on the basis of the services it provides, which are solid
control, treatment and disposable, and containment and handling. In
2013, the treatment and disposable segment accounted for the highest
share in terms of revenue, recording more than 35% of the total
market.
Rising
Environmental Concerns Encourage Adoption of Drilling Fluids Waste
Management
While
drilling fluids waste is disposed, the toxic content present in it
affects flora and fauna, which can be avoided by adopting drilling
fluids waste management processes. As a result, the many Latin
American governments have formulated strict regulations mandating
drilling fluids waste management, which is driving the market for the
same. Moreover, the rising activities of exploration and production
in Latin America have boosted the market growth.
On
the other side, the operational challenges attached with the need to
cope with the regulations provided by the government are inhibiting
the demand from the drilling fluids waste management market.
The
Latin America drilling fluids waste management market in is divided
into two categories as per its application: offshore and onshore.
Activities in offshore areas focus mostly on deep and ultra-deep
water areas, which have extreme environmental conditions that can
delay drilling activities. However, the offshore segment is believed
to grow at a substantial rate in comparison to the onshore segment
owing to the rising offshore drilling activities taking place in
Brazil. In 2013, the offshore segment dominated the market and
recorded over 55% of the total market share.
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Increasing
Exploration Increasing Market Competitiveness
The
market for drilling fluids waste management in Latin America is
becoming competitive thanks to the increased exploration activities
taking shape in the region for the discovery of shale gas deposits.
Some of the prominent players in the market are Halliburton Company,
Baker Hughes Incorporated, Schlumberger Limited, and Weatherford
International Limited.
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