GCC Drill Pipes Market Research Report
Growth opportunities in the GCC Drill Pipes Market look
promising over the next six years. This is mainly due to the increasing
initiatives and programs which need tools, including drilling collars and the
rising production.
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GCC Drill Pipes Market Dynamics (including
market size, share, trends, forecast, growth, forecast, and industry analysis)
Key
Drivers
The augmenting oil and gas exploration activities and
governmental strategies, needing important equipment and tools, which includes
pipe and drilling collars, are some of the major drivers responsible for the
growth of the GCC
drill pipes market. These pipes are considered an essential instrument for
any oil and gas drilling projects. For example, Eni and OMV Austrian oil and
gas producer, in 2019, signed a deal for USD 5.8 Billion in the Abu Dhabi state
oil company's refining unit. The companies also agreed to merge in a trading
unit of the refined products with Abu Dhabi National Oil Co with USD 19.3
Billion.
Moreover, the increasing activities for oil and gas
production in Gulf Countries led by the surging demand across APAC have fuelled
the market size. In accordance with the report published by Saudi Arabia, oil
production touched 10.32 mb/d in 2018, which would improve the market growth.
However, fluctuation in the prices of raw materials, pipes failed due to
corrosion, exhaustion, and stress in the fields of oil & gas coupled with
the insufficient interoperability of pipe impacting the implementation and
sales will curb the market size.
Their rising application witnessed in gulf countries
accompanied by the accelerating demand for gas, water, and oil in the APAC
countries owing to the rise in the expansionary projects. Abu Dhabi's Supreme
Petroleum Council, in 2020, was endorsed with USD 122 Billion budget for
disbursing on oil and natural gas expansion over the next five years. Also, one
of the major extraction companies in GCC Apicorp has raised the expenditure of
a total of USD 185 Billion for extending and expanding the oil production
capabilities between 2019 and 2023.
Furthermore, the demand for these pipes is impelling the
investment for the exploration activities by the prominent players with Gulf
countries. Government plans and initiatives have prompted market growth. Arab
Gulf Nations, in 2000, declared an investment of approximately USD 10 Billion
for the latest Oil and Gas projects in the Gulf Cooperation Council (GCC)
including Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, and the United Arab
Emirates (UAE). It resulted in massive market demand.
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