The MENA Oil and Gas Magnetic Ranging market is expected to witness significant growth at the rate of around 5.0% during the forecast period of 2022-2028. Magnetic ranging is a technique that uses magnetic data to establish the relative position of one well in relation to another. Applications for magnetic ranging in the oil field include the positioning of blow-out relief wells, steam-assisted gravity drainage, heavy oil, and planned intersection of two wells.
The magnetic ranging with a combination of magnetic sources and magnetic sensors coupled with low-noise and high-precision measurement increases the accuracy in determining the distance to the source. Such technology is anticipated to fuel market growth in the forecast period. Additionally, the use of magnetic ranging products improves the efficiency in the process of oil and gas extraction and is time and cost-effective in nature.
A shift towards the production of heavy hydrocarbons to propel the regional market
The depletion of crude oil is making the oil and gas industries shift towards other options like heavy oil and bitumen. The production of heavy hydrocarbons necessitates assisted drainage, which in turn is driving the need for magnetic ranging. Various applications of magnetic ranging like vertical to horizontal intersection, horizontal to a horizontal intersection, good connection for pipeline crossing/utility crossing, and deep geothermal wellbore connections are also expected to drive the market growth. It is anticipated that as magnetic ranging technology development advances, it will present opportunities that will boost demand for oil and gas magnetic ranging throughout the projected period.
GCC constitutes a huge market share in the MENA oil and gas magnetic ranging market
GCC holds the major share in the regional market, while North Africa is expected to be the fastest growing region in the MENA oil and gas magnetic ranging market owing to factors like a large number of oil reserves and growing technological adoption. Moreover, the efficiency in drilling operations and reduced time consumption in GCC countries further fuel the demand for magnetic ranging across oil and gas sectors in the region.
UAE dominates the GCC oil and gas magnetic ranging market on account of higher crude oil production. According to the Organization of the Petroleum Exporting Countries, UAE has 111 billion barrels of oil reserves and around 8,200 billion cubic meters of natural gas reserves in 2021. However, the detection of new heavy oil fields in Iraq is expected to make Iraq the fastest-growing region in the forecast period. Such projects will positively affect the demand for magnetic ranging products in the upcoming years.
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Market Structure and Competitive Landscape
The MENA oil and gas magnetic ranging market is characterized by the presence of various players operating in the market. Some of the prominent players that contribute significantly to the MENA oil and gas magnetic ranging market are Transocean Ltd., Big Guns Energy Services Ltd., Weatherford International Plc, GMW Associates, Vector Magnetics LLC, Scientific Drilling International Inc., Baker Hughes, Bartington Instruments Ltd., Halliburton Company, Schlumberger, and Prime Horizontal Group of Companies among others.
The industry players use a variety of growth tactics to reinforce their market share and establish a competitive advantage over their rivals. Industry participants employ a variety of strategies, including mergers & acquisitions, product launches, partnerships, and collaborations. The following are some significant advancements in the MENA oil and gas magnetic ranging market:
- In August 2022, the Petroleum Directorate of Sierra Leone showed interest in collaboration with GCC and other African Oil and gas-producing countries and companies to drive the socio-economic growth of the respective regions.
- In March 2019, Abu Dhabi National Oil Company (Adnoc) announced to increase its oil and gas capacity to 5 million barrels per day by 2030. This would provide new growth opportunities for the market in the coming years.
Key Market Segmentation
RationalStat has segmented the MENA Oil and Gas Magnetic Ranging based on type, deployment, and region.
- By Type
- Active Magnetic Ranging (AMR)
- Passive Magnetic Ranging (PMR)
- By Deployment
- By Region
- Middle East
- Saudi Arabia
- Rest of MENA countries
- North Africa
- Rest of North Africa
- Middle East
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide clients with the best possible real-time insights. We combine various industry experiences, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for oil and gas magnetic ranging manufacturers and suppliers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
MENA Oil and Gas Magnetic Ranging is expected to grow at a CAGR of more than 5.8% during the forecast period 2022-2028.
GCC holds a prominent share in this market.
The MENA market for Oil and Gas Magnetic Ranging is estimated at US$ 870 Million in 2021.
The increasing shift toward the production of heavy hydrocarbon and the time and cost effective nature of magnetic ranging products are the key trends in the MENA Oil and Gas Magnetic Ranging market.
Major companies operating in MENA Oil and Gas Magnetic Ranging Market are Transocean Ltd, Big Guns Energy Services Ltd, Weatherford International Plc, GMW Associates, Vector Magnetics LLC, Scientific Drilling International Inc, Baker Hughes, Bartington Instruments Ltd, Halliburton Company, Schlumberger, and Prime Horizontal Group of Companies among Others.