Oil Field Chemicals are the high value, well stimulation chemicals used to separate the waste and water produced in hydraulic fracturing during oil and gas exploration and energy production (E&P) activities. These chemicals improve the recovery process and the quality of the product (oil/gas/energy).
North America is the leading region for this market mainly due to the increased exploration activities in USA and Canada. The increasing exploration activities in this region have in turn resulted in an increase in the Oilfield Chemicals market.
Increasing demand for oil and gas is expected to result in a rise in demand for the Oil Field Chemicals market. In recent times the oil and gas has been experiencing a significant downturn due to the continuous fall in the prices.
Thus, the Oilfield Chemicals Market is expected to register a high growth at a rate of around 5%.
January 29, 2018 – Exxon Mobil Corporation (US), a global O&G Company, announced its plans to pump up USD 50 billion’s investments over the next five years, in view with the recent tax deduction by the US governments.
January 10, 2018 – SNC Lavalin (US) announced that it has been awarded an exclusive agreement for rending its engineering services to a downstream Petro-chemical and refining company in the US Gulf Coast. Based on the passage above, Can you provide a summary of the Oil Field Chemicals market and its current state of growth?
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