Geosteering Market Is Gaining Rapid Traction With Halliburton Company Launching First 3D Logging-While-Drilling (LWD) Capability

 

Geosteering Market

Geosteering, otherwise known as land surveying, is the optimization of site selection based on precise measurements of underground restructures and real-time data from survey instruments. A wide range of engineering applications can be optimized with accurate site selection for specific purposes such as resource management, site stabilization, site planning, site engineering design, site investigation, environmental remediation, and engineering infrastructure development. Geosteering has been used for more than 100 years to survey and plan natural resources. 

The demand for oil and gas has remained on the upper side worldwide, which has prompted more and more drilling activities in subsea and offshore. Geosteering is a key process in oil & gas drilling activities, which maximizes the efficiency of oil and gas drilling operations through the use of groundbreaking drill bits and the application of specific technologies. Recently, in December 2020, ExxonMobil Corporation and PETRONAS discovered hydrocarbons at Sloanea-1 exploration well on Block 52 offshore Suriname. Furthermore, in October 2020, ExxonMobil made its final investment of US$ 9 billion in Payara field offshore development in Guyana. Such drilling activities can augment growth of the geosteering market.

Developed countries such as the U.S. are among the key players in offshore oil & gas exploration. The North America regions consist of major oil & gas production basins, which provide fertile ground for further growth of the industry. As a result of this, the demand for geosteering has increased over the years for the exploration of shale oil and gases. Similarly, emerging regions including Asia Pacific are witnessing massive demand for geosteering, typically due to high demand from oil & gas industries and the adoption of novel technologies for drilling.

Recently, in July 2019, Halliburton Company launched the first 3D reservoir mapping, a new logging-while-drilling (LWD) capability, which provides a detailed representation of the subsurface of structures.  

Geosteering can also be applied to architectural and engineering design. Land surveys are necessary to ensure that buildings and other structures built in compliance with local laws and regulations. A qualified architect or geotechnical expert can create the required landscaping. That being said, there are major repercussions of using geosteering where it could potentially pose harm to public health and the environment. Improper management of oil waste from offshore exploration has compelled government authorities to impose stringent environmental regulations, which could impede growth of the geosteering market.

Research and development activities play a massive role in the geosteering market. With geosteering, operators can have better control through the rotary steerable system, which allows more maneuverability to geosteer through complex geology, make informed geosteering decisions, and minimize seismic uncertainty. It also provides real-time insights and control that helps to augment zonal understanding and get the optimum results at a low cost. Such advantages can stimulate growth of the geosteering market in the near future.

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