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Friday, October 20, 2006 2:30:50 PM
CLEVELAND, OH -- (MARKET WIRE) -- October 20, 2006 -- U.S. demand for well stimulation materials is projected to increase nearly eleven percent annually to $2.4 billion in 2010. Exceptionally high oil and gas prices have motivated domestic producers to increase production of crude oil and natural gas. This is no mean feat, as U.S. oil and gas fields have generally matured, leaving no easy sources of energy untapped. As a result, producers are taking advantage of well stimulation techniques to maximize output, and will continue to do so to increasing degrees as long as oil and gas prices remain high. Longstanding concerns about the stability of the world's oil supplies, to say nothing of critical concerns about the stability of many of the world's leading oil supplying nations, have increased the importance of higher domestic oil and gas output. These and other trends are presented in "Well Stimulation Materials," a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Over the next decade, well stimulation material demand will be spurred by increases in oil and gas drilling and well completion activity in the U.S. Drilling activity will drive gains for fluids and proppants. Continued exploratory and developmental efforts in offshore and deepwater areas will prompt demand for value added proppants and specialty additives that are the best-suited materials for use in these challenging environments. Commodity materials such as sand proppants and lower cost fluids will benefit from the continued development of shallow coalbed methane resources.
Proppants, which have become the largest product type, are also expected to register the strongest value growth among major product categories through 2010, averaging 12 percent annually. While volume growth for proppants will be appreciable, value growth will be driven to a substantial degree by the increasing use of more expensive proppants in place of traditional sand for deeper wells with harsher conditions. Among base fluid materials, gelling agents and foaming agents are expected to post above average growth. Growth for foaming agents will be due to their ability to reduce the total amount of hydraulic fracturing fluids required for each fracturing job. Higher value products such as organometallic crosslinking agents and specialty biocides also represent strong growth opportunities.
http://www.marketwire.com/mw/release_html_b1?release_id=174943
JMO - Do your own DD.
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