The surging number of mature oil & gas fields is one of the major factors responsible for the growing worldwide demand for artificial lift. According to reports, mature oil fields that are over 30 years old account for more than 70% of the total oil produced globally. Moreover, the reservoir pressure of these oil fields declines rapidly over a period of time. Because of this reason, oil exploration and production (E&P) companies are adopting artificial lifting methods in mature wells.
Besides the aforementioned factor, the discovery of recovery shale gas in several parts around the world is also creating lucrative growth opportunities for the companies operating in the artificial lift industry. Artificial lifting strategies are used in various horizontal shale gas-producing wells for lifting accumulated fluids in the well and assisting in sustaining the excellent performance of the wells. The rising number of ultradeep and deepwater activities around the world are also fueling the global demand for artificial lift.
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Geographically, the demand for artificial lift was observed to be the highest in North America during the last few years and this trend is predicted to continue in the coming years as well. This is credited to the existence of several artificial lifting services providing companies in the region. Furthermore, over 90% of the oil wells in the U.S. need artificial lift, on account of the rapid fall in their natural pressure.
Hence, it can be said with full surety that the demand for artificial lift will soar all over the world in the coming years, primarily because of the increasing number of mature oil wells and the falling natural pressure of oil wells across the world.
