Why Are E&P Companies Using Artificial Lifts?
Artificial lift is used in oil wells to increase pressure within the reservoir to bring oil to the surface. This machine is deployed to recover more production from oil reservoirs where the natural drive energy is very weak. The surging number of mature oil and gas fields will fuel the artificial lift market at a CAGR of 5.3% during forecast period. According to P&S Intelligence, the market was valued at $8,010.8 million in 2017 and it is projected to reach $10,883.1 million revenue by 2023. Moreover, the rising availability of recoverable shale gas will also lead to the large-scale deployment of artificial lifts at the shale gas reserves. Artificial lifting methods are utilized in horizontal shale gas-producing wells to lift the accumulated fluids and aid in sustaining the performance of the well. According to the U.S. Energy Information Administration (EIA), shale gas reserves are found in about 30 states of the country. At present, the Marcellus shale play in the Appalachian Ba...