Drilling waste management entails various processes adopted by exploration and production (E&P) companies to manage their wastes in an environment-friendly manner. Strict regulations by regulatory agencies such as the United States Environmental Protection Agency (EPA) have resulted in these companies taking preventive measures to minimize pollution caused by drilling. The Energy Corporation of America (ECA) was fined by the Pennsylvania Department of Environmental Protection (DEP) in Jan 2018 for failing to comply with policies pertaining to waste management.
Focus on Waste Management
Solids control, containment and handling, and treatment and disposal are three major methods by companies for management of drill cuttings. Among these, containment and handling segment is expected to grow at a 9.18% CAGR from 2014 to 2025 on account of their efficiency. Companies such as Ridgeline Canada have their own spill management programs that contain a trained emergency responder team to immediately respond to oil spills to minimize damage.
The solids control segment is anticipated to grow robustly till 2025 on account of ease of use in regions in North America and Europe. In response to strict environment regulations, Cubility AS has signed two agreements with Stage-3 Separation and New Tech Solids Inc in 2017 for disposal and control of solids. Its proprietary system, MudCube, has been installed in multiple rig sites owing to its high efficiency in vacuuming drill cuttings and reducing waste volumes.
Market Insights
The global drilling waste management market is anticipated to touch USD 7.13 billion by 2025, according to a report by Grand View Research, Inc. High demand for energy is expected to drive market growth over the forecast period (2014-2025). Developments of resourceful techniques by oil exploration and production companies in deep water areas are expected to augment market demand. Strict policies regarding water and land pollution is also anticipated to influence market growth. Some of the key drill waste management companies include Augean PLC, Halliburton, Schlumberger Limited, and Ridgeline Canada, Inc.
In-Depth Research Report On Drilling Waste Management Market:
https://www.grandviewresearch.com/industry-analysis/drilling-waste-management-market
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