In order to meet demand for their services, the majority of oilfield companies have made aggressive moves into producing more oil and gas in order to meet future demands. The increase in gas and oil production by these companies is likely to continue as demand increases. For instance, in September 2021, a major oilfield service provider in the U.S., Halliburton Company, partnered with Chariot Limited, to provide drilling solutions to the latter’s gas plant on the Moroccan coastline. In addition to the companies providing directional drilling services, there are a number of technology developers who are attempting to develop new and innovative technologies for drilling in both onshore and offshore oil fields. Among the newest technologically advanced techniques being used by drillers worldwide is the use of magnetic energy. This technology promises to revolutionize the way that drilling operations are conducted.
Apart from using magnetic energy for wellbore exploration purposes, there are a number of other potential applications for this technology. One application is geotech-based drilling, which is aimed at exploring and extracting natural gas from the wellbore. Another potential application is the use of ultrasound for directional drilling services. Ultrasound is believed to promote the efficient transportation of gases within fractures and confined spaces. The most common medium used for the transmission of ultrasonic signals is metal foil. Other possible applications include the use of ultrasonic drilling or the "ultrasonic oil" technique, which sends sound waves into confined spaces at extremely high frequency, thereby causing friction with the formation below and encouraging the movement of gases within the wellbore.
As onshore oil and gas production growth prospects decline, the cost of offshore exploration and extraction has also been steadily increasing. Many companies in the onshore sector are either closing down their operations completely or are operating with a significantly reduced staff level. As a result, demand for directional drilling services has risen and the availability of onshore drilling sites has also significantly declined. The result is that there is a critical need for companies to expand their onshore exploration activities to meet growing demand and in order to remain competitive in the onshore oil and gas sector.
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