Drilling Activities in Upstream Oil & Gas Industry drive Global Oil Country Tubular Goods (OCTG) Market

Published on : Oct 24, 2019

Oil Country Tubular Goods (OCTG) is comprises of seamlessly rolled products such as casing & tubing and drill pipe that are subjected to loading conditions based on the application. It can be presumed as the family of steel tubular products that are actively used in oil & gas exploration and further production.

OCTG includes tubulars that can be seamlessly welded pipes and they exist in variety of lengths, size and products that include casing, drill pipes and tubing. OCTG production is carried out depending on varied components that include grade, connection type, pressure rating, temperature rating and material requirement. Upstream oil and gas sector has witnessed growth in drilling and production activities. Increased energy demand and rise in offshore drilling activities have amped up the global Oil Country Tubular Goods market. OCTG is influenced by various components that include crude oil and natural gas price fluctuation, changes in customer preference, greenhouse emission reduction initiatives and economic stability.

An intelligence report titled, “Global Oil Country Tubular Goods (OCTG) Market (value, Volume): World Market Review By Pipe Type, Manufacturing Process, grade, Application – By Region, By Country (2019 Edition): Opportunities and Forecast (2019 – 2024)” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository.

Drill pipes circulate drilling fluid

Drill pipes are very heavy seamless tubes that are involved in drill bit by rotating it to circulate drilling fluid. Structurally long pipe segments are couples with tool joints. Drill pipe is subjected to various forces while operation that include high torque, axial tension and internal pressure created by drill fluid purging. Casing pipe is used to line the borehole. Its dead weight creates axial tension on it and surrounding rock formation starts building external pressure. Casing pipe is primarily exposed to internal pressure and axial tension created after oil is pumped. Tubing is employed to transport oil and gas from the wellbore.

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