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Published on : Aug 30, 2019

Growth of the global oil and gas fishing tools market is attributed to the expansion in the exploration and production activities in the oil and gas industry. The expansion is triggered by the escalated demand for energy from across the globe.

In addition to that, recent escalation in the offshore drilling and completion activities is also likely to lead to the growth of global oil and gas fishing tools market during the period of review.

Increased Usage of Downhole Data Technology Accelerates Market Growth

Forewarned is forearmed. It is an adage that is especially true when it comes to deepwater drilling. These days offshore drillers are more relying on new and existing technologies of downhole data to take real-time decisions and maintain safety of the operations.

The need for extensive downhole data is driven by complicated reservoirs and wells coupled with high risk and cost associated with such projects. Extensive use of downhole data technologies directly influences the growth of global oil and gas fishing tools market, as these tools are often tasked with the lifting of fallen objects of downhole data technologies. 

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Oil and gas fishing tools find use on contingency basis at the time drilling a well too. The main purpose of fishing services is to retrieve an object, also known as “junk”, or “fish”, from the well. This junk or fish could be in the well as a consequence of a broken drill bit, drill pipe, down-hole tool, or any item that had fallen down to the well from the surface.

All of these fallen objects cause obstruction in drilling activities because drill bit is not designed in a way to drill out such broken parts of another thing. As such, this junk or fish needs to be taken out to let drilling activities continue. Oil and gas fishing tools finds its usage at different stages of the projects, such as work-over, completion, and drilling.