Pre-order Enquiry
Request Free Sample
Global Subsea Well Intervention Market - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-13102394 | Publishing Date : 01-Apr-2018 | No. of pages : 105
Request Sample
Request Customization
Check Discounts
Crude oil price started to rise after mid-2016, and the offshore oil & gas industry started to stabilize with lower decline in offshore rig count compared to 2014 and 2015, and hence, a similar trend was observed in the subsea well intervention market. The number of offshore drilling units purchased increased in 2017. Crude oil price crossed USD 60 per barrel mark in November 2017. The opening of coastal water in the United States for exploration and production and the recovery of the Brazilian oil & gas industry, along with increasing crude oil price, are expected to increase the demand for subsea well intervention.
Smart Well is an approach to Zero-Intervention Goal
During the downturn in the oil & gas industry, investment was made in smart well technologies to approach a zero-intervention goal. Real-time downhole data can be gathered from smart wells. The technology has not been adopted widely till now due to its complexity, reliability, and capital costs, which have led to the cautious attitude in its use, except in the areas where benefits can be established. Even though smart well technology works to reduce the need for intervention, the data gathered from it has helped to give greater certainty for selecting appropriate intervention response. During the forecast period, smart wells are not expected to largely affect the well intervention market, but as the technology grows and becomes cost-effective and less complex, the market can be hindered in the long run.
Golden Triangle one of the Largest Market
The deepwater drilling market is expected to rebound in the near future due to the increased activity in the Golden Triangle – Gulf of Mexico, Brazil, and West Africa. Chevron’s Ballymore and Shell’s giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival, after a long time without any major discovery. The discovery of Egypt’s mammoth offshore natural gas field “Zohr” is expected to increase the demand for well intervention. Several large offshore drilling projects in countries, like Mozambique and Nigeria, are further expected to drive the market.
Momentum in the UK and Norwegian Oil & Gas Industry Driving the Market
The United Kingdom and Norway experienced a decline in crude oil production since the start of the century. But in 2015, the trend changed and an increase in production was witnessed in both the countries. In 2016, production in the United Kingdom increased by 18% and in Norway by 5.6% from 2014. Further, the production is expected to ramp up in Norway after the Johan Sverdrup field, one of the major fields, starts production in 2020. The increasing production activity and upcoming new wells are expected to increase well intervention activity, and hence drive the market.
Key Developments in the Market
• July 2017: General Electric completed its buyout of Baker Hughes Inc., merging it with its own oil & gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. The new company is named "Baker Hughes, a GE company“.
• January 2017: Schlumberger acquired Peak Well System, which is a specialist in the design and development of advanced downhole tools for well intervention, flow control, and well integrity.
The major players include - Schlumberger Limited, Weatherford International PLC, Baker Hughes A GE Co., Halliburton Company, National Oilwell Varco, amongst others.
Reasons to Purchase this Report
• Current and future global subsea well intervention market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Smart Well is an approach to Zero-Intervention Goal
During the downturn in the oil & gas industry, investment was made in smart well technologies to approach a zero-intervention goal. Real-time downhole data can be gathered from smart wells. The technology has not been adopted widely till now due to its complexity, reliability, and capital costs, which have led to the cautious attitude in its use, except in the areas where benefits can be established. Even though smart well technology works to reduce the need for intervention, the data gathered from it has helped to give greater certainty for selecting appropriate intervention response. During the forecast period, smart wells are not expected to largely affect the well intervention market, but as the technology grows and becomes cost-effective and less complex, the market can be hindered in the long run.
Golden Triangle one of the Largest Market
The deepwater drilling market is expected to rebound in the near future due to the increased activity in the Golden Triangle – Gulf of Mexico, Brazil, and West Africa. Chevron’s Ballymore and Shell’s giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival, after a long time without any major discovery. The discovery of Egypt’s mammoth offshore natural gas field “Zohr” is expected to increase the demand for well intervention. Several large offshore drilling projects in countries, like Mozambique and Nigeria, are further expected to drive the market.
Momentum in the UK and Norwegian Oil & Gas Industry Driving the Market
The United Kingdom and Norway experienced a decline in crude oil production since the start of the century. But in 2015, the trend changed and an increase in production was witnessed in both the countries. In 2016, production in the United Kingdom increased by 18% and in Norway by 5.6% from 2014. Further, the production is expected to ramp up in Norway after the Johan Sverdrup field, one of the major fields, starts production in 2020. The increasing production activity and upcoming new wells are expected to increase well intervention activity, and hence drive the market.
Key Developments in the Market
• July 2017: General Electric completed its buyout of Baker Hughes Inc., merging it with its own oil & gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. The new company is named "Baker Hughes, a GE company“.
• January 2017: Schlumberger acquired Peak Well System, which is a specialist in the design and development of advanced downhole tools for well intervention, flow control, and well integrity.
The major players include - Schlumberger Limited, Weatherford International PLC, Baker Hughes A GE Co., Halliburton Company, National Oilwell Varco, amongst others.
Reasons to Purchase this Report
• Current and future global subsea well intervention market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
