Well Intervention Market - Snapshot
Well interventions are utilized to avoid unforeseen problems in oil and gas wells; clean and remove debris before completion; safely suspend production during storms or planned maintenance; conduct remediation and stimulation to rejuvenate production; sidetrack existing wells to reach new targets; and carry out safe and effective plug and abandonment at the end of the well’s economic life.
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Discovery of New Oilfields and Revitalization of Aging Field Wells to Trigger Investment in Well Intervention Services
The world is moving toward the usage of renewable sources of energy. However, demand for oil & gas has not declined. Reliable power is a basic necessity due to the continuous development and modernization of society. Renewable energy sources provide clean power. However, they are yet to become reliable power sources as they require backup in the form of hybrid power plants. Therefore, the demand for oil and gas is rising, but at a sluggish pace in comparison to its previous growth. Furthermore, rapid depletion of oil reserves is influencing the outlook of the global oil and gas industry. Hence, efforts are being undertaken to explore new oilfield reserves, particularly in North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf, in order to cater to this ever increasing demand. This, in turn, is anticipated to offer substantial expansion opportunities to the well intervention market in the near future.
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Maximizing production from brownfields and extending the plateau have become utmost priorities for exploration and production companies across the world. Rise in awareness about maximizing field production involves not only having a clear understanding of subsurface intricacies but also ensuring that existing surface facilities are performing at their best in order to handle production in an environmentally safe manner. Consequently, operators of mature oilfields are searching for late-stage intervention solutions that can revitalize aging, marginal wells, bringing them back online in order to extend production. Globally, an estimated 20,000 idle wells have been identified for abandonment, 45% of them in the highly regulated Gulf of Mexico (GoM). Production companies might have chosen to abandon a well once it shifted from an asset to a liability in the recent past.
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Volatility in Prices of Crude Oil Coupled with Rise in Renewable Energy-based Investments to Restrain the Market
Declining prices of crude oil have resulted in a halt of several well intervention projects. This has triggered investments in the renewable energy business owing to government support and regulations pertaining to carbon emissions. High investments in solar and wind power technologies have shifted the focus toward clean energy, which has hampered expansion of well intervention services globally. However, stability in prices of crude is expected to provide significant opportunities for well intervention services across the globe for new discovery as well as existing oil wells.
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Shift from Onshore to Subsea Exploration and Production (E&P) Activities to Provide Future Opportunities for Well Intervention Services
The subsea offers several challenges for oil and gas exploration and requires planning in advance. Consequently, the oil and gas industry is engaged in a growing movement to identify advanced techniques and technologies that can help it maximize revenues from existing brownfields and new assets by enhancing their output and pursuing a safer and more cost-effective best practice approach. Several major oil and gas companies still do not have established subsea intervention policies. This is, however, slowly changing, as an increasing number of oil and gas companies have begun to embrace the need for performing more regular interventions on their growing portfolios of subsea wells.
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Nonetheless, organizational structures and incentives for conducting interventions typically remain insufficiently aligned to support full adoption of regular subsea intervention programs across global well-stocks. Furthermore, oil and gas companies are exhibiting an increasing interest in improved recovery rates from existing and future subsea wells, as the aging installed base of around 5,500 subsea wells at year-end 2014 is set to surpass 7,000 by 2019. Demand for cost-efficient well intervention solutions is increasing due to a substantial gap in recovery rates between subsea and platform wells of between 25% and 40%.
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