Well Intervention Market Future Outlook 2026 Profiling Major Key Players - Schlumberger Limited, Baker Hughes Incorporate, Weatherford International Ltd., Trican Well Service Ltd., Superior Energy Services Inc., Halliburton Company, National Oilwell Varco

Well intervention refers to any operation that is carried out during the productive life of an oil and gas well. Depletion in oil reserves backed by increasing demand for energy is leading to improved production activities to extend the life of the well. Reduction in well pressure, sand production, flow restriction of oil, mechanical failure, change in reservoir condition, scaling and numerous other oil, and gas field issues results in the need to perform well intervention operations, which in turn is driving growth of the well intervention market.

Download PDF Brochure : https://www.coherentmarketinsights.com/insight/request-pdf/1296

Increasing energy demand, increase in production activities of oil and gas wells and establishment of new oil and gas wells are giving rise to well intervention activities in the existing and new wells, thereby, driving this market, globally. However, harsh downhole environments such as high pressure and temperature, increasing water depths and the increase in the number exotic trajectories or well profiles pose are the major challenges in growth of well intervention market worldwide.

Light intervention segment held the largest market share in the global well intervention market in 2016. Light intervention are done using slickline, wireline and coiled tubing unit allowing the operator to gather downhole data or to adjust or change any downhole equipment. These operations provide increased oil recovery and safety and hence, proves to be largest segment in the global well intervention market.

Global Well Intervention Market Outlook

North America held the largest market share in well intervention market in 2016. Increasing onshore exploration and production activities with shale gas boom has drastically driven growth of the well intervention market in this region. Moreover, increasing offshore oil and gas production activities in Gulf of Mexico and the presence of major players in the U.S. such as Halliburton Co., Baker Hughes Incorporated, Basic Energy Services, Inc., Schlumberger Limited and others, has further driven the well intervention market in North America. In 2017, Anadarko Petroleum Corporation planned to spend around US$ 1.1 billion on its Gulf of Mexico assets. Moreover, in 2016, Schlumberger Ltd acquired coiled tubing units and coiled tubing drilling from Xtreme Drilling Corp, which further boosted growth of the well intervention market in this region.

Asia Pacific accounted to have a prominent growth in this market, owing to the increasing exploration and production activities backed by increasing energy demand from emerging economies such as China, India, and Indonesia in this region. For instance, in 2013, Petronas, planned to spend more on E&P activities in Malaysia’s oil and gas sector. Moreover, aging infrastructure of wells and need for production enhancement are some of the factors responsible for augmenting growth of well intervention market in this region. In 2016, General Electric Oil and Gas and SapuraKencana Well Services signed a memorandum of understanding (MoU) to deliver light well intervention services cost effectively in Asia Pacific.

Middle East and Africa are witnessed to have a fast growth rate in well intervention market over the forecast period. Rise in oil production in Nigeria, Angola, Algeria, and Egypt has immensely contributed to the growth of well intervention market in Africa. Nigeria led the region with the production of 1.782 million barrels of oil in 2017. Moreover, according to British petroleum Statistical Review of World Energy, in 2013, Middle East held a total of 808.5 thousand million barrels of proven reserves, hence, proving as an attractive market for investment of major players in this region.

Key players in Global Well Intervention Market -

The major players in well intervention market are Schlumberger Limited, Baker Hughes Incorporate, Weatherford International Ltd., Trican Well Service Ltd., Superior Energy Services Inc., Halliburton Company, National Oilwell Varco Inc., and Precision Drilling Corporation.

Request For Customization of Research Report : https://www.coherentmarketinsights.com/insight/request-customization/1296

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

This release was published on openPR.