Well Intervention Market to Witness Huge Growth by 2024| Expro, Helix Energy Solutions Group, Altus Intervention, Oceaneering, Welltec, Weatherford, Cudd Energy Services
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Expansion of subsea production platforms along with favorable regulatory policies toward development of deep & ultra-deep drilling activities will drive the offshore well intervention market. In addition, the large volume of available reserves across the subsea areas in Persian Gulf and NSC area will complement the business growth.
Indonesia well intervention market is set to exceed USD 350 Million by 2024. Growing need for revitalizing of aging fields owing to increasing consumption for crude oil will propel the industry outlook. The changing regulatory scenario coupled with introduction of favorable regulatory policies will positively impact the technology adoption. In addition, ongoing investments toward the development of advanced technological solutions to improve the production from aging fields will stimulate the industry growth.
High well intervention market is set to witness a gain of over 7% by 2024. Upsurge in investments toward E & P activities across the subsea areas will complement the industry growth. The high intervention technology is primarily used to replace parts including valves, pumps and tubing from the wells and to abandon the wells that are not viable for production.
Well Intervention Market By Intervention, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024 in detail along with the table of contents@ https://www.gminsights.com/industry-analysis/well-intervention-market
Increasing number of marginal wells coupled with rising demand for oil will drive the artificial lift system market. Ease of drilling across offshore areas, reliability and limited risk exposure are some of the prominent features which will boost the technology adoption. In addition, the rising focus pertaining to the development of unconventional wells along with favorable government policies to enhance crude oil production will propel the well intervention market share.
Increasing investments by NSC toward shale basins along with across the Middle East, the U.S. and China will boost the remedial cementing segment. The service is primarily used to rectify issues related to cementing and caused during production activities. In addition, the service also involves the usage of cement plugs & squeeze cementing that prevents the mixing of cement with other fluids.
Increasing exploration and production activities across the offshore areas including Norwegian Continental Shelf (NSC) will drive the Norway well intervention market. Favorable regulatory policies pertaining to offshore production along with government focus toward development of aging fields will propel the industry growth.
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Key industry players operating across the well intervention market includes
• Cudd Energy Services
• National Oilwell Varco
• Superior Energy Services
• Trican Well Service Ltd.
• Omega Well Intervention Ltd
• Helix Energy Solutions Group
• Altus Intervention
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