Well Intervention Market Detailed Analysis & Focusing on Key Leaders are Schlumberger Limited, Baker Hughes Incorporate, Weatherford International Ltd., Trican Well Service Ltd., Superior Energy Services Inc.

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.

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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.

Owing to the E&P feasibility, onshore segment dominated the well intervention market in 2016 as large companies majorly focused on onshore production activities. However, technological advancement has allowed major players to explore untapped reserves in the offshore regions over the past few decades. According to U.S. Energy Information Administration, in 2015 the Global onshore crude oil production was 71% and that of offshore was 29%.

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.

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.

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.

Global Well Intervention Market Taxonomy

Global Well Intervention market is segmented on the basis of service, application, and category:

By Service:

Wellhead and Christmas Tree Maintenance
Logging and Bottomhole Survey
Coiled Tubing
Tubing/packer failure and repair
Well Control
Remedial Cementation
Zonal Isolation
Recompletion
Fishing services
Sand Control Services
Stimulation
Artificial Lift
Reperforation
Others

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This release was published on openPR.