Offshore Decommissioning Market Is Booming Worldwide with Top key players - Amec Foster Wheeler ASA, Aker Solutions, AF Gruppen S.A., Tetra Technologies, John Wood Group PLC, Able UK, DNV GL, Heerema Marine, Allseas Group

Decommissioning refers to the process of ending oil and gas operation at the offshore platform keeping in account the risk and safety of the offshore environment. This process carried out when oil production from the well decreases substantially. Offshore decommissioning must be done cost efficiently, as it comprises of risks and uncertainties, creating challenges for decommissioning projects.

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Global Offshore Decommissioning Market Outlook

-Europe is projected to be the fastest growing market in offshore decommissioning, owing to the maturing oilfields and high spending in North Sea and UK. The ceasing of major oilfields and excellent regulatory framework is ensuring high pace of offshore decommissioning market in Europe. Oil and Gas Authority, in U.K., is expected to invest around US$ 71 billion for safe decommissioning.

-North America is accounted to be the second largest market in offshore decommissioning, owing to maturing oilfields in Gulf of Mexico with large number of platforms decommissioning every year.

-Asia Pacific is witnessed to have a significant growth rate in offshore decommissioning market, owing to rise of aging oilfields. The decommissioning opportunities in Indonesia and Malaysia is anticipated to enhance the offshore decommissioning market in this region. Middle East offshore decommissioning market is projected to have a significant growth, due to its prolonged oil and gas operations and production activities.

The U.S assembled The Outer Continental Shelf Lands Act (OCSLA) and regulations establishing decommissioning obligations, which must be fulfilled by the operator during the signing of an offshore lease, including the requirement of approval and permit to remove the platform.

Key Players in the Global Offshore Decommissioning Market

The major key players operating in the global offshore decommissioning market include Amec Foster Wheeler ASA, Aker Solutions, AF Gruppen S.A., Tetra Technologies, John Wood Group PLC, Able UK, DNV GL, Heerema Marine, Allseas Group, DeepOcean Group, and Technipfmc

Global Offshore Decommissioning Market Taxonomy

On the basis of decommissioning process, the global offshore decommissioning market is segmented as:

Project Management
Planning and Engineering
Permitting Compliance
Regulatory Compliance
Platform Preparation
Well Plugging and abandonment
Conductor Removal
Mobilization & Demobilization of Derrick Barges
Platform Removal
Pipeline and Cable Decommissioning
Material Disposal
Site clearance

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