What's driving the Well Intervention Market Growth? ExxonMobil, Schlumberger, Tenaris & Expro
Company profiled in 'Well Intervention Market' report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis: Archer, Haliburton, Exxon, Weatherford, Schlumberger, Calfrac, Tenaris, Cudd Energy, GE, National OilWell Varaco, DeepWell, Superior Energy, Technipfmc, Trican, Weltec, Omega, Basic Energy, Expro, Hunting Energy, Helix, Oceaneering, and Altus.
Growing number of matured oil fields coupled with rising concerns toward depletion of conventional reserves will foster the well intervention market. Ongoing development of urban areas across the emerging economies along with rising demand for petroleum products will propel the industry growth. In addition, rapid technological advancements across the oil field services sector will enhance the technology adoption.
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Growth drivers of Well Intervention Market
• Growing number of matured fields
• Increasing offshore E&P activities
Indonesia market will surpass USD 350 Million by 2024. Increasing need toward revitalizing of aging oil fields on account of escalating demand for crude oil will boost the industry growth. In addition, the changing regulatory scenario along with introduction of favorable policies by the government authority will positively influence the technology adoption. Upsurge in investments toward development of advanced technologies to enhance the production from maturing fields will further compliment the business landscape.
Accelerating number of stripper and marginal wells along with increasing demand for crude oil will foster the artificial lift systems market. Reliability, limited risk exposure, and ease of drilling across the subsea intervention are some of the key features which will propel the business growth. Increasing focus toward development of unconventional wells coupled with favorable regulatory policies to enhance oil production primarily across OPEC countries will fuel the well intervention market.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
8. Cudd Energy
10. National OilWell Varaco
12. Superior Energy
17. Basic Energy
19. Hunting Energy
22. and Altus.
As oil companies continue to focus on cost-reduction and heavy revenue returns, the requirement for well intervention service will increase remarkably over the years ahead. Moreover, the involvement of intervention service providers in the development of flexible and unique products to accelerate productive oil recovery will also stimulate the industry growth. For the record, overall well intervention market size will grow at a CAGR of 6% over 2018-2024.
Key report insights suggest:
• Increasing exploration activities across the subsea areas including Norwegian basins will stimulate the Norway market. In addition, increasing government focus toward the development of aging oil and gas fields along with favorable regulatory schemes pertaining to offshore production will complement the industry landscape.
• Increasing investments by national oil companies coupled with ongoing shale revolution across the U.S., Middle East and China will propel the remedial cementing market share. The service is used to rectify the issues related to the primary cementing and to deal with issues which are caused during production. It further involves the use of cement plugs and squeeze cementing which prevents the mixing of other fluids with the cement.
• As of now, in the offshore wells, energy companies have been looking forward to optimizing the production in accordance with the increasing preference to achieve operational and financial targets.
• In this regard, for expanding the customer base, numerous players in the well intervention market have been introducing a new range of services to fulfil the changing customer requirements.
• Validating the aforementioned fact, in 2017, one of the renowned contributors of well intervention industry, Schlumberger launched IQ production lifecycle management services which can be used for diagnosing, monitoring, and optimizing artificial lift systems in real time.
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Well Intervention Market, By Service
• Logging & Bottom hole Survey
• Tubing/Power Failure & Repair
• Remedial Cementing
• Zonal Isolation
• Sand Control
• Artificial Lift
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