Well Intervention Market Global Status and Business Outlook 2018 to 2026 | Key Players: Schlumberger Limited, Baker Hughes Incorporate, Weatherford International Ltd., Trican Well Service Ltd., Superior Energy Services Inc., Among Others.
Companies are focusing on developing new technologies to facilitate well intervention operations. For instance, in 2017, C6 Technologies, an oilfield technology company, launched ComTrac system, which can be operated onshore as well as offshore, consisting of injector unit, control unit, internal electrical conductors, and a head that provides well pressure control.
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.
Global Well Intervention Market Taxonomy:
Global Well Intervention market is segmented on the basis of service, application, and category:
Wellhead and Christmas Tree Maintenance
Logging and Bottomhole Survey
Tubing/packer failure and repair
Sand Control Services
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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.
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.
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.
In 2018, TechnipFmc signed an agreement to acquire 51% stake in Island Offshore Subsea AS. The two companies have planned to deliver Riserless Light Well Intervention (RLWI) services across the globe.
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.
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