Offshore Decommissioning Market 2016-2022 / Aker Solutions (Norwegian), AF Gruppen S.A.(American), Allseas Group (Swiss)

The Oil Business forms backbone of the current-day Global Economy. Increased environmental awareness and dreadful side-effects of abandoned oil wells have raised the potential for efficient control systems like Offshore Decommissioning- which involves careful plugging of the oil wells and safe disposal of the equipment used in offshore oil fields.

The Global Offshore Decommissioning market has been currently valuated to be US$ XX in 2017 and is anticipated to grow at a CAGR of XX%, to US$ XX in 2022.

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It is a booming sector in the Petroleum industry, which along with handsome revenues, also carries increased risks. Offshore Decommissioning includes ten steps – Project Management, Engineering and Planning, Permitting regulatory compliance, Platform preparation, Well Plugging and abandonment, Conductor removal, Mobilization of derrick barges, Platform removal, Pipeline and power cable decommissioning, Material disposal and site clearance- all of which undergoing technological changes due to latest advancements. The methodology used, to a great extent, is affected by the legal framework of the country.

Market Dynamics:

The age old offshore infrastructures of oil fields, a need for modernization and the concerns regarding safety have been key factors in the emergence of the industry. Over past few years, low oil prices and the difficulties in maintaining the fields has boosted the potential for Offshore Decommissioning techniques.

Market Segmentation:

Offshore Decommissioning market can be segmented on the basis of service, depth of water, the method of removal, structure, and region. In services, it is further fragmented into project management, engineering and planning, permitting and regulatory compliances, plugging and abandonment, pipeline and power cable decommissioning, materials disposal and site clearance- to name a few.

Due to increased environmental concerns and the number of barren oil fields, plugging and abandonment section has been estimated to grow fastest. In segments by depth, the Shallow water operations, which are less expensive when compared to deep water operations and are widespread, especially due to conventional oil wells have the largest market share.

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Geographical distribution:

Until 2016, Europe has been the largest market, by value, for offshore decommissioning, mainly due to countries like Norway and United Kingdom, which leads other regions in terms of well-developed and mandatory decommissioning guidelines. United States Gulf of Mexico is the second largest consumer.

Amongst the service providers, key players include Aker Solutions (Norwegian), AF Gruppen S.A.(American), Allseas Group (Swiss), Technipfmc (American), Amec Foster Wheeler ASA (French) and Deep Ocean Group (Dutch)- to name a few.

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