Well Abandonment Services Market Estimated to Experience a Hike in Growth By 2030

When an oil well is no longer productive, it must be permanently sealed and taken out of service or else it remains a liability for the company that owns it. Well, abandonment services provide integrated solutions for the safe decommissioning of matured and non-productive oil & gas platforms and subsea infrastructures. This eliminates the ongoing costs of maintaining such oil wells and provides a guard against potential liabilities. The service providers seal each well with permanent, leak-free barriers that meet all legal obligations.

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COVID-19 scenario analysis

The outbreak of COVID-19 across the globe has severely affected the global well-abandonment services market.

• Owing to the nationwide lockdown, the operation of several industries has significantly decreased along with a decrease in the usage of personal and commercial vehicles for transportation. This has resulted in a steep decline in the demand for crude oil, which has resulted in a rapid fall in prices. As a result, oil & gas operators had to lower the productivity of reservoirs, which, in turn, negatively impacted the demand for well abandonment services.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The productivity of the oil & gas reservoirs decreases as they reach toward the end of their economic life. As a result, a decline is witnessed in production and revenue generation from these wells, and thus they turn into a liability for the companies. This maturing of reservoirs is the key driver of the global good abandonment services market. The number of matured and non-productive oil and gas wells is increasing at a steady rate across the globe, which leads to the growth of the good abandonment services market.

Europe is leading the well abandonment services market, garnering the largest share, owing to extensive decommissioning activities of offshore oil and gas platforms. It is followed by North America, which is expected to grow at a considerable rate in the near future.

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Market Key Segments:

By Service
• Site Clearance
• Materials Disposal
• Well Plugging & Abandonment
• Permitting & Regulatory Compliance
• Pipeline & Power Cable Decommissioning
• Others

By Removal Type
• Leave In Place
• Partial Removal
• Complete Removal

By Depth
• Shallow Water
• Deep Water

By Structure
• Topside
• Substructure
• Sub Infrastructure

By Region
• North America (US, Canada)
• Europe (Germany, the UK, France, rest of Europe)
• Asia-Pacific (China, Japan, India, rest of Asia-Pacific)
• Latin America (Brazil, Mexico, Rest of LATAM)
• the Middle East
• Africa

Key Market Players: Aker Solutions, Ramboll Group, AF Gruppen ASA, Technifmc Plc, John Wood Group Plc, Tetra Technologies Inc., Acteon Group Ltd., Expo Holdings UK2 Ltd., Oceaneering International Inc., Schlumberger Ltd.

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Key benefits of the report

• This study presents the analytical depiction of the global well abandonment services industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global well abandonment services market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global well abandonment services market growth scenario.
• Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

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