Offshore Decommissioning Market 2023 Key Country Analysis | Aker Solutions (Norway), Ramboll Group (Denmark), AF Gruppen (Norway), TechniFMC (France), John Wood Group Plc (U.K.)

Offshore Decommissioning Market report involves use of latest tools and techniques for researching, analyzing and gathering of data and information. The market analysis here includes competitive study, product information analysis, applications, and region-wise analysis, competitor landscape, consumption and revenue study, cost structure analysis, price evaluation and revenue analysis up to 2028. This report performs systematic gathering, recording and analysis of data about the issues related to the marketing of goods and services and serves the businesses with an excellent market research report. The global Offshore Decommissioning Market report provides smart solutions to the complex business challenges and commences an effortless decision-making process.

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Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal) Depth (Shallow, Deepwater) Structure (Topsides, Substructure) Removal (Leave in Place, Partial, Complete) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa and South America) The global offshore decommissioning market size is projected to grow at a CAGR of 7.4%, from 2021 to 2027, to reach a market value of USD 8.0 billion by 2027.

Key players in Offshore Decommissioning Market are Aker Solutions (Norway), Ramboll Group (Denmark), AF Gruppen (Norway), TechniFMC (France), John Wood Group Plc (U.K.), Heerema Marine Contractors (The Netherlands), Royal Boskalis Westminster N.V. (The Netherlands), Petrofac (Jersey), Oceaneering International (US), Baker Hughes Company (US), Halliburton (US), Schlumberger (US), Weatherford (US), Subsea7 (UK), DeepOcean Group (Norway), Perenco (UK), Saipem (Italy), DNV GL (Norway), Allseas Group (Switzerland), Acteon Group (UK), Maersk Decom (Denmark), Able UK (UK), Enermech (UK), Mactech Offshore (US), and Linch-Pin Offshore (Australia).

Recent Developments

Petrofac has been awarded a large decommissioning contract in the Gulf of Mexico, which includes nine platforms, 200 wells, and 32 pipeline segments.

Qatargas has awarded Saipem a contract for roughly 1.7 billion USD for the offshore development of the North Field Production Sustainability Project.

The federal government will invest $1.7 billion to clean up abandoned and orphaned oil and gas wells in Alberta, Saskatchewan, and British Columbia. The program's goal is to help the energy sector while also maintaining or increasing job opportunities. The cleaning money is expected to generate 5,200 employment in Alberta alone.
Petrobras to spend $6bn on decommissioning of offshore infrastructure

Regional Analysis

North America is expected to develop steadily, despite the fact that numerous offshore oil and gas installations are being evaluated for dismantlement in the bearish oil market.

Several reasons, including increased decommissioning activities in the United Kingdom, Denmark, and Norway, are driving the European decommissioning business. With a global market share of nearly 50%, the United Kingdom has been the most active market for offshore decommissioning. Stringent government regulations in European nations enabled market participants to conduct safe and efficient decommissioning activities, propelling the offshore decommissioning market in this area. According to Oil and Gas UK, 2,624 wells in the North Sea are expected to be decommissioned between 2019 and 2028.

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According to Delvens' offshore decommissioning market report, the COVID-19 epidemic has hampered worldwide oil and gas sector growth. Oil and gas firms throughout the world were forced to halt their manufacturing facilities and services as nations implemented partial or full lockdown measures to deal with the epidemic. Offshore decommissioning businesses with global operations have also had to work around inter-country travel and quarantine limitations, forcing crewmembers to overstay hitches for lengthy periods of time.

During the hydrocarbon production phase, an oilfield assists a corporation in generating money. Decommissioning activities, on the other hand, are carried out on oilfields that have become a burden to the corporation. The cost of decommissioning oil and gas infrastructure is high. The cost of decommissioning platforms can vary greatly based on location, climate, and legislation. Obtaining the requisite permissions and clearances, closing the well, extracting hydrocarbon from equipment, dismantling the platform, and cleaning the site are the primary components of decommissioning.

Enhanced oil recovery (EOR) can reverse the decline of older fields while increasing the total percentage recovered. In a few sectors, recovery rates exceed 60%. According to the IEA, overall output employing EOR technology is predicted to increase from 2.7 mb/d to more than 4.5 mb/d between 2025 and 2040, accounting for almost 4% of world production in 2040.

Offshore decommissioning is a pretty recent business, but it has emerged as the fastest-growing market with great prospects and low hazards in the next years. The United Nations Convention on the Law of the Sea (UNCLOS) requires member countries to remove any abandoned or decommissioned installations or structures to ensure navigational safety, taking into account any generally accepted international standards of the IMO and with due regard for fishing and marine environment protection, which has brightened the offshore decommissioning market's future. The number of wells that must be permanently plugged and abandoned is fast growing, particularly in mature offshore locations such as the North Sea and the Gulf of Mexico. According to Oil & Gas UK's Decommissioning insight 2019, an estimated 2,624 wells will be decommissioned in the North Sea between 2019 and 2028, demonstrating offshore decommissioning industry trends.

Furthermore, the growing government emphasis on well plug and abandonment operations is pushing the offshore decommissioning services market. For example, in April 2021, a Democrat in the US House of Representatives submitted legislation allowing USD 8 billion to plug and clean up abandoned oil wells around the country, with the goal of providing jobs for oil and gas workers while lowering climate-warming emissions. Furthermore, a drop in crude oil prices is expected to boost development in the offshore decommissioning business. Aging infrastructure in the shallow North Sea and on the UK continental shelf are projected to drive decommissioning demand in the near future.

Key Findings

Offshore Decommissioning Market is segmented into service type, structure, depth, removal and geography.

Service type segment is segmented into project management, engineering & planning, permitting & regulatory compliance, platform preparation, well plugging & abandonment, conductor removal, mobilization & demobilization of derrick barges, platform removal, pipeline & power cable decommissioning, material disposal and site clearance.

Structure segment is segmented into topsides, substructure, substructure and subsea infrastructure.

Depth segment is segmented into shallow water and deep water.

Removal segment is segmented into complete removal, partial removal and leave in place.

Geographically, Offshore Decommissioning Market is sub segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America and insights are provided for each region and major countries within the regions

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