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Offshore Decommissioning Global Market Report 2024 - By Demand, Size, Share, Industry Trends, Forecast To 2033
Offshore Decommissioning Market
As per the report, the offshore decommissioning market size has grown strongly in recent years. It will grow from $5.88 billion in 2023 to $6.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The offshore decommissioning market size is expected to see strong growth in the next few years. It will grow to $8.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
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Government Investment Fuels Offshore Decommissioning Market Growth
Increasing government investment in well-plugging and abandoned activities is expected to propel the offshore decommissioning market going forward. Well-plugging refers to plugging materials and techniques that permanently shut off an abandoned well from surface drainage contamination. Offshore decommissioning ensures that plugged wells do not leak after abandonment by shutting down offshore oil and gas production at a platform and restoring the ocean and seafloor to their pre-lease state. For instance, in May 2022, according to an article shared by Business Standard, an India-based English-language daily edition newspaper, $33 million would be spent by the US to remediate oil and gas wells on federal property. Further, 277 of the estimated 15k abandoned oil and gas wells on federal land would be clean with approximately $33 million of the $1 trillion bipartisan infrastructure package just signed into law by President Joe Biden. The law would allocate $4.7 billion to repair abandoned oil and gas wells, including those on federal lands. Therefore, increasing government investment is driving the growth of the offshore decommissioning market.
Worley And Morrison Energy Forge Strategic Alliance In Offshore Decommissioning
Strategic partnerships are a key trend in the offshore decommissioning market. Major players are entering into a partnership to leverage each other's resources and sustain in the market. For instance, in March 2021, Worley, a US-based company engaged in engineering and design solutions, partnered with Morrison Energy. Through this partnership, Morrison's decommissioning projects will fall under Worley's purview for engineering services. Morrison Energy is a US-based energy company specializing in offshore decommissioning services.
The offshore decommissioning market covered in this report is segmented -
1) By Type: Project Management, Engineering And Planning, Platform Preparation, Well Plugging And Abandonment, Conductor Removal, Platform Removal, Pipeline And Power Cable Decommissioning, Material Disposal And Site Clearance, Other Services
2) By Structure Type: Topside, Substructure, Subsea Infrastructure
3) By Application: Shallow Water, Deep Water
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Major companies operating in the offshore decommissioning market report are TechnipFMC PLC, Petrofac Limited, John Wood Group Plc, Aker Solutions ASA, Allseas Group SA,Equinor ASA, Schlumberger Ltd., Acteon Group Ltd, DNV GL, AF Gruppen ASA, Reliance Industries Limited, Cairn Oil and Gas, Essar Offshore Subsea Limited, Afcons Infrastructure Limited, Seamec Ltd, China Offshore Oil Engineering Corporation, Shanghai Salvage Company, China Oilfield Services Limited, Shanghai Zhenhua Heavy Industries Company, Boskalis Subsea Services, Augean North Sea Services, Veolia Environmental Services, ASCO Group, Gazprom, Rosneft, LUKOIL, NOVATEK, Sovcomflot, ExxonMobil Corporation, Baker Hughes Company, Halliburton Offshore Services Inc., Weatherford International PLC, Tetra Technologies Inc., Allnorth Consultants, Petrogas Group, R.J. MacIsaac Construction Ltd, Petrobras, OceanPact, Subsea 7, TechnipFMC, Ocyan, Oceaneering, Norwell Engineering, Aries Marine, Gulfstream Services, Decom Engineering, Environment Quality Services, The Sparrows Group, Southey Contracting, Sasol, Alduco Engineering Services
Contents of the report:
1. Executive Summary
2. Offshore Decommissioning Market Report Structure
3. Offshore Decommissioning Market Trends And Strategies
4. Offshore Decommissioning Market - Macro Economic Scenario
5. Offshore Decommissioning Market Size And Growth
…..
27. Offshore Decommissioning Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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