Well Intervention Market, by Service, Application, and Category - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025

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. In 2017, Anadarko Petroleum Corporation planned to spend around US$ 1.1 billion on its Gulf of Mexico assets. Moreover, in 2016, Schlumberger Ltd acquired coiled tubing units and coiled tubing drilling from Xtreme Drilling Corp, which further boosted growth of the well intervention market in this region.
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. Moreover, aging infrastructure of wells and need for production enhancement are some of the factors responsible for augmenting growth of well intervention market in this region. In 2016, General Electric Oil and Gas and SapuraKencana Well Services signed a memorandum of understanding (MoU) to deliver light well intervention services cost effectively in Asia Pacific.

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. Nigeria led the region with the production of 1.782 million barrels of oil in 2017. Moreover, according to British petroleum Statistical Review of World Energy, in 2013, Middle East held a total of 808.5 thousand million barrels of proven reserves, hence, proving as an attractive market for investment of major players in this region.
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.

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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. According to U.S. Energy Information Administration, in 2015 the Global onshore crude oil production was 71% and that of offshore was 29%. The augment in exploration and production activities especially in the deep and ultra-deep waters is anticipated to boost the offshore segment and thereby, subsea intervention market, which in turn is propelling growth of the well intervention market.

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.

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.

Global Well Intervention Market Taxonomy
Global Well Intervention market is segmented on the basis of service, application, and category:
By Service:Wellhead and Christmas Tree Maintenance,Logging and Bottomhole Survey,Coiled Tubing,Tubing/packer failure and repair,Well Control,Remedial Cementation,Zonal Isolation,Recompletion,Fishing services,Sand Control Services,Stimulation,Artificial Lift,Reperforation,Others
By Application:Onshore,Offshore
By Category:Light Intervention,Heavy Intervention

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