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Early Production Facility Market size was valued at over USD 13 billion in 2019 and is expected achieve 1.5% CAGR up to 2026.
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The early production facilities also known as quick/interim/temporary production units are used for faster monetization of assets while the permanent production facilities are being built. The units are enabling the operators to collect real time production data that results in better planning of operations along with a significant improvement of production performance. The facilities range from 5,000 bbl/d to 50,000 bbl/d capacity and are customized as per different field specifications. The operators often construct standard designs that are available for sale or lease as per the customer requirement. The study provides a detailed analysis of industry trends segmented on a regional & country basis across component, and application. Additionally, the market forecasts & estimates are according to data represented by government authorities including the OPEC, IEA, DOE, EIA, regulatory bodies and company press releases.
|Market Size in 2019:||13.0 Billion (USD)|
|Forecast Period:||2020 to 2026|
|Forecast Period 2020 to 2026 CAGR:||1.5%|
|2026 Value Projection:||14.0 Billion (USD)|
|Historical Data for:||2015 to 2019|
|No. of Pages:||215|
|Tables, Charts & Figures:||364|
|Segments covered:||Components (Two & Three Phase Separation, Gas Sweetening, Gas Dehydration, Dew Point Control Units, Oil Dehydration Desalting & Heating, Produced Water Treatment, Fuel Gas Processing, Flare System, Others) and Application (Onshore, Offshore)|
|Pitfalls & Challenges:|
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Prevailing crude oil price volatility coupled with growing focus toward cost management will drive the industry growth. The O&G companies are opting for low cost EPFs over large central production facilities owing to limited availability of capital budgets. The units further enable early monetization of fields while the permanent facilities are under construction thereby generating quick revenues that can be reinvested for future development projects.
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Recovering oil prices coupled with robust growth in energy demand will attract major investments in the industry. Prevailing development activities across several oil & gas fields along with reinvestment in mature fields will stimulate the deployment of new EPF units. Active participation of private players along with robust development of unconventional hydrocarbon resources will augment the industry outlook.
The U.S. and Latin America has commissioned several new exploration and production projects with increased spending in upstream capital assets and production facilities. Requirement of efficient asset base to support surging oil and gas exploration along with long term plans by respective government authorities to boost production will positively enhance the business outlook. For instance. in 2019, the shale and conventional reserves increased by over 10% when compared with the previous year.
Ongoing industry speculations regarding supply and demand along with robust shale production across the U.S. will propel the early production facility market growth. The oversupply in the industry have suppressed the oil prices that are favoring the deployment of EPF units. The facilities enable swift production, optimizes operations, gather real time data and require low capital investment that makes it economically preferable over CPFs in the current environment.
Geopolitical risk along with uncertainty regarding the OPEC’s production cuts has further amplified the industry volatility. For instance, OPEC and Russia’s plans to cut production till first half of 2020 and recent attacks in Saudi Arabia have resulted in soaring oil prices. In the current scenario the industry players are hesitating to make large capital investment on permanent facilities which will further strengthen the industry growth.
Depleting production from maturing oil and gas fields along with high cost incurred in maintaining of large production platforms will foster the early production facility market demand. The EPFs are appropriate for producing a marginal or mature field when compared with a permanent unit. For instance, in 2018, BP reported a 12% increase in production from mature fields. Key abilities including extraction of remaining 10% of oil from the reservoir and efficient performance at low pressure conditions will complement the industry landscape. Growing number of depleting reserves across Europe primarily in Romania and Russia will stimulate the installation of more units.
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Ongoing technology advancement with improvement in drilling technologies is set to drive the North America EPF market growth. Rapid development of new hydrocarbon fields both onshore and offshore will augment the industry landscape. Growing upstream capital spending along with active investments toward research and development will enhance the business outlook. The companies are adopting advanced digital technologies including AI, IoT, cloud computing, sensors, analytics integrated with the facilities to better monitor and analyze the real time reservoir and production data. Improved designs and performance coupled with substantial rise in profitability and revenues will complement the business landscape.
The Middle East early production facility market outlook is set to grow owing to increasing adoption of advance technologies and ongoing development of new oil and gas discoveries. The industry players are actively adopting EPFs owing to their efficient performance and substantial savings in cost and time. Kuwait, Iraq, Yemen are some of the key countries that have witnessed significant deployments in the past decade.|
Majority of the participants operating across the industry are engineering, procurement and construction (EPC) contractors or oilfield services company that are competing on technical and engineering expertise. Leading industry giants having years of experience across the oil and gas sector are creating obstruction in the entry of new players. Patented technologies along with large capital availability are the key leverage of established players including Schlumberger, Weatherford and others. In June 2019, Penspen announced its partnership with Ankaa Consulting, a leading digital solution, integrity management and asset risk management company. The partnership aims to gain a competitive edge across the industry by utilizing the technological expertise of Ankaa. Key players functioning in the industry include Schlumberger, Weatherford International, Expro Group, Pyramid E&C, Frames, SMIP, EN-FAB, SUEZ, TETRA Technologies, Global Process Systems, Penspen, CPPE, OilSERV, Petrocil and Roska DBO.
Early production facility market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD” from 2015 to 2026, for the following segments:
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