Well Intervention Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Denmark, Norway, Russia, China, India, Thailand, Malaysia, Indonesia, Saudi Arabia, Iran, Iraq, Kuwait, UAE, Qatar, Nigeria, Angola, Argentina, Brazil, Venezuela), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Report ID: GMI1302
Global Well Intervention Market size is set to grow substantially during the forecast timeline. Rapid depletion of oil reserves coupled with increasing oil demand will positively influence the global industry outlook. Well intervention is a club of operations carried out to manage the production of an oil and gas well. Well intervention operations are carried out for improving production, repairs and well maintenance. Global energy demand subject to rapid industrialization and urbanization requires enhanced production which will provide a massive hike to the well intervention market. The stakeholders of the well intervention industry are oilfield service companies, oil and gas field operators, national oil companies and government and industry associations.
Rise in deep water and ultra-deep water drilling will increase the demand for applications in the well intervention market. Flow restrictions to oil in wells, changes in reservoir conditions, excessive sand production, mechanical failure, weight restrictions and limited space on platforms will positively impact the industry growth. Demand for intervention services is increasing on account of their capability to extract oil and gas from aging brown fields. New discoveries and pressure to improve recovery rates increases the demand for subsea intervention. Well intervention is cheaper, quicker, less risky, yields higher returns and reduces the operating expenses per barrel. Surge in subsea recovery in last couple of years to receive the available hydrocarbons is driving the business growth. Substantial gap of 25%-40% in recovery rates of subsea and platform wells, increase the demand for cost efficient solutions in the well intervention market. Cost of well intervention depends on the level of ongoing investments in the energy industry.
Stringent government regulations including Oil Spill Prevention, Control and Countermeasure (SPCC) administered by the United States Environment Protection Agency regarding oil and gas leaks, National Primary Drinking Water Regulation (NPDWR) for water contamination and public health are the restraining factors faced by this industry. Volatility in oil prices has an inverse effect on the well intervention market growth.
Well intervention services include logging and bottom-hole survey, coiled tubing, wireline, tractors, hydraulic workover, stimulation, zonal isolation, remedial cementing services and reperforations. The logging and bottom-hole survey and coiled tubing is expected to dominate the well intervention market with stimulation services showing highest growth rate. The introduction of specialized vessels for well intervention are having a decent potential towards the industry growth. Well intervention operations can be applied in onshore and offshore which embraces light, medium and heavy well intervention. Light well intervention reduces the cost up to one-third resulting in better exploitation of wells.
In North America, heavy investments in oil field developments will attract this business. The U.S. has raised the momentum of exploration and production driving the business. Adoption of well intervention in shale and oil wells will boost the industry in the U.S. Introduction of Riserless Coiled tubing technique in Mexico is driving the well intervention market.
Shift to renewables in some parts of Europe is showing sluggish growth for the well intervention market. Industry will experience a significant growth in the forecast period as operators in gulf are heading towards the implementation of advanced techniques that will resist their heavy investment in CAPEX drilling projects by increasing the production from prevailing stock. In Africa will be one of the fastest growing well intervention market subject to the increased oil production in Nigeria up to 4 million barrels per day. In 2016, Libyan oil field will undergo intervention with an estimate production of 1.3 million barrels of crude oil per day.
Major players in the well intervention market include Schlumberger, Halliburton, Baker Hughes, Superior Energy, Weatherford, Aker Solutions, and Royal Dutch Shell.
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