Market Research Report
Global Well Intervention Market - 2019-2026
|Global Well Intervention Market - 2019-2026|
Published: October 1, 2019
Delivery time: 2 business days
A well intervention is any operation carried out on an oil or gas well all through, or at the final level of its productive life, that modifies the state and situation of the well and or well geometry, provides well diagnostics or manages the production of the well. Well intervention can also be called as 'well work'. Well intervention operations are done using the slick line, wireline, or coiled tubing tools to clear the sand from falling into the well, to remove the paraffin, hydrates, or to clear the debris through the fishing operations. SBS Energy Services is an example of a company that focusses on snubbing/workover and coil tubing well intervention.
The global well intervention market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of 5.1 % during the forecast period.
Growing production of crude oil across the globe is the major factor driving the well intervention market. Increasing demand for crude oil associated with an increase in installations of new production sites with the advanced technology with high precision are the factors additionally contributing the growth of the global well intervention market. According to the International Energy association in 2019, the daily production of offshore oil is expected to increase from 26.4 thousand barrels of oil equivalent per day to 27.4 thousand barrels of oil equivalent per day is expected to generate equal market growth and demand for well intervention market. Furthermore, In Middle East particularly in Saudi Arabia, oil production is increasing with double-digit growth. For instance, according to the U.S EIA, Saudi Arabia is the second major oil-producing nation, with an average production of 12.42 million barrels per day, accounting for 12% of global oil production.
Strict government regulations on E&P activities are the major market restraining factors. The oil and gas drilling sectors are recognized as a vital part of the global economy, in terms of the long- and short-term. There are many regulations that are normative for well intervention and subsea operations with the petroleum act. Regulatory issues include field access traffic and weight levels, frost thaw constraints, reclamation concerns, weed control issues, drainage and containment, fire suppression and response, seasonal wildlife concerns, dust control, access control (locked gates and ensuring sensitive areas aren't exposed to public traffic), final visual impact, noise and the duration of noise during development, mud transported to county or municipal roads and inspection requirements. So, getting all the permissions and following regulations ordered by the local governments mentioned above consumes a lot of time for processing which acts as a major restraint to start E&P activities.
By type, the global well intervention market is classified into heavy intervention, medium intervention, and light intervention. The global well intervention market size by the light intervention segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. It helps operators to monitor their field operations in both hardware and software systems to support in real-time and ensure the integrity of subsea production systems. Companies are focusing to introduce new technologies for light well interventions. For instance, FMC Technologies' third-generation, riser-less, light well intervention (RLWI) stack is designed for well control operations to 6,500-ft water depth, The RLWI Stack has been installed on the subsea support vessel, Island Performer, chartered by FTO Services, a joint venture between FMC Technologies and Edison Chouest Offshore.
Based on the service, the global well intervention market is divided into sand control services, remedial cementing, logging & bottom hole survey, re-perforation, zonal isolation, and others. Others include artificial lift, fishing, and, well abandonment. The global well intervention market size by sand control services segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
On the basis of application, the well intervention market is segmented into offshore and onshore. The global well intervention market size by offshore segment was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
The North America well intervention market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. North America is dominating the global Well Intervention market in 2018 and estimated to hold the largest market size over the forecast period (2019-2026). North America accounted for the largest share of the market in 2018 due to the gradual rise in oil production and constant E&P activities. The top oil and gas companies like Exxon Mobile Corp, Chevron Corp, Anadarko Petroleum, Chesapeake Energy, Encana and many more are having its presence in North America particularly in USA. However, the market in APAC is anticipated to grow at the highest pace in the forecast period due to the presence of largest oil and gas consumption economies like India, China, Australia, and South East Asia countries. Companies in Asia Pacific are also focusing to form alliances to expand their market and resources. For instance, In August 2019, China-based COOEC Offshore has formed an alliance with international oilfield services company Expro, expanding its Riserless Well Intervention (RWI) capabilities and resources.
The Well Intervention market is competitive with existing players in the market. Some of the major players include C&J Energy Services, Superior Energy Services, Trican, Archer, Altus Intervention, Schlumberger Limited, Weatherford, Oilserv, Halliburton and Baker Hughes, A GE Company.
Key players are highly investing in R&D to sustain and improve market competitiveness. Few competitors are also adopting inorganic growth strategies such as mergers & acquisitions to diversify product portfolio and improve geographic footprint.
For instance, In August 2019, China-based COOEC Offshore has formed an alliance with international oilfield services company Expro, expanding its Riserless Well Intervention (RWI) capabilities and resources.
In August 2019, Norwegian oil major Equinor has received consent from the Petroleum Safety Authority (PSA) to use the Island Wellserver vessel for light well intervention.
In January 2017, Schlumberger acquired Peak Well System, a specialist in the design and development of advanced downhole tools for well intervention, well integrity and flow control.
The Well Intervention report would provide access to an approx, 61 data tables, 53 figures, and 165 pages.
"List not exhaustive"