Energy Industry News
Home | Energy News | Submit Press Release | About Us


Free Utility & Energy Magazines
Press release distribution service

Energy Media
AltEnergyMag
Clean Energy Report
Colorado Energy News
Energy: MIT Tecnology Review
Energy Business Review
Energy Cities
EUROPA
Fuel Fix
Financial Times
Interfax Energy
Green Energy Times
News York Times
NBC News
NPR
Oil & Gas Investor
Oil Price
Platt
PennEnergy
Reuters
RechargeNews
Resilience
Science Daily
Renewable Energy World
Renewable Energy Transportation
The Daily Energy Report
The Energy Daily

Energy Industry News Releases

Well Interventions Market, Size, Share, Opportunities and Forecast, 2020-2027

 



(EnergyIndustry.Net, June 30, 2020 ) Market Overview
• The Global Well Interventions Market is expected to grow at a CAGR of 5.1% during the forecasting period (2020-2027).
• 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.

Download free sample: https://www.datamintelligence.com/download-sample/well-intervention-market

Market Dynamics
• 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.

Market Segmentation Analysis
• 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.

Market Geographical Analysis
• 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 (2020-2027). 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.

Market Competitive Analysis
• 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.

View full report: https://www.datamintelligence.com/research-report/well-intervention-market

Enquiry before buying: https://www.datamintelligence.com/enquiry/well-intervention-market

About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.

For more information:
Sai Kiran
Sales Manager at DataM Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com


DataM Intelligence

Sai Kiran

+1 877 441 4866

pr@datamintelligence.com

Source: EmailWire.Com

Renewable Energy News




Press release service Free Utility & Energy Magazines
Press release distribution service
:: Home: :: Submit Press Release :: Subscribe to News :: Contact Us :: Help

For unlimited press release distribution for $59 per month, call (281) 645-4086 or start posting your press releases online at EmailWire.com.

Copyright 2008 GroupWeb Media LLC
GroupWeb Media Network

Aviation-NewsWire | ArtNewsWire | Auction NewsWire | CRM NewsWire | ePhotoNewsWire | Energy Industry | EstateNewsWire | Entertainment-NewsWire.com | Food Beverage News | Glamour NewsWire | Health NewsWire | Hosting NewsWire | i-Auto NewsWire | i-Business News | i-Homeland Security.Com | iMac-NewsWire.Com | i-Press-Release-Service | i-SoftwareNews.com | iT-NewsWire.Com
| i-TravelNewsWire.Com | MoneyNewsWire.Net | Movie-Stars-News.Com | MSNewsWire.Net | PharmaNewsWire.Com | Publishing-NewsWire.Com | RSSNewsWire.Net | Telecom-NewsWire.Net | Transportation-News.Com | USGovernment-News.Com | WebPosters.Net | Wireless-NewsWire.Com | VoIPNewsWire.Net | XSportsWorld.Net
EnergyIndustry.Net is a Energy news service of GroupWeb Media LLC