Offshore Network has issued its latest Global Well Intervention Report and Global Offshore Decommissioning & Abandonment Report
The Global Well Intervention Report delves into the lucrative global market and analyses the growth of operators utilising well intervention practices as the focus across the industry is shifting towards end-of-life activities and reaching environmental targets.
Assessments issued by Rystad Energy suggest that 17% of the world’s wells will undergo intervention processes by 2027, accounting for 260,000 wells globally. Spending within this market has already seen a surge and is likely to amount to US$58bn by the end of 2023, representing a significant growth of 20% since 2022.
Climate consciousness has played a predominant role aiding this growth, as mounting pressure is building across the industry to limit environmental footprint, with global companies seeking to make intervention an integral pillar within their business strategies.
However, it is not just the call for fast environmental action that is driving the intervention market, but the global increase in energy demand is also playing a vital role. According to the International Energy Agency, annual oil demand is expected to grow from 285.7 mboe/d in 2021 to 351 mboe/d in 2045, with oil set to retain a 29% share in the energy mix.
Increasing production rates is still a major priority across the industry, and a factor that must be balanced with the growing need to minimise carbon footprint. Well intervention practices are proving a key avenue that companies across the globe are turning their heads to.
Click here to read more about the global well intervention outlook as well as opportunities that are being presented within each region.
The Global Offshore Decommissioning & Abandonment Report tracks the growing need for end-of-life activities that is becoming an increasingly pertinent issue across the world.
In 2021, IHS Markit predicted that global offshore decommissioning spending could reach around US$100bn between 2021 and 2030, a staggering 200% increase compared to the previous ten-year period. In light of this, the information services provider asked whether the world was entering “a decade of offshore decommissioning” as it reacted to the data that suggested nearly 2,800 fixed platforms and 160 floating platforms could be decommissioned in that period, alongside more than 18,500 wellheads, 2,850 subsea trees and 80,000 km of offshore pipelines and umbilicals. Looking further ahead, the Energy Industries Council further predicted that this cost of decommissioning would continue to rise beyond that, hitting the US$200bn figure within the next 20 years.
Offshore Network’s unique report charts the rise of the decommissioning market across the globe, providing analysis on this within each of the key offshore oil and gas regions from the more mature regions of the North Sea and Gulf of Mexico, to those that are less far along in this journey such as West Africa.
Click here to download the full report and learn more about the decommissioning & abandonment outlook as well as the opportunities that are opening up for those with the capacity to support the forthcoming, significant work.
