Well Intervention Market

Well Intervention Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis,
2018-2026
Well intervention refers to any operation that is carried out during the productive life
of an oil and gas well. Depletion in oil reserves backed by increasing demand for
energy is leading to improved production activities to extend the life of the well.
Reduction in well pressure, sand production, flow restriction of oil, mechanical
failure, change in reservoir condition, scaling and numerous other oil, and gas field
issues results in the need to perform well intervention operations, which in turn is
driving growth of the well intervention market.
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Companies are focusing on developing new technologies to facilitate well
intervention operations. For instance, in 2017, C6 Technologies, an oilfield
technology company, launched ComTrac system, which can be operated onshore as
well as offshore, consisting of injector unit, control unit, internal electrical conductors,
and a head that provides well pressure control.
Increasing energy demand, increase in production activities of oil and gas wells and
establishment of new oil and gas wells are giving rise to well intervention activities in
the existing and new wells, thereby, driving this market, globally. However, harsh
downhole environments such as high pressure and temperature, increasing water
depths and the increase in the number exotic trajectories or well profiles pose are
the major challenges in growth of well intervention market worldwide. Moreover,
slump in oil price from US$ 117.80/bbl in June 2014 to US$ 51.70/bbl in August 2017
has affected the production activities of major players and further the global well
intervention market.
Light intervention segment held the largest market share in the global well
intervention market in 2016. Light intervention are done using slickline, wireline and
coiled tubing unit allowing the operator to gather downhole data or to adjust or
change any downhole equipment. These operations provide increased oil recovery
and safety and hence, proves to be largest segment in the global well intervention
market.
Global Well Intervention Market Outlook
North America held the largest market share in well intervention market in 2016.
Increasing onshore exploration and production activities with shale gas boom has
drastically driven growth of the well intervention market in this region. Moreover,
increasing offshore oil and gas production activities in Gulf of Mexico and the
presence of major players in the U.S. such as Halliburton Co., Baker Hughes
Incorporated, Basic Energy Services, Inc., Schlumberger Limited and others, has
further driven the well intervention market in North America. In 2017, Anadarko
Petroleum Corporation planned to spend around US$ 1.1 billion on its Gulf of Mexico
assets. Moreover, in 2016, Schlumberger Ltd acquired coiled tubing units and coiled
tubing drilling from Xtreme Drilling Corp, which further boosted growth of the well
intervention market in this region.
Asia Pacific accounted to have a prominent growth in this market, owing to the
increasing exploration and production activities backed by increasing energy
demand from emerging economies such as China, India, and Indonesia in this
region. For instance, in 2013, Petronas, planned to spend more on E&P activities in
Malaysia’s oil and gas sector. Moreover, aging infrastructure of wells and need for
production enhancement are some of the factors responsible for augmenting growth
of well intervention market in this region. In 2016, General Electric Oil and Gas and
SapuraKencana Well Services signed a memorandum of understanding (MoU) to
deliver light well intervention services cost effectively in Asia Pacific.
Middle East and Africa are witnessed to have a fast growth rate in well intervention
market over the forecast period. Rise in oil production in Nigeria, Angola, Algeria,
and Egypt has immensely contributed to the growth of well intervention market in
Africa. Nigeria led the region with the production of 1.782 million barrels of oil in
2017. Moreover, according to British petroleum Statistical Review of World Energy,
in 2013, Middle East held a total of 808.5 thousand million barrels of proven
reserves, hence, proving as an attractive market for investment of major players in
this region.
In 2018, TechnipFmc signed an agreement to acquire 51% stake in Island Offshore
Subsea AS. The two companies have planned to deliver Riserless Light Well
Intervention (RLWI) services across the globe.
Key players in Global Well Intervention Market The major players in well intervention market are Schlumberger Limited, Baker
Hughes Incorporate, Weatherford International Ltd., Trican Well Service Ltd.,
Superior Energy Services Inc., Halliburton Company, National Oilwell Varco Inc., and
Precision Drilling Corporation.
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North America held the largest market share in well intervention market in 2016. Increasing onshore exploration and production activities with shale gas boom has drastically driven growth of the well intervention market in this region.