LONDON--(BUSINESS WIRE)--Oct 28, 2019--
The well abandonment services market size is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global well abandonment services market 2019-2023 (Graphic: Business Wire)
The maturing oil and gas fields are one of the major reasons for the well abandonment services market growth. The production of crude oil or natural gas from several wells is declining considerably as the wells reach the end of their economic life. This is resulting in abandonment of oil and gas fields as the decline in oil or gas production and low revenue generation has made the oil or gas well a liability for the companies. The number of maturing oil and gas facilities, including platforms, subsea wells, and other related assets, is increasing at a steady rate. Hence, the increase in the number of aging oilfields is likely to increase well-decommissioning activities, which will drive the growth of the global well abandonment services market during the forecast period.
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As per Technavio, the emergence of rigless well abandonment techniques will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Well Abandonment Services Market: Emergence of Rigless Well Abandonment Techniques
With the increase in restrictive regulations and the rising associated cost of operating aging platforms, the focus of operators on offshore decommissioning is increasing at a significant rate. Although there are three different ways to implement well abandonment, offshore oil and gas wells are mostly abandoned using a rig to pull the tubing and remove the casing. The rig can be used to cut and pull casing, set retainers or packers, and drill out retainers. However, the cost of rig-based abandonment operations is high owing to the high rental cost of equipment. As a result, contractors have introduced the rigless approach for well abandonment to reduce operational costs and increase operational efficiency. The method complies with most well abandonment requirements with minimum footprint and quick project delivery. Thus, the demand for rigless well abandonment techniques will be high during the forecast period.
“Apart from the emergence of rigless well abandonment techniques, other factors such as advances in post-abandonment monitoring systems and use of single lift in decommissioning, and conversion of decommissioned oil and gas platforms to offshore wind farms will have a positive impact on the growth of the well abandonment services market during the forecast period,” says a senior analyst at Technavio.
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Well Abandonment Services Market: Segmentation Analysis
This market research report segments the well abandonment services market by application (offshore and onshore) and geographic regions (Europe, the Americas, MEA, and APAC).
Europe led the market in 2018, followed by the Americas, MEA, and APAC respectively. The market growth in Europe can be attributed to the increasing amount of mature offshore infrastructure in the basins of the North Sea and stringent regulatory environment in major oil and gas-producing countries of the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE: Technavio Research
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PUB: 10/28/2019 09:00 AM/DISC: 10/28/2019 09:01 AM