SEATTLE–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/OffshoreDecommissioning?src=hash” target=”_blank”gt;#OffshoreDecommissioninglt;/agt;–The global offshore decommissioning market was valued at US$ 5.96
Billion in 2018, and is projected to exhibit a CAGR of 5.4% over the
forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Offshore Decommissioning Market:
The global offshore decommissioning market is expected to witness
significant growth over the forecast period. Factors such as decline in
crude oil prices coupled with rising number of maturing oil & gas fields
is projected to drive growth of the global offshore decommissioning
market over the forecast period.
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Mature fields, also known as brownfields, are fields that are in a state
of declining production or reaching the end of their productive lives.
According to the Oil & Gas UK, across the two regions of the North Sea
i.e. the UKCS (United Kingdom Continental Shelf) and Norwegian
Continental Shelf, a total of 1,832 wells are matured and are expected
to be decommissioned between 2016 to 2025 (out of which 1,470 wells on
the UKCS and 362 wells on the Norwegian Continental Shelf). According to
same source, 64% of these (1,180) are platform wells and the remainder
are subsea wells, although the proportion varies across each country.
This scenario is likely to drive the demand for offshore decommissioning
market across the globe in the near future.
The oilfields in Gulf of Mexico (GOM) and the North Sea regions, which
have been explored for the production of oil and gas, have dominated the
decommissioning demand, due to the large presence of mature fields in
these regions. Even though older offshore exists in other regions, such
as the Middle East, the longer shelf life of these fields means there
are a lower number of mature oil and gas fields in those regions.
However, high cost for decommissioning along with risk to marine
ecosystem, owing to hazardous substances used during the decommissioning
process is expected to impact the decommissioning market in the near
future.
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Key Market Takeaways:
-
The global offshore decommissioning market is expected to exhibit a
CAGR of 5.3% during the forecast period in terms of revenue. The
market growth is driven by mandatory and strong guidelines for
offshore oil & gas operations imposed by the regulatory bodies of
individual nations. Furthermore, ageing oil wells and reserves in
matured offshore fields across the globe is further contributing to
growth of the market. -
Among regions, Europe held the dominant position in the global
offshore decommissioning market in 2018. The region contributed for
around 42.0% share, in terms of the revenue in 2018. The aging
infrastructure and maturing oil and gas fields, especially in North
Sea and U.K have driven this market in Europe. Furthermore, North
America contributed the second largest share in the market in the same
year. -
Major players are undertaking various strategies such as mergers &
acquisitions and product developments, in order to enhance the
company’s product portfolio and strengthen its position in the global
market. For instance, in 2018, ExxonMobil Upstream Research Company,
subsidiary of ExxonMobil, entered into a three-year joint development
agreement with MagnaBond, LLC, to develop new technologies that could
enhance cost-effective evaluation of well cementing, casing, and
tubing. The agreement was an initiative to address challenges
associated with well decommissioning activities such as plugging and
abandonment. -
Key players operating in the global offshore decommissioning market
include, Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra
Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V.,
John Wood Group Plc, and Exxon Mobil Corporation
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