Well Abandonment Services Market
Well Abandonment Services Market is anticipated to capture a larger share over the forecast period, owing to the strict government norms intended to protect environment and ecological balance.
Rising oil and gas activities and accelerating oil & gas facilities including platforms and subsea wells are the major factors driving the well abandonment services market share. For example, nearly 3.2 million oil and gas abandoned wells ejected 281 kilotons of methane in 2018, causing a risk to the climate and population, thus, raising the need for these services. Government across the nation has enforced strict rules to ensure the abandoned wells do not harm environment, which is another factor strengthening the market growth. As per the Well Abandonment Services Market Report, the outburst of the coronavirus crisis severely impacted the operation of various industries reducing the use of personal and commercial automotive, thereby decreasing the prices of crude oil. This resulted in reduction in productivity of reservoirs, which hampered the Well Abandonment Services Market size.
By removal type, the complete removal segment is predicted to witness a significant growth over the forecast period, owing to the rigorous norms enforced for the entire platform removal to re-establish the marine life and seafloor to its pre-production conditions.
By region, European region is predicted to witness a faster growth over the forecast period. It is the first region that deploys offshore oil & gas infrastructure and spends largely on decommissioning of wells. For instance, in 2018, 8% of the total oil & gas industry in UKCS was attributed towards decommissioning.
Leading players operating in the well abandonment services market include Aker Solutions, AF Gruppen, Ramboll Group, John Wood Group Plc, TechnipFMC plc, Acteon Group Ltd., Oceaneering International, Inc., Schlumberger Limited, Expro Group, and TETRA Technologies, Inc., among others.
In 2020, Aker Solutions introduced a new Workover Concept to offer safe well access for subsea installation and completion. The concept is developed to be applied to Equinor’s Visund Field in the North Sea and is faster, safer, and more economical than convention workover systems.
In 2020, AF Gruppen was awarded with a contract by Shell UK Ltd for disassembling and recycling of the Curlew floating, storage, production, and offloading unit (FPSO), operated in the North Sea.
Well Abandonment Services Market Segmentation:
Well Abandonment Services Market by Equipment Type
- Cranes & Lifting Equipment
- Industrial Trucks
- Continuous Handling Equipment
- Racking & Storage Equipment
Well Abandonment Services Market by Operation
Well Abandonment Services Market by Industry
- Food & Beverages
- Semiconductor & Electronics
Well Abandonment Services Market by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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