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According to a recently released Fact.MR report, the global market of well intervention reached an estimated value of nearly US$ 6 billion in 2017, and is likely to expand at an impressive 6% value CAGR during the 2018-2026 period. Heavy investments in discovery of new oilfields reserves on the account of rapid depletion of existing reserves and incessant demand for oil and gas are anticipated to translate into the growth of well intervention market.
A well intervention is any remedial operation performed on oil or gas wells with the intention of restoring or increasing the production. It was traditionally done with drill rigs, but with significant advancements in technologies, well construction and well head designs have transformed, influencing well intervention to evolve as well as grow in demand. An oil or gas well may require intervention due to a number of unforeseen problems such as changes in reservoir characteristics, flow restrictions, mechanical failure, and others.
Escalating demand for energy along with growing efforts in discovery of new oilfield reserves has been highly impactful on the development of global market of well intervention. The global well intervention market registered a value of around US$ 6 billion in 2017, and is projected to grow at a promising CAGR of 6% during the 2018-2026 period.
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Subsea intervention services are still in their infancy with huge potential. While many leading oil & gas companies do not have well-established subsea intervention policies, new discoveries and growing need to improve recovery rates from developed fields are expected to increase the demand for such services. In addition, these companies have also begun embracing the need to carry out intervention in their rising portfolios of subsea wells. Gradual increase in the adoption of regular subsea intervention programs along with rising activities and subsea well counts are expected to favor the expansion of global well intervention market.
Various global well intervention projects have been halted due to fluctuating prices of crude oil. In addition, the growing need to adhere to government regulations regarding carbon emission has triggered robust investments in renewable energy business including wind and solar power technologies. Rising inclination toward clean energy may negatively affect the growth of well intervention market at the global level.
Notable Developments and Innovations in Well Intervention Market
Leading players operating in the well intervention market are concentrating on various organic & inorganic methods such as merger & acquisitions to improve their presence in the global market scenario. Some of the developments include:
- In February 2018, Schlumberger Limited, a key player in the well intervention market, launched its motion-compensated intervention tower for advanced intervention operations on deep water tension-leg platforms. The company had acquired all the outstanding shares of Cameron in April 2016, with an aim to create technology driven growth.
- In January 2018, Halliburton was assigned to develop and deliver integrated well intervention campaign, plugging nearly 20 offshore wells in Norway at a very low cost.
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