Extraction of various natural fuels from deep oil and gas wells creates huge amount of debris. This requires well intervention at a large scale. Need for safely suspend production in times of storms or systematic maintenance and less focus on existing wells to achieve new targets has augmented the demand for well intervention. Moreover, to conduct remediation and stimulation to rejuvenate production and carry out safe and effective plug and abandonment at the end of the well’s economic life have also increased demand for well intervention.
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Despite the fact that more emphasis is being given to renewable sources they still require back up in the form of hybrid power plants. In addition, depleting oil reserves is influencing the outlook of the global oil and gas industry. But manufacturers are exploring new oilfield reserves particularly in South China Sea, North Sea, the Persian Gulf, and Gulf of Mexico. These developments are expected to provide exponential growth in the global well intervention market. It has been estimated that this market might reach a valuation of US$10 bn by the end of 2026.
Subsea Exploration and Production (E&P) Activities to Bolster Market Growth
Manufacturers operating in the oil and gas industry are using advanced technologies and techniques to generate large sum of revenue. They are developing new assets by improving their output and pursuing a safer and cheaper approach. To attain all of these, they need to work on Subsea Exploration and Production (E&P) Activities. However, there are few subsea challenges, but still the use of these activities is growing rapidly.
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Remediation of aging oil wells is expected to drive demand in the global well intervention market. Moreover, growing interest of oil and gas companies in recovery rates from present and future subsea wells, as the number of aging installed base is likely to reach 7000 by 2019. There are also few cost-effective well intervention solutions drawing oil and gas companies’ attention will provide a fillip to the market.