Well Intervention Market: Industry Insights and forecast

Global Well Intervention Market

A well intervention is any operation carried out on an oil or gas well all through, or at the final level of its productive life, that modifies the state and situation of the well and or well geometry, provides well diagnostics or manages the production of the well. Well intervention can also be called as 'well work'. Well intervention operations are done using the slick line, wireline, or coiled tubing tools to clear the sand from falling into the well, to remove the paraffin, hydrates, or to clear the debris through the fishing operations. SBS Energy Services is an example of a company that focusses on snubbing/workover and coil tubing well intervention.

An upsurge in the Oil and Gas Industry and Increase in Global Energy Demand to Fuel Market

Growing production of crude oil across the globe is the major factor driving the well intervention market. Increasing demand for crude oil associated with an increase in installations of new production sites with advanced technology with high precision are the factors additionally contributing the growth of the global well intervention market. According to the International Energy association in 2019, the daily production of offshore oil is expected to increase from 26.4 thousand barrels of oil equivalent per day to 27.4 thousand barrels of oil equivalent per day is expected to generate equal market growth and demand for well intervention market. Furthermore, In Middle East particularly in Saudi Arabia, oil production is increasing with double-digit growth. For instance, according to the U.S EIA, Saudi Arabia is the second major oil-producing nation, with an average production of 12.42 million barrels per day, accounting for 12% of global oil production.

Strict Government Guidelines and Rules on E&P Activities to Hinder Market Progress

Strict government regulations on E&P activities are the major market restraining factors. The oil and gas drilling sectors are recognized as a vital part of the global economy, in terms of the long- and short-term. There are many regulations that are normative for well intervention and subsea operations with the petroleum act. Regulatory issues include field access traffic and weight levels, frost thaw constraints, reclamation concerns, weed control issues, drainage and containment, fire suppression and response, seasonal wildlife concerns, dust control, access control (locked gates and ensuring sensitive areas aren't exposed to public traffic), final visual impact, noise and the duration of noise during development, mud transported to county or municipal roads and inspection requirements. So, getting all the permissions and following regulations ordered by the local governments mentioned above consumes lot of time for processing which acts as a major restraint to start E&P activities.

Light Intervention type is expected to Gain Notable Traction

By type, Light Intervention is expected to grow with a high CAGR rate in the forecast period. It helps operators to monitor their field operations in both hardware and software systems to support in real-time and ensure the integrity of subsea production systems. Companies are focusing to introduce new technologies for light well interventions. For instance, FMC Technologies’ third-generation, riser-less, light well intervention (RLWI) stack is designed for well control operations to 6,500-ft water depth, The RLWI Stack has been installed on the subsea support vessel, Island Performer, chartered by FTO Services, a joint venture between FMC Technologies and Edison Chouest Offshore.

Asia-Pacific Well Intervention Market to Enlarge Strongly

DMI segments the Global Well Intervention Market into – North America, South America, Europe, Asia-Pacific (APAC), and the Middle East and Africa.

North America accounted for the largest share of the market in 2018 due to the gradual rise in oil production and constant E&P activities. The top oil and gas companies like Exxon Mobile Corp, Chevron Corp, Anadarko Petroleum, Chesapeake Energy, Encana and many more are having its presence in North America particularly in USA. However, the market in APAC is anticipated to grow at highest pace in the forecast period due to the presence of largest oil and gas consumption economies like India, China, Australia, and South East Asia countries.

Highly Concentrated Competitive Market with Few Major Contributors

The global Well Intervention market is competitive. Few key market players include –Halliburton, Altus Intervention, Saint Gobain, Downhole Tools, Schlumberger, Excalibre, Wenzel and Downhole Tools.

Key players are highly investing in R&D to sustain and improve market competitiveness. Few competitors are also adopting inorganic growth strategies such as mergers & acquisitions to diversify product portfolio and improve geographic footprint. For instance, In January 2017, Schlumberger acquired Peak Well System, a specialist in the design and development of advanced downhole tools for well intervention, well integrity and flow control.

Well Intervention Market Taxonomy:

By Type

• Heavy Intervention
• Medium Intervention
• Light Intervention

By Application

• Offshore
• Onshore

By Service

• Sand Control Services
• Remedial Cementing
• Logging & Bottom hole survey
• Re-perforation
• Zonal Isolation
• Stimulation
• Others (Artificial Lift, Fishing, Well Abandonment)

 

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