Market Research Future published a Cooked research report on “Global Offshore Decommissioning Market Research Report – Forecast to 2023 ” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global offshore decommissioning market.
Offshore Decommissioning Global Market – Overview
The Global Offshore Decommissioning Market has witnessed a gradual growth in the past few years and it has been anticipated that the market will grow at a rapid pace during the forecast period. Offshore decommissioning plays a crucial role in oil and gas exploration activities. Offshore decommissioning refers to the decommissioning of oil and gas facilities that are approaching the end of their useful design life or economic operation. Aging offshore oil and gas structures are a major environmental concern and liability to countries, operators, contactors and affects surrounding marine environment. The offshore decommissioning is driven by various factors such as increasing oil and gas platform around the world. Especially in the North Sea region and Gulf of Mexico, the oil and gas industry is determined to remove these structures to reduce environmental penalties and also to reduce operating cost of these aging wells. However, the growth of this market is expected to be hindered by the uncertain cost and strict environmental and regulation laws surrounding the offshore decommissioning projects. As per the study conducted by Market Research Future, the global market for offshore decommissioning is likely to grow at the CAGR of around 6.93%.
Oil & Gas industry is one of the major revenue generating industries which has pushed the market for exploration and production activities, where, offshore decommissioning methods is one of them. In other words, the growth in the oil & gas industry will create a positive impact on the market for global offshore decommissioning. This market is majorly influenced by the increasing crude oil production. The current oil price dynamics is anticipated to affect the overall market growth as the declining crude oil price may offset the profit margins of the technology providers. There is an increasing demand for decommissioning of aging oil and gas platforms around the world, with more than 600 projects expected to be dismantled during the next five years. Aging oil and gas fields, are predominant in the North Sea region and Gulf of Mexico region and the oil and gas industry is focussing on removing these structures. Moreover, the oil production from the world’s giant old fields, is continuously declining, and is expected to decline further. This is driving the global oil and gas companies to focus on cost effective ways of decommissioning these fields, while maintaining focus on high environmental and safety standards. According to Oil and Gas Authority. Aberdeen, Scotland, a total of 1,832 wells are forecast to be plugged and abandoned in the North Sea and Norwegian Continental Shelves region. The decommissioning of oil and gas fields help companies develop expertise that can be exported throughout the world, from the Gulf of Mexico to the South China Sea that can generate revenue and also can create thousands of highly skilled jobs. Due to reduced oil production from the oil fields and decreasing investment into it, global oil and gas companies are continuously seeking sustainable business plans for operations because of the unpredictability in oil prices. Offshore oilfield inventory structures are nearing the end of their life cycle and this is driving the companies to decommission these fields. Since most of the offshore projects where constructed in early 1980’s, these structures are becoming increasingly complex and expensive to operate.
Geographically, the global offshore decommissioning market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these, Europe accounted for the largest share in the offshore decommissioning market in 2016. In Europe, North Sea region is where major offshore oil and gas extraction activities are extensively carried out. According to UK Oil and Gas authority, the North Sea region has less than 10% of the world’s total of offshore installations. The region has an estimated 250 fixed installations, over 250 subsea production systems, over 3,000 pipelines and approximately 5,000 wells, all of which require to be decommissioned. However, the total decommissioning cost of these assets will be about 60% of the total global decommissioning cost, owing to the weight, complexity and harsh environmental & operating conditions of these installations. The activity is expected to be very expensive and spanning over several decades.
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In September, 2017 – AF Gruppen ASA (AFG) have received notice that ConocoPhillips (UK) Limited intend to enter into a frame agreement for the future removal and disposal of up to 7 platforms in the Southern North Sea.
In August, 2017 – Petronas inks partnership deals with TechnipFMC and Setgap ventures petroleum creative partnerships to bring solutions for oil and gas business challenges.
In May, 2017 – Aided by new technology and the platform’s original design, removal of the topsides on BP’s Miller platform was completed in about four weeks this year.
Offshore Decommissioning Global Market – Segmentation
The scope of global offshore decommissioning market is segmented into three major segments which are explained below:
- By Type
- Sub Infrastructure
- By Service Type
- Well Plugging and Abandonment
- Conductor Removal
- Platform Removal
- By Application
- Shallow Water
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Offshore Decommissioning Global Market – Competitive Analysis
The global market for offshore decommissioning is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their offshore decommissioning systems. Market leaders are rigorously involved in R&D activities, so as to develop feasible product, which fulfils all the client requirement over their structure removal operations.
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