Global Well Intervention Services Market 2017-2021
About Well Intervention Services
Well intervention is a part of the upstream segment. After the drilling of the well is done, the well has to be readied for production. All the activities that prepare the well for production come under well intervention services. Moreover, after the production starts, activities such as coring and fishing may also be carried out if required. Workover operations in a well are also a part of well intervention services. A well intervention is performed on an oil or gas well during or at the end of its productive life.
Technavio’s analysts forecast the global well intervention services market to grow at a CAGR of 4.26% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global well intervention services market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Well Intervention Services Market 2017-2021
Technavio recognizes the following companies as the key players in the global well intervention services market: Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford.
Other Prominent Vendors in the market are: EQT (previously Aker Solutions), AKOFS OFFSHORE, ALTUS INTERVENTION, Archer, Axis Well Technology, BlueSparkEnergy, Danum Well Services, DeepWell, Expro Group, Gulf Intervention Services DMCC, Hunting, Kinetic Services, Nabors Industries, Nordic Well Services, Oceaneering International, TechnipFMC, Wild Well Control, and WISE Intervention Services.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is technological advances in well intervention techniques. Technology is rapidly evolving in the oil and gas industry. New innovations are flowing into the industry to ensure greater recovery from oil and gas reserves. These innovations also cover the well intervention process.”
According to the report, one driver in the market is growth of drilling activities in unconventional areas. Unconventional oil and gas resources include shale gas, coal bed methane, gas hydrates, tight oil, oil sands, and others. These resources are costly to produce and tough to exploit. Technological advances and operational efficiencies have driven cost reductions, thus spurring the exploitation of unconventional resources. In the US, the shale gas boom saw the rise of unconventionally produced natural gas supplies. The huge discovery of oil sands in Canada have shown the unlimited opportunities for oil exploration.
Further, the report states that one challenge in the market is decline in investments in upstream sector. As per the International Energy Agency (IEA), the upstream oil and gas industry witnessed a 44% decline in investments during 2014-2016, owing to the cost reductions by various upstream companies worldwide after the fall in global crude oil prices. As per the US EIA, crude oil prices, which were over $117.80/bbl. in June 2014, saw a quick decline to $47.76/bbl. in January 2015, in a span of just seven months. Crude oil prices continued to fall to $30.70/bbl. in January 2016 and were around $51.70/bbl. in August 2017. This has significantly affected the profitability of upstream oil and gas companies.
Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, Weatherford, EQT (previously Aker Solutions), AKOFS OFFSHORE, ALTUS INTERVENTION, Archer, Axis Well Technology, BlueSparkEnergy, Danum Well Services, DeepWell, Expro Group, Gulf Intervention Services DMCC, Hunting, Kinetic Services, Nabors Industries, Nordic Well Services, Oceaneering International, TechnipFMC, Wild Well Control, and WISE Intervention Services.