Global Multi-Phase Production Pump Market - Growth, Trends, and Forecast (2018 - 2023)
The crude oil price touched USD 65 per barrel mark in March 2018 and is expected to remain above USD 60 throughout the year. In such a regime the oil & gas industry is expected to focus on marginal oilfields as they contributed to around 30 to 40% of the global crude oil production in the past few years. Multi-phase production pump (MPPP) has been deployed in several production wells in the past, to increase the production from the well. The marginal oilfields in the North Sea, Latin America, and the United States are expected to be the promising market for the multi-phase production pump.
Increase in Offshore Oil & Gas Activity is Driving the Market
The offshore oil & gas industry has been using multi-phase production pumps and reducing the operation cost. The offshore market is expected to rebound in the near future due to increased activity in the Golden Triangle – Gulf of Mexico, Brazil, and West Africa. Chevron’s Ballymore and Shell’s giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival after a long time without any major discovery. The discovery of Egypt’s mammoth offshore natural gas field “Zohr” has drawn significant attention in the industry. The rebound in offshore oil & gas industry is expected to drive the demand for multi-phase production pumps.
Latin America is Expected to Have Significant Share in the Market
Latin America has a significant amount of marginal fields, which are expected to witness invest during the forecast period. In 2017, Brazil gave the contract for nine marginal fields. The contract is for 30 years. Pemex a state-owned Mexican oil & gas company, which is a major player in Mexican oil & gas industry, has witnessed a sharp drop in production. The company is planning to boost its production from seven mature fields by 2020. Countries in other regions, such as Nigeria the government has set the guidelines for bidding marginal oilfields that are expected to take place in the near future in 2018. Around 25 marginal fields are expected to be placed for bidding. It is expected that around USD 200 to 300 million to be witnessed in the bidding. The release of the marginal field for exploitation across the various regions is expected to drive the market.
UK Investing in Marginal Fields Technology Support the Market
The UK’s crude oil reserve had declined to 2.5 thousand million barrels in 2016, compared to 3.1 thousand million barrels in 2011. The country accounts for one of the largest marginal fields in the world, holding around 1 billion barrels of crude oil. There are around 600 marginal fields in the world, majority of which are located in the UK offshore. Aberdeen-based Oil & Gas Technology Centre (OGTC), under its initiative Tieback of the Future, is making significant strides to make the marginal fields economically viable. The country is expected to witness several production wells in the marginal fields in the later part of the forecast period and drive the MPPP market.
Key Developments in the Market
June 2017: Leistritz Advanced Technologies Corp. announced the installation of two multi-phase production system in the Greater Burgan Oil Field
The Major Players include - Sulzer Ltd, CIRCOR International, Leistritz Advanced Technologies Corp., Petrofac Limited, NOVOMET, National Oilwell Varco, ITT BORNEMANN GmbH, TechnipFMC plc, amongst others.
Reasons to Purchase this Report
Current and future multi-phase production pumps market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, and strategies employed by the major market players
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