Smart Well is an approach to Zero-Intervention Goal
During the downturn in the oil & gas industry, investment was made in smart well technologies to approach a zero-intervention goal. Real-time downhole data can be gathered from smart wells. The technology has not been adopted widely till now due to its complexity, reliability, and capital costs, which have led to the cautious attitude in its use, except in the areas where benefits can be established. Even though smart well technology works to reduce the need for intervention, the data gathered from it has helped to give greater certainty for selecting appropriate intervention response. During the forecast period, smart wells are not expected to largely affect the well intervention market, but as the technology grows and becomes cost-effective and less complex, the market can be hindered in the long run.
Golden Triangle one of the Largest Market
The deepwater drilling market is expected to rebound in the near future due to the 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” is expected to increase the demand for well intervention. Several large offshore drilling projects in countries, like Mozambique and Nigeria, are further expected to drive the market.
Momentum in the UK and Norwegian Oil & Gas Industry Driving the Market
The United Kingdom and Norway experienced a decline in crude oil production since the start of the century. But in 2015, the trend changed and an increase in production was witnessed in both the countries. In 2016, production in the United Kingdom increased by 18% and in Norway by 5.6% from 2014. Further, the production is expected to ramp up in Norway after the Johan Sverdrup field, one of the major fields, starts production in 2020. The increasing production activity and upcoming new wells are expected to increase well intervention activity, and hence drive the market.
Key Developments in the Market
- July 2017: General Electric completed its buyout of Baker Hughes Inc., merging it with its own oil & gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. The new company is named "Baker Hughes, a GE company“.
- January 2017: Schlumberger acquired Peak Well System, which is a specialist in the design and development of advanced downhole tools for well intervention, flow control, and well integrity.
Reasons to Purchase this Report
- Current and future global subsea well intervention 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 the fastest growth during the forecast period
- Identify the latest developments and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel).
This report can be customized to meet your requirements.
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
4. Market Dynamics
5. Supply Chain Analysis
6. Industry Attractiveness - Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 North America
7.1.1 United States
7.1.3 Rest of North America
7.2.3 United Kingdom
7.2.4 Rest of Europe
7.3 South America
7.3.4 Rest of South America
7.4 Middle East & Africa
7.4.1 Saudi Arabia
7.4.4 Rest of Middle East
7.5.4 Rest of Asia-Pacific
8. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
8.1 Schlumberger Limited
8.2 Weatherford International PLC
8.3 Baker Hughes A GE Co
8.4 Halliburton Company
8.5 National Oilwell Varco
8.6 Superior Energy Services Inc.
8.7 Expro Group
8.9 Odfjell Well Services
8.10 Axis Well Technology
9. Competitive Landscape
9.1 Mergers and Acquisitions
9.2 Joint Ventures, Collaborations, and Agreements
9.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to availability on public domain
- Schlumberger Limited
- Weatherford International PLC
- Baker Hughes A GE Co
- Halliburton Company
- National Oilwell Varco
- Superior Energy Services Inc.
- Expro Group
- Odfjell Well Services
- Axis Well Technology