Well Intervention Market Size - Share, Growth, Trends, Competitive, Regional Analysis With Global Industry Forecast To 2024

With increasing well stocks reaching maturity, well intervention market has witnessed tremendous development over the years due to a growth in demand for well production. The oil and gas industry has emerged as one of the most influential branches in the world economy due to the extensive production of crude oil across the globe.  

Increasing concerns regarding the depletion in prevailing reserves along with the growing number of matured oil fields has driven developments in the market. Improved economic conditions among people in both developed and developing nations has led to an increase in urbanization. Notable advancements across the complete spectrum of oil and gas services has accelerated the adoption of technology.

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Well intervention providers are constantly working towards the development of advanced products in order to increase their customer base as well as to achieve a competitive edge. Prominent industry players include Archer, Cudd Energy, Weatherford, Exxon, and Superior Energy, among various others.

U.K. based Serica Energy recently entered into a contract for the provision of a drilling rig towards the intervention work on the Rhum-3 well. The work is expected to be carried out using the Awilco Drilling’s WilPhoenix – a 3rd gen, mid-water, semi-submersible drilling rig.  The operation is expected to commence during the 4th quarter of 2020

Mentioned below are some of the important factors subjected to amplify well intervention market worldwide.

Increase in demand for oil

An increase in the number of marginal wells along with the growing demand for oil has driven the demand for artificial lift systems. Ease in drilling across offshore areas, restricted exposure to risk, and reliability are some of the major features boosting the adoption of the technology. Increasing focus towards the development of unconventional wells and favorable government policies to improve the production of crude oil has amplified well intervention industry forecast.

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Increased adoption of high well intervention

High well intervention market has witnessed significant gains over the years due to an increase in investment made towards E&P activities across subsea areas. The novel high intervention technologies are mainly used to replace components like pumps, valves, and tubing from the wells and also to abandon the wells that are not suitable for production.

High demand for remedial cementing services

An increase in investment by NOC towards shale basins across the U.S., Middle East, and China has magnified the remedial cementing segment. The service is mainly used to correct problems related to cementing which is caused during the production process. Moreover, the service also involves the use of cement plugs and squeeze cementing that prevents the mixing of cement with fluids.

Efforts to revive aging fields in Indonesia

Indonesia well intervention market has emerged as a profitable revenue pocket over the years due to the increasing need for revitalizing the aging fields, owing to the growing consumption of crude oil. The constantly changing regulatory scenario along with the introduction of favorable policies has supported the adoption of the latest technologies. Moreover, investments made towards the development of advanced technological solutions in order to enhance the production from aging fields have boosted industry growth.

Favorable policies in Norway

A rise in exploration and production activities across offshore regions such as the Norwegian Continental Shelf has supported the development of the market in Norway. Favorable regulatory policies regarding offshore production with the focus of the government towards reconstructing the old fields has supported Europe well intervention market outlook.

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