africa-well-intervention-market-industry
Published

APR 2018

Africa Well Intervention Market - Segmented by Location of Deployment and Geography - Growth, Trends, and Forecast (2018 - 2023)

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Africa’s well intervention market for drilling sector witnessed mixed results in 2017, as crude oil price increased. In the first half of the year, drilling activity increased while it declined in the second half, though it was higher than the second half of 2016. Crude oil production declined during 2013 to 2016, while natural gas production has been almost constant during the same period. The region has witnessed discovery of several large oil & gas reserves in the past; Zohr in the Mediterranean Sea being the most important which started production in December 2017. Increasing drilling activity in countries, like Nigeria, Algeria, and Angola, is expected to drive the demand for well intervention services during the forecast period.

                                       

Unfriendly Business Environment in Several Countries

Development of the oil & gas industry in several African countries has been hindered by uncertain regulatory framework, foreign currency volatility, and corruption. Value of the Nigerian currency declined by half during 2011 to 2017. The Sub-Saharan African region has performed poorly in terms of corruption, with an average score of 32 in Corruption Perception Index, 2017.  As a result, the oil & gas business environment doesn’t seems to be friendly and less improvement is expected during the forecast period.

PERENCO Well Intervention Program Driving the Market

Perenco is one of the largest operators in Cameroon, with operations extending over 6,000 km2 in the Rio del Rey and Douala basins. The company maintains production and optimizes recovery with a number of well intervention activity each year, which include perforating new reservoirs, performing acid stimulation, and optimizing water injection in the numerous reservoirs operated. Well intervention is required in the Cameroon field to maintain the production level, and hence, drives the market. Further, crude oil price crossed USD 60 per barrel mark in November 2017, and even touched USD 65 per barrel mark, the region is expected to revive from the downturn of the oil & gas industry in the region, and witness significant investment, and hence, drive the market in long run.

Major Players: Schlumberger Limited, Weatherford International PLC, Baker Hughes A GE Co., Halliburton Company, National Oilwell Varco, Superior Energy Services Inc., Expro Group, Archer, Aker Solutions, ALTUS Intervention, among others.

Reasons to Purchase this Report

  • Current and future Africa 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
  • Countries 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)

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Purchase Report
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