Denmark Offshore Oil And Gas Decommissioning Market Trends
Statistics for the 2023 & 2024 Denmark Offshore Oil And Gas Decommissioning market trends, created by Mordor Intelligence™ Industry Reports. Denmark Offshore Oil And Gas Decommissioning trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.
Market Trends of Denmark Offshore Oil And Gas Decommissioning Industry
Shallow Water Projects to Dominate the Market
Most of the shallow fields in Denmark are in the declining phase, which is expected to create demand for decommissioning services in shallow water.
It is also expected that between 2022 and 2025, more than 200 platforms will be removed completely or partially, and close to 2,500 wells will be plugged and left alone, which will drive the decommissioning market a lot.
At least 23 platforms a year are expected to be retired in the North Sea alone, which is expected to drive the demand for well decommissioning during the forecast report.
The number of platforms, subsea wells, and other oil and gas assets that are reaching the end of their useful lives is steadily rising. Since there are more oilfields that are getting older, there will probably be more wells shut down in shallow water.
Crude oil production was expected to drop from 142 thousand barrels per day in 2016 to 65 thousand barrels per day in 2021, mostly because shallow wells are getting old. This will increase the need for decommissioning services in shallow water.
Understand The Key Trends Shaping This Market
Plug and Abandonment Operations to Dominate the Market
The well-plugging and abandonment segment is expected to be the largest market by service during the forecast period. This growth is evident owing to the crucial activity that must be performed regardless of decommissioning type; it ensures that oil wells do not have any kind of leakage after the cessation of production.
In April 2020, the Danish Hydrocarbon Research & Technology Center (DHRTC) was expected to start up a new research and innovation program with a focus on the abandonment of oil and gas fields.
In 2018, Maersk Drilling and Maersk Supply Service joined forces to create a business that works in the decommissioning market.According to Maersk Drilling, an increasing amount of offshore oil and gas fields are approaching the end of their economic lives, and, in the North Sea alone, more than 400 fields are expected to cease production by 2026 at an estimated cost of USD 56 billion.
Due to the aging of gas fields, gas production is showed a continuous decline in Denmark, from 4.7 bcm in 2016 to 1.3 bcm in 2021. With the drying of gas fields, well abandonment services are likely to grow during the forecast period.
Denmark Offshore Oil And Gas Decommissioning Market Report Snapshots
Denmark Offshore Oil and Gas Decommissioning Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)
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