Key Market Trends

Vessel-Based Well Access Systems to Dominate the Market

• The oil and gas industry is engaged in a growing movement to identify new techniques and technologies, which can help them to maximize revenues from existing brownfields and new assets by enhancing their output.
• Hence, the industry is moving toward the vessel-based/ rigless well access system. The rigless well intervention is a system, in which smaller vessels and light well access technology are used to perform well operations, avoiding the need for a larger drillship or rig and associated riser pipework.
• Vessel-based well access systems have lower operating expenditure (OPEX) than rig-based well access systems and contain multipurpose vessel-based services, which reduces mobilization/demobilization costs. With cost-effective well intervention and decommissioning, for many operators, rigless technology offers a route to realizing greater efficiencies.
• Hence, with the increasing deepwater and ultra-deepwater activities in the South American, North American, and European regions. Moreover, the production from the deepwater fields is expected to reach 7.6 million barrel per day by 2025 and 9 million barrels per day by 2040. The need for a vessel-based well access system is expected to increase in the coming years on account of opportunities offered by the upcoming discoveries and drilling activities.

To understand key trends, Download Sample Report

Europe to Dominate the Market

• Europe is expected to dominate the subsea well access and BOP system market and to grow at a significant rate over the forecast period.
• Russia had a 106.2 billion barrel proved reserve, as of 2018. Whereas daily oil production in the country is about 11.4 million barrel, and annual export is of approximately USD 129.2 billion. There are already more than 9,500 wells drilled as of 2019. 
• In total, 102 wells were drilled on the UKCS in 2018 (85 development, eight explorations, and nine appraisals). With the most recent tax break, production activities in discoveries, as mentioned earlier, are expected to commence during the forecast period.
• The Norwegian parliament has opened most of the North Sea, the Norwegian Sea, and the Barents Sea South (including Southeast) for petroleum activities. The Norwegian Petroleum Directorate has estimated that around 47% of all the remaining resources on the shelf are still undiscovered. In the Norwegian shelf, between 2007 and 2017, about 380 wildcat wells were completed. More than 50%, of which, have resulted in discoveries, which is a high success rate per wildcat well by international standards.
• Therefore, rising offshore oil and gas activities in the region are expected to increase the demand for subsea well access and BOP system market over the forecast period in the European region.

To understand geography trends, Download Sample Report.