Market Trends of Subsea Well Access and BOP System Industry
This section covers the major market trends shaping the Subsea Well Access & BOP System Market according to our research experts:
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 to help 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 good 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 good intervention and decommissioning, rigless technology offers a route to realizing greater efficiencies for many operators.
- Moreover, the production from the deepwater fields is expected to reach 7.6 million barrels per day by 2025 and 9 million barrels per day by 2040. The need for a vessel-based well access system is anticipated to rise in the coming years due to opportunities offered by the upcoming discoveries and drilling activities.
- Hence, with the increasing deepwater and ultra-deepwater activities in the South American, North American, and European regions, Vessel-based well access systems are anticipated to dominate the market.
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Europe is expected to Dominate the Market
- Europe is expected to dominate the subsea well access and BOP system market and grow significantly over the forecast period.
- Further, in 2021, the subsidiary company of HMH, MHWirth AS, was hired by GMGS to supply a topsides drilling equipment package worth roughly USD 83 million. These contracts' combined scope will be implemented aboard a drillship managed by GMGS. The anticipated delivery date is December 2023.
- Furthermore, the Norwegian parliament has opened most of the North Sea, the Norwegian Sea, and the Barents Sea South (including the Southeast) for petroleum activities. The Norwegian Petroleum Directorate has estimated that around 47% of all the remaining resources on the shelf are still undiscovered.
- Moreover, in the second week of December 2022, 66 offshore rigs were available in Northwestern Europe. Comparing this to earlier in the year, there were five fewer rigs. In contrast, 55 offshore rigs were advertised and contracted. This region's utilization rate of marketed offshore oil rigs was 88.7 percent that month.
- 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.
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