West Africa Platform Supply Vessels Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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West Africa Platform Supply Vessels Market Analysis
The West Africa platform supply vessel (PSV) market is expected to grow at a CAGR of around 1.5% during the forecast period. With the COVID-19 outbreak in Q1 of 2020, the market witnessed a negative impact with international crude oil price decline. As the major crude oil producer, Nigeria was significantly impacted by low revenue collection from the oil & gas sector. Such a situation had negatively impacted the ongoing exploration and production projects in the country. Factors such as increasing concentration on offshore areas for exploration are expected to drive the market. However, the presence of militants and its violence in the region is likely is expected to hinder the market growth during the forecast period.
- Increasing upstream activities in the offshore oil & gas sector are likely to drive the market during the study period.
- West Africa's offshore region is expected to hold more than five thousand million barrels of crude oil and condensate. With the government's focus to increase crude oil production, the platform support vessel providers have the opportunity to offer their service for exploration and production activities in the near future.
- With active participation in crude oil & natural gas exploration and production, Nigeria is expected to dominate the region during the study period.
West Africa Platform Supply Vessels Market Trends
This section covers the major market trends shaping the West Africa Platform Supply Vessel Market according to our research experts:
Upcoming Upstream Activities are Likely to Drive the Market
- With the growing demand for crude in international markets like Asia-Pacific, West African countries like Nigeria have significantly increased their oil and gas activities in the offshore region. In 2019, Nigeria has completed wells of around 100, an increase of 19 wells from the previous year.
- Nigeria in May 2021 concluded an agreement to invest nearly USD 10 billion for deep-water oil exploration. The Nigerian National Petroleum Corp. with Royal Dutch Shell Plc, Exxon Mobil Corp., Total SA, and Eni SpA is likely to create a new production sharing contract for Oil Mining Lease 118.
- To develop its offshore oil & gas sector, countries like Ghana are likely to borrow USD 1.7 billion to accelerate oil and gas exploration by acquiring and developing assets.
- Further, Senegal has a few upcoming projects like a development project in the Sangomar field. By 2023, the first phase of the project is targeting to produce 230 million barrels of crude oil.
- Hence, with such upcoming projects, the region is likely to drive the market studied during the forecast period.
Nigeria is Likely to Dominate the Market
- Nigeria is the leading country in the region for oil & gas production. In 2020, Nigeria had the highest crude oil production of around 1798 thousand barrels per day. Moreover, it had a gas production of around a 49.4billion cubic meters.
- With a target of increasing its crude oil reserves up to 40billion barrels by 2025, the country is likely to increase its exploration and production activities in both onshore and offshore locations.
- The country has a few upcoming offshore projects, like the offshore development work on Etan & Zabazaba oilfields in the deepwater OPL 245 block. Hence, such a project would create demand for PSV in the West African region.
- Further, the country has proven reserves of around 36.9 thousand million barrels of crude oil, and 5.5 trillion cubic meters in 2020. The reserves, along with upcoming investments and targets, are expected to have a positive outlook for the PSV market in Nigeria, thus making it dominant in the region during the study period.
West Africa Platform Supply Vessels Industry Overview
The West Africa platform supply vessel (PSV) market is consolidated. The key players in the market include Team Offshore Nigeria Limited, Petromarine Nigeria Limited, Aquashield Oil & Marine Services Limited, and GE Offshore Marine Services S.L among others.
West Africa Platform Supply Vessels Market Leaders
Team Offshore Nigeria Limited
Petromarine Nigeria Limited
Aquashield Oil & Marine Services Limited
GE Offshore Marine Services S.L
*Disclaimer: Major Players sorted in no particular order
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West Africa Platform Supply Vessels Market News
- In September 2021, Norwegian offshore vessel owner Solstad Offshore secured contracts for seven platform supply vessels in West Africa. The total firm duration of the contracts is approximately 1,000 vessel days, starting from the fourth quarter of 2021.
West Africa Platform Supply Vessels Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Assessment of the COVID-19 Impact on the Market
5. MARKET SEGMENTATION
5.1 Geography
5.1.1 Nigeria
5.1.2 Senegal
5.1.3 Ghana
5.1.4 Rest of West Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Team Offshore Nigeria Limited
6.3.2 Petromarine Nigeria Limited
6.3.3 Aquashield Oil & Marine Services Limited
6.3.4 GE Offshore Marine Services S.L
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
West Africa Platform Supply Vessels Industry Segmentation
The West Africa platform supply vessel (PSV) market report includes:
| Geography | |
| Nigeria | |
| Senegal | |
| Ghana | |
| Rest of West Africa |
West Africa Platform Supply Vessels Market Research FAQs
What is the current West Africa Platform Supply Vessel (PSV) Market size?
The West Africa Platform Supply Vessel (PSV) Market is projected to register a CAGR of greater than 1.5% during the forecast period (2024-2029)
Who are the key players in West Africa Platform Supply Vessel (PSV) Market?
Team Offshore Nigeria Limited, Petromarine Nigeria Limited, Aquashield Oil & Marine Services Limited and GE Offshore Marine Services S.L are the major companies operating in the West Africa Platform Supply Vessel (PSV) Market.
What years does this West Africa Platform Supply Vessel (PSV) Market cover?
The report covers the West Africa Platform Supply Vessel (PSV) Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the West Africa Platform Supply Vessel (PSV) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
West Africa Platform Supply Vessel Industry Report
Statistics for the 2024 West Africa Platform Supply Vessel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. West Africa Platform Supply Vessel analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
