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Offshore Oil & Gas Decommissioning market is projected to grow at a CAGR of 6.5% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Offshore Oil & Gas Decommissioning 2023-2033. It includes profiles of Offshore Oil & Gas Decommissioning and Forecasts Market Segment by Removal Type, (Leave in Place, Partial Removal, Toppled in Place, Complete Removal) Market Segment by Techniques, (Well Plugging and Abandonment, Pipeline Decommissioning, Platform Decommissioning, Umbilical Decommissioning, Subsea Structure Decommissioning) Market Segment by Technology, (Jackside & Topside Removal, Well Intervention Vessels and Systems, Cutting and Severing, Heavy Lift Technologies) Market Segment by Services, (Project management & Compliance, Mobilization & Demobilization of Derrick Barges, Materials Disposal, Site Clearance, Conductor & Power Cable Removal) Market Segment by Structure, (Fixed Platforms, Compliant Towers (CT), Caissons, Mobile Offshore Production Units (MOPU), Well Protectors (WP), Subsea Templates (SSTMP)) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global offshore oil & gas decommissioning market was valued at US$10,275 million in 2022 and is projected to grow at a CAGR of 6.5% during the forecast period 2023-2033.
Environmental Best Practises in Decommissioning
Any structure submerged in seawater is quickly colonised by marine biota. An ecological succession then occurs, often leading to complex three-dimensional and heterogeneous habitats with significant biodiversity and function. It includes man-made structures (MMS) placed in a marine environment. In the North Sea, the requirement to decommission existing MMS (OSPAR Commission Decision 98/3) raises interesting questions about the ecological status of MMS. While technological advances have improved the planning and implementation of decommissioning, there are still over 1 350 mature offshore installations in the OSPAR maritime area. Despite this, there appears to be little concern about MMS's impact on the environment.
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How has COVID-19 had a significant negative impact on the Offshore Oil & Gas Decommissioning Market?
As operators reduced their spending and altered their objectives in 2020, offshore work halted. This included decommissioning projects, where delays resulted in longer-term costs for operators. Offshore operators hurried to remove their workers from their rigs in March 2020. Working offshore became more dangerous than ever as Covid-19 entered the world's oilfields, and budget cuts resulted in numerous job losses.
Massive engineering projects, like those on the Forties pipeline, encountered delays. Many people found it appealing to avoid expensive and time-consuming decommissioning operations, despite the higher overall cost.
One of the world's biggest decommissioning marketplaces is in the UK. Decommissioned wells now outnumber all wells that were in the exploration, appraisal, and development phases combined over the previous four years. British decommissioning expenditures were reduced by 30% in 2020 as a result of Covid-19's impact. Although significant, this cut is about equal to the reductions applied to all capital expenditures. Decommissioning had effects similar to those of exploration, but eventually the work needs to be done. These cuts quickly stop, falling by 8% to decommissioning in 2021 and by 1% in 2022. Additionally, it takes place against a backdrop of quickly escalating decommissioning expenses. In 2020, operators are expected to have spent a total of £1.08 billion on decommissioning. According to projections, the UK North Sea will need to spend an additional £15 billion on decommissioning over the next ten years.
How will this Report Benefit you?
Visiongain’s 393-page report provides 167 tables and 214 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global offshore oil & gas decommissioning market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Offshore Oil & Gas Decommissioning. Get financial analysis of the overall market and different segments including removal type, techniques, technology, service, structure and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing offshore oil & gas decommissioning market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
The Prospect of Oil and Gas: Offshore Digital Processing
The petroleum and gas industries are 'always going' and the legacies have long been established to make it work. However, as digitalisation begins to change this region, organisations are searching for popular solutions to enable them to align uptime, security and safety requirements with the need to benefit from digital innovation. No 'rip and rebuild' strategy is needed for digital transformation. Rather, organisations should see this as a way of improving their facility's functions and moving to a modern software ecosystem that improves the existence of the existing structure of legacy.
Expanding Prospects for the Blue Economy
Each decommissioning alternative holds its own risks and further analysis needs to be done to understand how they can be mitigated. However, the method of decommissioning provides tremendous benefits, it's still crucial to note. There is clearly the ability to redirect offshore systems into a viable framework. Any testing was also undertaken to look closer to the coast to towing sections of the infrastructure to serve as artificial fishing reef.
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https://www.visiongain.com/report/offshore-oil-gas-decommissioning-market-2023/#download_sampe_div
Where are the Market Opportunities?
Savings Opportunities During Late-Life Operations
There are several opportunities for cost savings during late-life operations and the transition to decommissioning. As a platform approaches the end of its useful life, some of the installed equipment becomes obsolete. Platform decommissioning, when managed in conjunction with obsolescence work, can provide an opportunity to identify and retain key critical spares for internal use or resale to other Operators or industries. This is the ideal solution for meeting the Circular Economy principles. However, a mindset shift is required; decommissioning strategies should ideally be in place prior to carrying out Asset Life Extension (ALE) and concurrent obsolescence.
Raising Awareness of Resale Possibilities
Several Operators stated in the workgroup that they are not aware of any re-sale opportunities. Previously, it was stated that oil and gas companies do not want used components due to perceived reliability issues and resulting platform downtime. The re-sale specialists, on the other hand, emphasised the global market of end users and buyers of redundant but re-usable plant, particularly markets in emerging economies such as India, China, Brazil, and Africa, where there is a high demand for redundant power and process plants. Most equipment has a resale value; the challenge is to provide sufficient lead time to market and find the person or company who wants to buy.
Competitive Landscape
The major players operating in the offshore oil & gas decommissioning market are AF Gruppen ASA, Aker Solutions ASA, Baker Hughes Company, Bureau Veritas SA, Claxton Engineering, DeepOcean Group, DNV GL, Halliburton Company, Heerema Marine Contractors, John Wood Group Plc, Occidental Petroleum Corporation, Oceaneering International, Inc., Petrofac Limited, Ramboll, Saipem S.p.A., Schlumderger N.V., Subsea 7 SA, TechnipFMC Plc, Weatherford International Plc., . These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
01 Nov 2022, The FloConnect Surface Automation Platform, a fully automated and scalable solution for effective and secure surface well testing operations, was unveiled by Halliburton Company.The FloConnect technology automates workflows to control, measure, and evaluate surface well testing—a first for the sector. The cutting-edge platform fosters teamwork and gives operators improved well controllability, process safety, and flow assurance.
10 Oct 2022, Dana Petroleum has chosen Petrofac, a top service supplier to the global energy sector, to offer well management services for all of its UK North Sea operated properties. These include the FPSO (Floating Production Storage and Offloading) boats in the North Sea, Triton and Western Isles. Dana's 11 operated and 18 non-operated Licences in the UK North Sea will continue to receive outsourced well engineering services under the new two-year contract, which has opportunities for extensions.
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About Visiongain
Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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Oliver Davison
Visiongain Reports Limited
Telephone: +44 (0) 20 7336 6100
Email: oliver.davison@visiongain.com
Web: www.visiongain.com
