Albany, NY -- (SBWIRE) -- 03/16/2018 -- During some point in the lifecycle of oil and gas wells, parts require maintenance, repair or replacement. Well intervention or well work involves operations carried out to alter, manage or diagnose the well health in order to extend its life. Few oil and gas wells yield uninterrupted production however, in wells moving parts and seals wear out, tubular develops leaks, sensors fail or formation pressures declines. Well intervention is the only tool to diagnose the situation to address this problems. It can be carried out on any gas or oil well during or at the end of its productive life.
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Factors driving the global well intervention market include upsurge in demand for energy, increase in the production of oil & gas, and latest innovations in well interventions. Availability of rich hydrocarbon reserves irrespective of onshore and offshore basins and high dependence of numerous economies on the oil and gas industry are anticipated to propel the market in the near future. Emerging regions are expected to witness considerable development in the oil and gas fields, which will drive the need for well intervention services. Stringent government regulations regarding oil & gas leaks, water contamination, and environmental & public health is one of the major factors restraining the market. Increase in focus on renewable energy is also a key restraint inhibiting the well intervention service market.
Based on various services offered during well intervention, the market can be categorized into Coiled Tubing, Slickline, Thru-Tubing Intervention, Wireline Cased Hole Intervention, Subsea Landing String Intervention, Fishing, Sidetracking Whipstocks, Stimulation, and Comprehensive Plug and Abandonment Systems. Coiled Tubing and Slickline are expected to dominate the market while simulation services will show the highest growth rate.
In terms of process employed, the global well intervention service market can be bifurcated into light well intervention and heavy well intervention. Light well intervention process can be carried out in live wells without interrupting the production process. While, in heavy well interventions, the rig crew stops the production process before making any major changes in the equipment. Slickline, wireline cased hole intervention, and coiled tubing are examples of light well intervention services. Subsea landing string intervention is an example of heavy well intervention service. The costs and risks involved in light well intervention are lower than that in heavy well intervention. This is expected to significantly which enables the light well intervention segment to expand significantly during the forecast period.
Based on application, the global well intervention service market can be bifurcated into onshore and offshore. Due to availability of many subsea wells and easy mobility on offshore rigs, the offshore well intervention service market is anticipated to show the highest growth during the forecast period owing to the increasing Exploration & Production (E&P) activities in the offshore environment while onshore will cater to most of the demand of well intervention service market.
Based on region, the global well intervention service market can be divided into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America dominates the market due to untapped oil and gas reserves, increase in offshore drilling activities, and presence numerous shale gas reserves. Middle East & Africa is expected to drive the well intervention service market. Africa is anticipated to be one of the fastest growing well intervention service markets owing to the increased oil production activities in Nigeria. Recent developments in offshore activities such as rise in oil production in the Middle East countries such as Qatar and Iran is estimated to drive the market in the near future.
Key players operating in the global well intervention service market include, Schlumberger, Halliburton Company, Baker Hughes Incorporated, Expro International Group Holdings Limited, WISE Intervention Services Inc., Weatherford International, Superior Energy Services, PLC, Aker Solutions, AKOFS Offshore, Hunting Energy Services Inc., and ALTUS Intervention.
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