Many of the geological structures that produce oil and gas have limited lifespan. These structures must be disposed when no longer in use. This ensures that the surrounding area is safe from environmental contamination. Decommissioning involves the safe plugging of the hole in the earth's surface and disposal of the equipment used in offshore oil production. Abandoned offshore oil and gas platforms are a threat to the marine life. They are major source of marine pollution. Oil spill or leakage through these abandoned oil and gas wells is a potential risk to marine life. The decommissioning process is mandatory, as abandoned structures and wells can be damaged in a hurricane and cause environmental disaster. Thus, decommissioning has become a major business in the oil and gas industry.
The offshore
decommissioning service market is driven by various factors such as
increase in the number of oil and gas platforms around the world and implementation
of stringent environmental regulations by governments. Furthermore, heavy
penalties imposed by governments for any negligence by exploration and
production companies have resulted in companies investing more in offshore
decommissioning soon after the effective utilization of the oil and gas
platform. Discovery of new oil reserves around the world is another factor
boosting the offshore decommissioning market. Furthermore, aging oil reserves
and abandoned wells are augmenting the offshore decommissioning service market.
However, decommissioning entails high operational costs. This is anticipated to
hamper the offshore decommissioning service market.
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The
offshore decommissioning service market can be segmented based on service type
and area of application with respect to water depth. The service type segment
can be classified into project management, engineering and planning, permitting
and regulatory compliance, platform preparation, well plugging and abandonment,
conductor removal, mobilization and demobilization of derrick barges, platform
removal, pipeline and power cable decommissioning, materials disposal, and site
clearance. Among these well plugging and abandonment involves plugging of
exploration wells. It is one of the most critical activities in any
decommissioning project. The well plugging and abandonment segment is
estimated to expand at rapid pace led by the increase in regulatory
requirements for proper abandonment of unproductive reserves and rise in
environmental concerns.
Based on
the area of application, the market can be divided into shallow water and deep
water. The shallow water segment is estimated to account for major share as
most of the old and aging offshore installations are in shallow waters.
However, the deep water segment is projected to compete with shallow water as
many platform installations now are at deep water depths.
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Based on
region, Europe accounts for prominent share due to its extensive operations in
the North Sea. The region also constitutes the largest amount of decommissioning
spending. The U.S. and Gulf of Mexico have been the key regions in terms of the
number of platforms decommissioned and also the number of platforms still to be
decommissioned. Angola and Nigeria are anticipated to drive decommissioning spending
in Middle East & Africa.
Companies
actively operating in the market include, AF Gruppen (The AF Group), Ramboll
Group, John Wood Group PLC, Aker Solutions ASA, Amec Foster Wheeler, PLC, John
Wood Group, PLC, Tetra Technologies, Inc., DeepOcean Group, Able U.K., Ltd.,
Allseas Group, Heerema Marine and Petrofac Corporation.
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