Global Well Intervention Market to Reach $11.80 Billion by 2029 with a CAGR of 6.80%
Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Well Intervention - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)" report has been added to * ResearchAndMarkets.com's* offering.
The Well Intervention Market size in terms of Equal-6.80 is expected to grow from USD 8.49 billion in 2024 to USD 11.80 billion by 2029, at a CAGR of 6.80% during the forecast period (2024-2029).
*Key Highlights*
· Over the medium period, factors such as increased drilling and completion activities globally have been driving the demand for well intervention services over the study period.· On the other hand, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors, have been restraining the growth in the demand for the well-intervention market.· Nevertheless, the increasing oil and gas discoveries, coupled with the global liberalization in the industry, have created new opportunities for the players to invest in. The new emerging markets are several developing nations in the Middle East and Africa, Asia-Pacific, and South America.
*North America to Dominate the Market*
· North America is expected to dominate the well-intervention market and grow significantly over the forecast period.· In North America, offshore oil and gas projects are becoming more competitive, owing to improving efficiencies and tightening the supply chain, which led to declining offshore drilling costs.· The recent development of shale plays, horizontal drilling, and fracking resulted in a massive increase in the country's demand for drilling and completion fluids. For instance, in 2023, the HESS Corporation, a United States Oil & Gas company, declared an oil discovery in an exploration well in the United States Gulf of Mexico. The oil discovery at Pickerel-1 exploration well holds about 90 feet of net pay in an oil-bearing, high-quality, Miocene age reservoir and expects first production in the middle of 2024. As the oil discovery is likely to start production, it is also expected to drive the country's well internvention market in the forecast period.· The annual oil output of Mexico has been dropping, over the years, as the giant Cantrell field in the shallow waters of the Gulf of Mexico is drying up. However, the Mexican government is trying to increase private investments in its controlled areas of the Gulf of Mexico.· For instance, in May 2023, BP initiated oil production at its Argos offshore platform in the deepwater US Gulf of Mexico. With a gross production capacity of up to 140,000 barrels of oil per day, Argos is bp's fifth platform in the Gulf of Mexico and the region's first new bp-operated production facility since 2008.· Therefore, increasing oil and gas drilling and completion activities in the region are expected to increase the demand for the well intervention market over the forecast period in the North American region.
*Well Intervention Industry Overview*
The well intervention market is semi-consolidated. Some of the key players in this market (in no particular order) include Schlumberger Limited, Halliburton Company, China Oilfield Services, Weatherford PLC, and Baker Hughes Company., among others.
*A selection of companies mentioned in this report includes, but is not limited to:*
· Halliburton Company
· Baker Hughes Company
· Schlumberger Limited
· Weatherford International Ltd
· Vallourec SA
· National Oilwell Varco Inc.
· Scientific Drilling International Inc.
· China Oilfield Services LtdFor more information about this report visit https://www.researchandmarkets.com/r/h47vg9
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*Attachment*
· Global Well Intervention Market Industry Well Intervention Market
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