Well intervention refers to any operation that is carried out during the productive life of an oil and gas well. Depletion in oil reserves backed by increasing demand for energy is leading to improved production activities to extend the life of the well. Reduction in well pressure, sand production, flow restriction of oil, mechanical failure, change in reservoir condition, scaling and numerous other oil, and gas field issues results in the need to perform well intervention operations, which in turn is driving growth of the well intervention market.
Companies are focusing on developing new technologies to facilitate well intervention operations. For instance, in 2017, C6 Technologies, an oilfield technology company, launched ComTrac system, which can be operated onshore as well as offshore, consisting of injector unit, control unit, internal electrical conductors, and a head that provides well pressure control.
Increasing energy demand, increase in production activities of oil and gas wells and establishment of new oil and gas wells are giving rise to well intervention activities in the existing and new wells, thereby, driving this market, globally. However, harsh downhole environments such as high pressure and temperature, increasing water depths and the increase in the number exotic trajectories or well profiles pose are the major challenges in growth of well intervention market worldwide. Moreover, slump in oil price from US$ 117.80/bbl in June 2014 to US$ 51.70/bbl in August 2017 has affected the production activities of major players and further the global well intervention market.
Global Well Intervention Market Taxonomy
Global Well Intervention market is segmented on the basis of service, application, and category:
Owing to the E&P feasibility, onshore segment dominated the well intervention market in 2016 as large companies majorly focused on onshore production activities. However, technological advancement has allowed major players to explore untapped reserves in the offshore regions over the past few decades. According to U.S. Energy Information Administration, in 2015 the Global onshore crude oil production was 71% and that of offshore was 29%. The augment in exploration and production activities especially in the deep and ultra-deep waters is anticipated to boost the offshore segment and thereby, subsea intervention market, which in turn is propelling growth of the well intervention market.
Light intervention segment held the largest market share in the global well intervention market in 2016. Light intervention are done using slickline, wireline and coiled tubing unit allowing the operator to gather downhole data or to adjust or change any downhole equipment. These operations provide increased oil recovery and safety and hence, proves to be largest segment in the global well intervention market.
Global Well Intervention Market Outlook
In 2018, TechnipFmc signed an agreement to acquire 51% stake in Island Offshore Subsea AS. The two companies have planned to deliver Riserless Light Well Intervention (RLWI) services across the globe.
Key players in Global Well Intervention Market -
The major players in well intervention market are Schlumberger Limited, Baker Hughes Incorporate, Weatherford International Ltd., Trican Well Service Ltd., Superior Energy Services Inc., Halliburton Company, National Oilwell Varco Inc., and Precision Drilling Corporation.
Well Intervention Market Key Developments:
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