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Well Intervention Market -Analysis, Trends And Forecasts,
2016 – 2024: Global Market Insights, Inc.
Global Well Intervention Market size is set to grow substantially during the forecast
timeline. Rapid depletion of oil reserves coupled with increasing oil demand will
positively influence the global industry outlook.
Well intervention is a club of operations carried out to manage the production of an
oil and gas well. Well intervention operations are carried out for improving production,
repairs and well maintenance. Global energy demand subject to rapid industrialization
and urbanization requires enhanced production which will provide a massive hike to
the well intervention market. The stakeholders of the well intervention industry are
oilfield service companies, oil and gas field operators, national oil companies and
government and industry associations.
Rise in deep water and ultra-deep water drilling will increase the demand for
applications in the well intervention market. Flow restrictions to oil in wells, changes in
reservoir conditions, excessive sand production, mechanical failure, weight
restrictions and limited space on platforms will positively impact the industry growth.
Demand for intervention services is increasing on account of their capability to extract
oil and gas from aging brown fields.
New discoveries and pressure to improve recovery rates increases the demand for
subsea intervention. Well intervention is cheaper, quicker, less risky, yields higher
returns and reduces the operating expenses per barrel. Surge in subsea recovery in
last couple of years to receive the available hydrocarbons is driving the business
growth. Substantial gap of 25%-40% in recovery rates of subsea and platform wells,
increase the demand for cost efficient solutions in the well intervention market. Cost
of well intervention depends on the level of ongoing investments in the energy industry.
Stringent government regulations including Oil Spill Prevention, Control and
Countermeasure (SPCC) administered by the United States Environment Protection
Agency regarding oil and gas leaks, National Primary Drinking Water Regulation
(NPDWR) for water contamination and public health are the restraining factors faced
by this industry. Volatility in oil prices has an inverse effect on the well intervention
Well intervention services include logging and bottom-hole survey, coiled tubing,
wireline, tractors, hydraulic workover, stimulation, zonal isolation, remedial cementing
services and reperforations. The logging and bottom-hole survey and coiled tubing is
expected to dominate the well intervention market with stimulation services showing
highest growth rate. The introduction of specialized vessels for well intervention are
having a decent potential towards the industry growth. Well intervention operations
can be applied in onshore and offshore which embraces light, medium and heavy well
intervention. Light well intervention reduces the cost up to one-third resulting in better
exploitation of wells.
Major players in the well intervention market include Schlumberger, Halliburton, Baker
Hughes, Superior Energy, Weatherford, Aker Solutions, and Royal Dutch Shell.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
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reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
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