Global Offshore Decommissioning Market: Overview
Offshore decommissioning is the process of disassembling offshore oil platforms, which also includes burying the holes drilled into the ground for exploration and extraction purposes. Mature oil platforms can have an adverse impact on the surrounding environment, which necessitates their removal. The global offshore decommissioning market is likely to remain a key sector of the global oil and gas industry in the coming years, as the latter is likely to emphasize increasingly on offshore petroleum extraction. Well plugging and abandonment is likely to remain the key segment of the global offshore decommissioning market in the coming years, with the extensive scale of the operation key in ensuring a steady dominant share for the segment in the global market.
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Global Offshore Decommissioning Market: Key Trends
The global offshore decommissioning market is likely to exhibit steady growth in the coming years due to the rising number of mature oilfields, which no longer remain commercially viable. The high number of aging platforms in shallow water is also likely to remain a key driver for the global offshore decommissioning market in the coming years.
On the other hand, the high cost of offshore decommissioning projects could hinder the growth of the global offshore decommissioning market. Due to the large scale of offshore oil and gas platforms, significant expenditure needs to be dedicated for effective offshore decommissioning projects. Since the expenses go toward removing a nonfunctional asset rather than expanding the existing capacity, many players in the global oil and gas industry have remained reluctant about offshore decommissioning. The technology required to carry out offshore decommissioning efficiently are also lacking in several regions, as is systemic support from the regulatory framework. This is also likely to restrain the global offshore decommissioning market in the coming years.
The rising use of techniques to maximize and prolong the viability of oilfields is also likely to restrain the growth of the global offshore decommissioning market in the coming years. Refilling and other techniques can help extend the operational lifespan of oilfield by a few years, and result in further profits for the oil and gas operator. This remains a key challenge for the offshore decommissioning market in the coming years, as offshore decommissioning remains unprofitable both economically as well as logistically compared to these techniques.
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Global Offshore Decommissioning Market: Market Potential
Oil and gas operations in the North Sea are likely to be vital to the global offshore decommissioning market in the coming years. The U.K. and Norway are among the leading oil producers operating in the North Sea and are likely to remain among the key consumers of offshore decommissioning technology in the coming years. As a result, Europe is likely to be the leading regional offshore decommissioning market over the coming years.
Global Offshore Decommissioning Market: Geographical Dynamics
Following Europe, North America is also likely to retain a significant share in the global offshore decommissioning market due primarily to the rising role of the U.S. in the global oil and gas sector. The U.S. has traditionally been a major player in the oil and gas industry and is a leading operator of offshore oilfields at present. The rising prominence of Southeast Asian countries such as Indonesia and Malaysia in the global oil and gas sector is also likely to drive the Asia Pacific market for offshore decommissioning in the coming years.
Global Offshore Decommissioning Market: Competitive Dynamics
The leading players in the global offshore decommissioning market include AF Gruppen ASA, Amec Foster Wheeler Plc, John Wood Group Plc, Ramboll Group, Aker Solutions ASA, and Tetra Technologies Inc.
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