The Subsea Well Access System market is expected to be valued at USD 2.86 billion in 2017 and is projected to be worth USD 3.62 billion by 2022, growing at a CAGR of 4.79% as per MarketsandMarkets.
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Why new offshore discoveries continue to offer more opportunities?
With the increasing need for oil production, operators have turned towards offshore exploration on a large scale and are constantly scouting deep seas for untapped oil reserves. Unprecedented advancements in exploration technology for deep water exploration and production activities, declining oil reserves in shallow water, and the commercial viability of projects are the major driving factors for E&P operators to explore new offshore regions. Advancements of exploration technology for deep water E&P activities are helping in new discoveries of subsea oil reserves.
New oilfields and reserves were discovered across the globe in almost every region in 2016. Few of the major discoveries included deep water offshore field discovery in Senegal, Alpine high in West Texas, the U.S., northern Kerio Valley in Kenya, Alaska in the U.S., and Golan Heights in Israel, among others. This would create new opportunities for exploration and production activities. Due to low oil prices, oil field operators have cut back on exploration cost which led to least number of new oil reserves and field discoveries in 2016, since 1947. However, by 2018, it is expected that oil prices would bounce back to USD 65 per barrel. This would encourage oil field operators and independent exploration companies to start investing in exploration activities to improve their reserve replacement ratio.
Why high temperature intervention remains a major challenge?
The effect of high temperature on equipment continues to be a challenge in successful High Pressure & High Temperature (HPHT) well intervention. These wells present unique challenges to oil and service companies. Drilling and completing a well at 4,000-foot to 7,500-foot water depths is the biggest challenge. The depth requires wells to flow at an increasingly higher rate without damaging the wellbore, raising the temperature of a wellhead. Some of the roughest environments in the industry, in North America, include conditions around shale wells, such as battering from wind, cold temperatures, constant moisture from storms, and mist from high winds. It also includes geophysical conditions in the Gulf of Mexico.
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The subsea well access system market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the subsea well access system market industry include Schlumberger Limited (U.S.), Halliburton Company (U.S.), GE Oil & Gas (U.K.), Baker Hughes Incorporated (U.S.), and National Oilwell Varco (U.S.), among others.
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