Well Abandonment Services Market

Introduction of the Well Abandonment Services Market Report

Well abandonment is a natural part of the oilfield lifecycle. When an oil well is no longer productive, it is permanently sealed and taken out of service. Well abandonment services offer integrated solutions for safe decommissioning of non-productive and matured subsea infrastructures and oil & gas platforms. This eradicates the ongoing costs of maintaining these kinds of oil wells and provides a guard against potential liabilities. The well abandonment service providers seal such wells with leak-free and permanent barriers that meet all legal obligations.

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Market Dynamic

Key Drivers and Emerging Trends

The significant factor propelling the growth of the global well abandonment services is several regulations imposed by countries to make sure that abandoned wells do not affect the environment adversely. Governments are ensuring that the plug holds strong by mandating leak tests by the application of differential pressure. Aging oil fields that are active for 2-3 decades face a decline in production, which increases the liability on the company. Additionally, factors such as growing oil & gas activities, aging offshore infrastructure in the oil & gas industry, and rising demand for oil & gas are supplementing the growth of the market. Moreover, the number of maturing oil & gas facilities, which include subsea wells, platforms, and other related assets, is rising at a steady rate. For instance, in 2018, in the U.S., 3.2 million abandoned oil and gas wells emitted 281 kilotons of methane. These abandoned wells pose serious threats to the population and climate. All these factors are contributing to the growth of the global well abandonment services.

Impact of COVID-19 on the Well Abandonment Services Market

The nationwide lockdown lowered the operation of several industries along with the decrease in the usage of commercial and personal vehicles for transportation. This significantly decrease in the demand for crude oil, has led to a reduction in the prices of crude oil. As a result, the oil & gas operators reduced the productivity of reservoirs, thus negatively impacting the demand for well abandonment services. 

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Removal Type – Segment Analysis

Based on the removal type, the complete removal segment is projected to grow at a higher CAGR during the forecast period. This is mainly attributed to the stringent regulations and policies imposed for the complete offshore platform removal in order to restore the marine life and seafloor to its pre-production conditions. This factor is supplementing the growth of the complete removal segment in the global well abandonment services market.

Depth – Segment Analysis

On the basis of the depth, the shallow water segment is anticipated to grow at a faster CAGR over the forecast period. This is majorly due to the lower operational cost and recovering oil prices. Most of the shallow water projects are early offshore projects, which are now in the stage of decommissioning, whereas deepwater projects have sprung up in recent years. These factors play a crucial role in augmenting the growth of the shallow water segment in the global well abandonment services market.

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Region – Segment Analysis

Based on the region, Europe region is expected to grow at a higher CAGR over the forecast period. Europe is the first region to use offshore oil & gas infrastructure, most of which are at the decommissioning stage. Europe is anticipated to spend extensively on decommissioning of wells. For instance, in 2018, 8% of the overall expenditure of the oil & gas industry in UKCS went into decommissioning. Furthermore, the growing interests of governments towards decommissioning projects coupled with the aging mature fields in this region are likely to boost the growth of the well abandonment services market.

Top Market Players

Various notable players operating in the market include Aker Solutions, AF Gruppen, Ramboll Group, John Wood Group Plc, TechnipFMC plc, Acteon Group Ltd., Oceaneering International, Inc., Schlumberger Limited, Expro Group, and TETRA Technologies, Inc., among others. 

Key Developments

• • In 2020, Aker Solutions launched a new Workover Concept to enable safe well access for subsea installation and completion. This concept will be first applied to Equinor’s Visund Field in the North Sea. The new intervention concept is faster, safer, and more cost-effective than convention workover systems.
  • In 2020, AF Gruppen has been awarded with a contract by Shell UK Ltd for dismantling and recycling of the Curlew floating, production, storage, and offloading unit (FPSO), operated in the North Sea.

Segments covered in the Report:

The global well abandonment services market has been segmented on the basis of service, removal type, depth, and regions. Based on service, the market is segmented into site clearance, materials disposal, well plugging & abandonment, permitting & regulatory compliance, pipeline & power cable decommissioning, and others. Based on removal type, the market is segmented into leave in place, partial removal, and complete removal. Based on depth, the market is segmented into shallow water and deep water. 

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Key questions answered in this research report:

• • At what pace is global well abandonment services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in well abandonment services market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global well abandonment services market?
  • Which service generated maximum revenues in 2019 and identify the most promising service during the forecast period?
  • What are the various removal type areas of global well abandonment services market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Service, By Removal Type, By Depth, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Aker Solutions, AF Gruppen, Ramboll Group, John Wood Group Plc, TechnipFMC plc, Acteon Group Ltd., Oceaneering International, Inc., Schlumberger Limited, Expro Group, TETRA Technologies, Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Well Abandonment Services Market by Service

• • Site Clearance
  • Materials Disposal
  • Well Plugging & Abandonment
  • Permitting & Regulatory Compliance
  • Pipeline & Power Cable Decommissioning
  • Others

Global Well Abandonment Services Market by Removal Type

• • Leave in Place
  • Partial Removal
  • Complete Removal

Global Well Abandonment Services Market by Depth

• • Shallow Water
  • Deep Water

Global Well Abandonment Services Market by Region

• • North America Well Abandonment Services Market (Option 1: As a part of the free 25% customization)
    • North America Well Abandonment Services Market by Service
    • North America Well Abandonment Services Market by Removal Type
    • North America Well Abandonment Services Market by Depth
    • US Well Abandonment Services Market All-Up
    • Canada Well Abandonment Services Market All-Up
  • Europe Well Abandonment Services Market (Option 2: As a part of the free 25% customization)
    • Europe Well Abandonment Services Market by Service
    • Europe Well Abandonment Services Market by Removal Type
    • Europe Well Abandonment Services Market by Depth
    • UK Well Abandonment Services Market All-Up
    • Germany Well Abandonment Services Market All-Up
    • France Well Abandonment Services Market All-Up
    • Spain Well Abandonment Services Market All-Up
    • Rest of Europe Well Abandonment Services Market All-Up
  • Asia-Pacific Well Abandonment Services Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Well Abandonment Services Market by Service
    • Asia-Pacific Well Abandonment Services Market by Removal Type
    • Asia-Pacific Well Abandonment Services Market by Depth
    • China Well Abandonment Services Market All-Up
    • India Well Abandonment Services Market All-Up
    • Japan Well Abandonment Services Market All-Up
    • Rest of APAC Well Abandonment Services Market All-Up
  • RoW Well Abandonment Services Market (Option 4: As a part of the free 25% customization)
    • RoW Well Abandonment Services Market by Service
    • RoW Well Abandonment Services Market by Removal Type
    • RoW Well Abandonment Services Market by Depth
    • Brazil Well Abandonment Services Market All-Up
    • South Africa Well Abandonment Services Market All-Up
    • Saudi Arabia Well Abandonment Services Market All-Up
    • UAE Well Abandonment Services Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Well Abandonment Services Market All-Up

Major Players Operating in the Well Abandonment Services (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Aker Solutions
  • AF Gruppen
  • Ramboll Group
  • John Wood Group Plc
  • TechnipFMC plc
  • Acteon Group Ltd.
  • Oceaneering International, Inc.
  • Schlumberger Limited
  • Expro Group
  • TETRA Technologies, Inc.