The global offshore decommissioning market is estimated to be US$ 5.96 billion in 2019, and is expected to grow at a CAGR of +6%, from 2019 to 2027.
Decommissioning of an offshore asset refers to the process of ending the operations on the asset and returning the ocean or seafloor to the pre-lease condition. Decommissioning is necessary for minimizing the risks to safety and the environment that can occur from leaving unused structures in the ocean. A strict legal framework of national, regional and international regulations governs how disused offshore facilities are decommissioned.
The oil production from the world’s giant old fields, is continuously declining, and is expected to decline further. This is driving the global oil and gas companies to focus on cost effective ways of decommissioning these fields, while maintaining focus on high environmental and safety standards.
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Top Key Players:
Amec Foster Wheeler Plc (U.K.), Aker Solutions ASA (Norway), Ramboll Group (Denmark), AF Gruppen ASA (Norway), Technifmc Plc (France), John Wood Group Plc (U.K.), and Tetra Technologies Inc., (U.S.). Oilfield exploration and production companies such as Chevron (U.S.), British Petroleum (U.K.), Statoil (Norway), Total S.A. (France), Exxon Mobil (U.S.), and Royal Dutch Shell (Netherlands)
Most of the dismantling activity takes place in more mature fields located on the continental shelf of the United Kingdom and the Gulf of Mexico. The Gulf of Mexico (GOM) has the largest number of Offshore Decommissioning market platforms worldwide. There are 17,841,739 acres of leased land comprising 3,344 total leases alone in the Gulf of Mexico. The Gulf of Mexico has been the largest region in the world in terms of the number of wells removed. Although the average number of structures removed was reduced to 113 in 2015, the total number of structures eliminated on the Exterior Continental GoM Platform (OCS) reached 254 in 2016. GOM operators are expected to retire more than 2,000 structures and around 9,000 wells in the next years.
The Offshore Decommissioning market is highly fragmented with several players incorporating blockchain technology to meet the evolving demands of the end-users. There has been a significant increase in the global cross-border e-commerce trade. Such continuous increase in the foreign trade is likely to influence the Offshore Decommissioning positively. Factors such as the rising purchasing power parity and internet penetration is likely to contribute majorly to the growth of the market. Under the overall inspection of the global Offshore Decommissioning market, research report offers a huge amount of analytical data which helps to make further complex decisions in the business.
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Offshore Decommissioning Market, By Services:
- Project Management,
- Planning & Engineering
- Permitting Compliance & Regulatory Compliance
- Material Disposal
- Well Plugging and Abandonment
- Site Clearance
- Platform Preparation
Offshore Decommissioning Market, By Structure:
- Subsea Infrastructure
Offshore Decommissioning Market, By Depth:
- Shallow Water
Report Consultant concluded, with effective innovation, introduction, and improvement of products and processes. It throws light on effective research in various domains, which helps to give insight into desired solutions. Each and every segment of the Offshore Decommissioning Market such as drivers, restraints, and opportunities are examined carefully to understand the ups and downs of the businesses.
In This Study, The Years Considered To Estimate The Size Of Offshore Decommissioning Market Are As Follows:
- History Year: 2015-2018
- Base Year: 2018
- Estimated Year: 2019
- Forecast Year 2019 to 2027
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