Offshore Decommissioning Market Size, Share, Growth Rate, Key Players Global Analysis and Outlook To 2023

Market Highlights:-

Worldwide Oil and Gas challenges are prompting to take innovative approaches towards reusing obsolete offshore oil platforms. Dipping prices of oil and gas and corresponding cuts in expenditure is driving investigation into alternate, cheaper approaches to decommissioning that also use the assets as economically as possible. This indicates hundreds of new opportunities requiring novel expertise in the next six years. Which also further defines the enormous expenditure sanctioned for decommissioning projects in countries with assets in the North Sea in the UK region during 2017-2023.  The UK being the country with the most offshore infrastructure, is expected to account for approximately 60% of this funds.

Offshore decommissioning involves the safe plugging of the oil or gas well and disposal of the equipment used in offshore oil and gas production. Offshore decommissioning encompasses activities ranging from removal of installations, project management, engineering and planning, regulatory compliance, preparation of a platform for decommissioning, well plugging and abandonment, demobilization of derrick barges, platform removal, materials disposal, and site clearance. The global Offshore Decommissioning Market is anticipated to grow at a CAGR of 6.93 % during the forecast period of 2016 to 2023.

 

Top Key Players:-

The major players operating in this market, who have adopted these strategies are Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).

 

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Industry/ Innovation/ Related News:

December 04, 2017 – Robert Gordon University (RGU UK) unveiled a new and first ever decommissioning simulator and associated software, in Aberdeen (UK). The facilities will be made available to support decommissioning projects in the UK offshore industry and elsewhere. RGU created the simulator in collaboration with funding partners The Oil and Gas Technology Centre, KCA Deutag and Drilling Systems, with technical support from Baker Hughes, a GE company, with a focus on well plugging and abandonment (P&A), a growing sector worth billions of pounds. The simulator could enhance safety and reduce costs. Operators and drilling contractors will be able to use the simulator to develop the technical and non-technical skills and capabilities of their rig crews for decommissioning wells, while improving team performance.

December 14, 2017 – Oil & Gas Technology Centre (OGTC) – Aberdeen launched two calls for ideas relating to digital and decommissioning, with £2 million($2.69m) available to successful applicants. The OGTC says that machine learning techniques could help extend the life of oil and gas fields, while new power and utilities solutions could reduce decommissioning costs. 

 

Major Points From TOC:-

1  Executive Summary

2   Introduction

3   Research Methodology

4   Market Dynamics

 

5   Market Factor Analysis

5.1 Porter's Five Forces Analysis 34

5.1.1 Threat Of New Entrants 35

5.1.2 Bargaining Power Of Suppliers 35

5.1.3 Threat Of Substitutes 35

5.1.4 Bargaining Power Of Buyers 35

5.1.5 Rivalry 35

5.2 Supply Chain Analysis 36

5.3 Technology Progress 38

5.4 Technology Risk 38

5.5 Economic Change 38

5.6 Political And Environmental Change 40

Continued......

 

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Offshore Decommissioning Global Market   - Segmentation

Global Offshore Decommissioning Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.

Segmentation ByType                       : Comprises - Topside, Substructure, sub Infrastructure.

Segmentation ByService Type         :  Comprises - Well Plugging and Abandonment, Conductor Removal, Platform Removal and Others.

Segmentation ByApplication            :  Comprises - Shallow Water and Deep-water.

Segmentation By Regions                 : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

 

Offshore Decommissioning Global Market   - Regional Analysis

Currently, the Offshore Decommissioning market is in the nascent stage. This is due to the increase in aging oil & gas platforms around the world. Most of these structure are more than 30years old and this infrastructure needs proper removal and recycling for further usage, these factors will boost the global offshore decommissioning market. Europe accounted for the largest market share of 70% in 2016, followed by North America which is expected to grow at a CAGR of 6.83% during the forecast period. North America is expected to grow from a market size of USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period.