San Francisco, California, February 26, 2018 – The global well intervention market is foretold in a report by TMR Research to gain from the skyrocketing demand for energy. The report, titled “Well Intervention Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” foresees to the market to tread a growth path with soaring oil and gas exploration and production initiatives worldwide.
According to the report, the global well intervention market is likely to rise at a healthy pace with the rising number of deep water activities with development of subsea wells. Technological advancements have enabled oil and gas exploration and production during weather extremities and in the most difficult terrain. The depleting shallow water resources has also necessitated well intervention.
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Well intervention is any operation performed in an oil or gas field towards the end of its productive life. Well intervention involves altering the well geometry, serves to provide well diagnostics, or management of well production. It evaluates the potential of an oil and gas well to obtain maximum output with repairs and maintenance. Well intervention serves to provide an exact and accurate analysis of the well to increase production by employing repairs and maintenance.
Oil and gas wells require maintenance, repair, or replacement at some point in life. Operators at these times turn to well intervention specialists. Well intervention is typically of two types, viz. light or heavy. Light intervention involves technicians to insert tools or sensors into a live well keeping the pressure at the surface. Slickline, coiled tubing, or wireline are some tools that are employed during light interventions. These systems enable operators to minimize the occurrence of well blockages in the future. On the other hand, heavy interventions may involve stopping production at the formation before major equipment changes are carried out. The rig is required to be removed and reinstallation of wellhead and completion apparatus.
The ceaseless demand for energy has been one of the key factors driving the well intervention market. Rampant urbanization and industrialization has led to an unending demand for energy for everyday functioning. This includes operating machines, automobiles, commercial and residential energy needs among others.
Discoveries of new oil and gas fields have also triggered the growth of well intervention market. Oil and gas exploration companies worldwide equipped with state-of-the-art equipment are employing advanced technologies for maximum output from newly found oil fields. Furthermore, scaling in wells, increased water or sand production, and reduced pressure have been stoking the growth of the overall market.
Geographically, the global well intervention market has been segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of them, North America holds the leading position in the global well intervention market. The U.S. is a leading domestic market in North America due to ongoing shale gas development activities. With increasing investments for development of shale gas in the U.S., the North America well intervention market will be benefitted in the upcoming years.
Key players operating in the global well intervention market include Baker Hughes Incorporated, Schlumberger Limited, Weatherford International plc, Expro International Group Holdings Ltd, Trican Well Services Ltd., Basic Energy Services Inc., Superior Energy Services Inc., GE Oil & Gas, Halliburton Company, Archer Limited, Welltec International ApS, Technip FMC plc, Key Energy Services, and Lupatech SA among others.