Owing to increasing levels of on-shore and off-shore oil extraction activities, the global oilfield casing spools market is set to witness robust growth over the years to come. Used in drilling activities as a critical component, it controls overhead pressure well and ensures there is no damage to sealing areas. This will help the market grow in terms of worth as well as create golden opportunities for market players to dabble with.
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Recently, Subsea 7 got a potent contract for marine operations and subsea pipelines, pushing the company towards Johan Sverdrup project’s renowned second phase. It is a project supporting the Norwegian government’s plan to develop underwater infrastructure in the North Sea. It involves 100 kilometers of pipelines (rigid infield) to be both constructed and installed. As per experts, the value of the project would be somewhere between USD 150 AND 300 million. The company itself described the project value as substantial. The government currently is focused on awarding projects for extraction of oil in the region, which is a lucrative prospect for many in the business.
It is worth mentioning here that Neptune Energy’s decommissioning plan has been approved by the UK authorities. This means Juliet Filed in the Southern part of North Sea will be decommissioned. And, its structure – manifold and wellhead – will recover to be reused and recycled.
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This, like many other decommissioning of old oilfields, is a real value add for the oilfield casing spools market. And, rising demand for energy is only propelling the market further ahead. It is because quite a few countries are embarking on an exploration expedition in order to become self-sufficient in terms of energy production. Investments for the same are pouring in in considerable sums. And, this is bound to creative lucrative opportunities for market players to build up on.