Rising Demand to Seal Wells to Boost Demand for Well Abandonment Services

When a well is not viable and do not add to economic growth, it becomes a liability for the government. So, here comes the need for well abandonment services, the operators seek responsible and cost efficient solutions to abandon. Increasing advancement in oil and gas sector may also boost the market. Therefore, rising demand to seal wells and permanent closures of wells are expected to drive the global well abandonment services market.

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New Solutions to Bring in Breakthrough in Well Abandonment Services Market

Well abandonment services pose a lot of opportunities and challenges, the techniques and technologies are being brought in to deal with it. Interwell is the new technology that is being tried out in well abandonment along with BiSN’s bismuth plug. Both, when combined together can result in creating a barrier and metal seal. This is one of the cost efficient methods to create permanent barrier. This may result in grand growth potential in the global well abandonment services market in the future years.

New Cost Effective Solutions to Amplify Growth

Well abandonment using conventional methods are expensive, however one of the expert market player Coretrax, is deploying its stock enviroplugs to carry out abandonment services with utmost cost efficiency.

The new CX- Enviroplugs are extremely reliable and efficient in undertaking abandonments at a significantly lesser cost. Alternatively, it eliminates any constraints that are associated with environmental barrier and offers safety.

Currently, the CX- Enviroplugs are run across UK and Norwegian abandonment projects. The simplicity of this product is that it provides paramount services at a better cost, which provide growth opportunities in the global well abandonment services market in the future.

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On the geographical front, Middle East is expected to remain dominant in the global well abandonment services market. The growth here is expected to due to expanding oil and gas sector.