WELL INTERVENTION MARKET ANALYSIS

Regional Analysis

Global Well Intervention Market Outlook

• North America held the largest market share in well intervention market in 2016. Increasing onshore exploration and production activities with shale gas boom has drastically driven growth of the well intervention market in this region. Moreover, increasing offshore oil and gas production activities in Gulf of Mexico and the presence of major players in the U.S. such as Halliburton Co., Baker Hughes Incorporated, Basic Energy Services, Inc., Schlumberger Limited and others, has further driven the well intervention market in North America. In 2017, Anadarko Petroleum Corporation planned to spend around US$ 1.1 billion on its Gulf of Mexico assets. Moreover, in 2016, Schlumberger Ltd acquired coiled tubing units and coiled tubing drilling from Xtreme Drilling Corp, which further boosted growth of the well intervention market in this region.
• Asia Pacific accounted to have a prominent growth in this market, owing to the increasing exploration and production activities backed by increasing energy demand from emerging economies such as China, India, and Indonesia in this region. For instance, in 2013, Petronas, planned to spend more on E&P activities in Malaysia’s oil and gas sector. Moreover, aging infrastructure of wells and need for production enhancement are some of the factors responsible for augmenting growth of well intervention market in this region. In 2016, General Electric Oil and Gas and SapuraKencana Well Services signed a memorandum of understanding (MoU) to deliver light well intervention services cost effectively in Asia Pacific.
• Middle East and Africa are witnessed to have a fast growth rate in well intervention market over the forecast period. Rise in oil production in Nigeria, Angola, Algeria, and Egypt has immensely contributed to the growth of well intervention market in Africa. Nigeria led the region with the production of 1.782 million barrels of oil in 2017. Moreover, according to British petroleum Statistical Review of World Energy, in 2013, Middle East held a total of 808.5 thousand million barrels of proven reserves, hence, proving as an attractive market for investment of major players in this region.