Selbyville, Delaware, Jan. 13, 2020 (GLOBE NEWSWIRE) --
Global Early Production Facility Market revenue is anticipated to beat USD 14 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Strong focus toward cost management along with surging investments toward development of efficient production platforms will facilitate the adoption of EPFs.
Increased spending in oil and gas operations owing to strengthening oil prices will drive the early production facility industry growth. Quick revenue realization with early monetization of field is the key factor facilitating the adoption of EPFs. The units enable the operators in gathering real time reservoir and production data that help in better planning and execution of future operations. Furthermore, growing focus toward production optimization and cost management will boost the adoption of the facilities.
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Prevailing depletion of onshore O&G reserves along with rising number of ageing fields have amplified the demand for early/temporary production facilities. The units are also deployed for extraction of remaining 10% of resources from the oilfield that becomes economically unviable with expensive central production facilities. Majority of the existing resources are exhausted or reached their maturity, presenting a lucrative opportunity for the industry players.
Some major findings of the early production facility market report include:
- Increasing production of shale gas across the U.S. will stimulate the adoption of EPFs
- Prevailing oversupply in the industry with surging production from Norway, Gulf of Mexico and others will complement the business landscape
- Growing spending toward offshore hydrocarbon development will amplify the industry growth
- Declining production from existing fields along with growing number of mature fields will further stimulate the deployment of EPFs
- Major players operating across the industry include Schlumberger, Weatherford, Expro Group and others
Browse key industry insights spread across 215 pages with 342 market data tables & 22 figures & charts from the report, “Early Production Facility Market Outlook By Component (Two & Three Phase Separation, Gas Sweetening, Gas Dehydration, Dew Point Control Units, Oil Dehydration Desalting & Heating, Produced Water Treatment, Fuel Gas Processing, Flare System, Others), By Application (Offshore, Onshore), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026”in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/early-production-facility-market
The early production facility market will witness robust growth owing to its extensive capabilities to handle multiple pressure, temperature and flow conditions. The operators are replacing large central processing facilities with low cost EPFs to amplify their profits in the prevailing price sensitive environment. The facilities are engineered in range of capacities from 1,000 bb/d to 50,000 bb/d coupled with availability of turnkey and customized solutions for different O&G projects will enhance the industry growth.
Ongoing industry uncertainties along with the current oversupply condition will foster the business growth. Surging shale production across the U.S. coupled with the growing production from Brazil and Norway will positively enhance the business outlook. Furthermore, drilling advancements coupled with substantial improvement in directional drilling and fracturing will positively enhance the buisness outlook.
Leading players functioning across the early production facility market include Expro Group, Schlumberger, Pyramid E&C, Weatherford International, SMIP, EN-FAB, Frames, SUEZ, Global Process Systems, CPPE, TETRA Technologies, Penspen, Roska DBO, Petrocil and OilSERV. Investments in research & development along with technological alliances are the key strategic initiatives implemented by the companies.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.