Burlingame, Nov. 15, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, Offshore Decommissioning Market is estimated to be valued at US$ 6.3 billion in 2021 and is expected to exhibit a CAGR of 5.9% during the forecast period (2023-2030). Offshore decommissioning is a process of safe and responsible removal and deposition of offshore oil and gas infrastructure such as wells and platforms. This process is carried out when such infrastructure reach their life end. The process includes, dismantling structures, well plugging, and maintaining the environmental protection in the marine environment.
Key Trends and Analysis of the Global Offshore Decommissioning Market:
Shallow water segment, based on water depth is dominating the global offshore decommissioning market. This trend is likely to boost growth of the market in the coming future. The demand for decommissioning is likely to increase in the near future, owing to rising aging structures in the U.K. and shallow North Sea continental shelf. North Sea structures are heavier and decommissioning of such heavy structures needs significant panning as well as equipment. This further adds into the decommissioning cost.
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Market Drivers:
The number of abandoned wells is on the rise along with presence of huge mature offshore oilfields. When a well has reached end of its lifetime, it requires to be permanently abandoned and plugged. The operations of plug and abandoned wells need cement plugs in the wellbore for isolating the reservoir and fluid-bearing formations. With increasing number of such wells, the demand for offshore decommissioning is increasing. This factor is further driving growth of the global market.
Increasing number of governments are focusing on well plug and abandoned activities. Government of several countries are also investing in such operations. For instance, in April 2021, the U.S. parliament passed a bill, which enabled US$ 8 billion for cleaning up abandoned oil wells in the country, in order to create jobs for oil and gas labours. This move was also supposed to lower climate-warming emissions. Such government initiatives are driving growth of the market.
Market Key Developments:
In May 2021, Heerema Marine Contractors and AF Offshore Decome announced to have begun its one of the biggest topside removal project. The project is commenced in the North Sea on behalf of TAQA.
In June 2021, Baker Hughes announced the opening of an oil and gas multimodal facility (MMF) in Angola. The facility will be delivering a suite of products and services in oil and gas value chain.
Read complete market research report, "Offshore Decommissioning Market, by Decommissioning Service, by Process, by Water Depth, and by Region, Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030", Published by Coherent Market Insights.
Market Opportunities:
Increasing number of major players adopting inorganic growth strategies to gain stronger hold in the market is creating multiple opportunities in the global offshore decommissioning market. For instance, in January 2021, Boskalis completed acquisition of all shares in the Rever Offshores’s subsea services business. The acquisition will allow Boskalis to boost its current position in the market.
Key Market Takeaways:
Global offshore decommissioning market is expected to exhibit a CAGR of 5.9% during the forecast period. The offshore decommissioning market is growing rapidly in response to the decreases prices of crude oil around the world.
On the basis of Process, Well plugging & abandonment Segment is expected to dominate the market during the forecast period and this is attributed to the rising demand from the European market.
On the basis of Service, Removal Segment is expected to dominate the market during the forecast period and this is attributed to the stringent regulations around removal of complete offshore platform for restoring the marine life and seafloor.
On the basis Water Depth, Shallow Segment is expected to dominate the market during the forecast period and this is attributed to the rising number of ageing structures in the North Sea and Gulf of Mexico.
On the basis of Geography, Europe is expected to hold a dominant position over the forecast period, due to presence of large number of maturing oil and gas fields.
Key players operating in the global offshore decommissioning market include Exxon Mobil Corporation, Acteon Group Limited, John Wood Group Plc., Topicus Finan BV, DeepOcean Group Holding B.V., AF Gruppen ASA, Allseas Group S.A., and Tetra Technologies Inc.
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Detailed Segmentation:
- Global Offshore Decommissioning Market, By Decommissioning Service:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Program and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
- Global Offshore Decommissioning Market, By Process :
- Project Management Planning and Engineering
- Permitting Compliance Regulatory Compliance
- Platform Preparation
- Well Plugging and abandonment
- Conductor Removal
- Mobilization & Demobilization of Derrick Barges
- Platform Removal
- Pipeline and Cable Decommissioning
- Material Disposal Site clearance
- Global Offshore Decommissioning Market, By Water Depth :
- Shallow
- Deep Water
- Ultra Deep Water
- Global Offshore Decommissioning Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
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