December 23, 2020
According to the research report titled ‘Global Well Intervention Market Size study with COVID-19 Impact, by Service (Logging & Bottomhole survey, Tubing/Packer failure & repair, Stimulation, Sand Control, Zonal Isolation, Artificial Lift, Fishing, Re-perforation and Others ), by Intervention Type (Light Intervention , Medium Intervention and Heavy Intervention), by Application (Onshore and Offshore), by Well Type (Vertical Well and Horizontal Well) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global well intervention market was worth USD 6.8 billion in 2019 and is expected to record a y-o-y growth rate of 4.5% during 2020-2027.
Stabilized oil prices encouraging upstream capital investments, rising efforts for production enhancement from maturing oil & gas fields, ongoing shale gas developments, and mounting primary energy consumption are driving the growth of global well intervention market.
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For those unversed, well intervention is a remedial operation conducted on oil & gas wells to restore or increase the production. Drill rigs were used earlier to perform this operation, but with technological advancements, construction and head designs have transformed, leading to adoption of modern techniques. Issues such as changes in reservoir characteristics, mechanical failure, and flow restrictions in oil & gas well will boost the demand of well intervention.
The outbreak of COVID-19 pandemic forced many oil & gas firms across geographies to temporarily shut down their producing operations and services. With economies practicing partial or full lockdown to prevent the virus from spreading further, oil & gas sector plunged, taking the global well intervention market along.
Moreover, stringent government norms on E&P activities, and reducing demand for oil in Europe are anticipated to negatively impact global well intervention market forecast.
Although, increasing advancements, and planned alliance by major players are contributing to the market growth. Citing an instance, Halliburton Company and SOCAR-AQS signed a Memorandum of Understanding (MOU) for a new joint venture which will offer a wide variety of oilfield products and services in Azerbaijan, strengthening former’s position in oilfield services.
Speaking of the regional landscape, worldwide well intervention industry dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, North America presently leads the overall market, on account of shifting focus towards unconventional resources in Canada and the United States. Meanwhile, Asia Pacific well intervention industry is predicted to record a considerable growth over 2020-2027.
Leading organizations influencing global well intervention market trends are Halliburton Company, Baker Hughes Company, NexTier Oilfield Solutions Inc., Pioneer Energy Services Corporation, Weatherford International plc, Trican Well Service Ltd., Expro International Group, Archer – the well company, Superior Energy Services Inc., and Schlumberger Ltd.