The well intervention market has been forecast to increase at a compound annual growth rate (CAGR) of 11.9% over the next five years, rising from a valuation of $9.97 billion at the start of 2013, to hit a market value of $17.48 billion by 2018.
A well intervention, or 'well work', is any operation carried out on an oil or gas well during, or at the end of its productive life, that alters the state of the well and or well geometry, provides well diagnostics or manages the production of the well.
Historically, well intervention was done with drill rigs, with an 18-3/4" BOP and 21" marine riser as the only means of well access with well control.
In the 80's, technology was developed that afforded for re-entry into wells with alternatives to the drilling well control systems and rigs for delivery of non-drilling services.
The well intervention market is mainly driven by growing demand for energy and the aging of existing brown oil fields. America, due to its huge number of oil and gas wells and thriving investment in oil fields developments in deeper waters, is the major growth engine for this market, and, as a country, is the largest end user for well intervention services.
The maturity of onshore oil reserves is now shifting the focus of operator companies towards deep water offshore areas. The mount in deep water and ultra deep-water activities for the oil hunt is increasing the demand of heavy well intervention applications. Operators are interested in investing more and more in offshore oilfields to meet energy needs.
The well intervention market is a fragmented sector with large number of industry players. Hence, mergers and acquisitions are one of the key strategies followed by leading industry players to increase their market penetration across various regions.
Leading industry players in this market include Aker Solutions ASA (Norway), Archer - The Well Company (Bermuda), Baker Hughes Inc. (U.S.), Schlumberger (U.S.), Halliburton Energy Services (U.S.), and Weatherford (Switzerland).
For more information on the well intervention market, see the latest research: Well Intervention Market
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