Decommissioning refers to the process of ending oil and gas operation at the offshore platform keeping in account the risk and safety of the offshore environment. This process carried out when oil production from the well decreases substantially. Offshore decommissioning must be done cost efficiently, as it comprises of risks and uncertainties, creating challenges for decommissioning projects.
The major drivers of offshore decommissioning market are infrastructure aging and maturing oilfields especially in North Sea and Gulf of Mexico. Decline in crude oil prices are estimated to augment the growth of the oilfields decommissioning market. Risk involved and high cost for decommissioning are some of the factors restraining the offshore decommissioning market growth.
Request Sample Copy of this Report: https://www.coherentmarketinsights.com/insight/request-sample/885
Global Offshore Decommissioning Market Taxonomy
On the basis of decommissioning process, the global offshore decommissioning market is segmented as:
- 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
On the basis of service, the global offshore decommissioning market is segmented as:
- Removal, Disposal, Remediation and Environmental Studies
- Modelling and Sampling
- Waste Mapping and Handling
- Impact Assessment Programme and Decommissioning Plan
- HAZID (Hazard Identification Study) and Safety Screening, Removal of Equipment with NORM
- Site Inspection and Weight Estimation
- Stress Analysis, Lifting and Rigging Procedures
- Transportation and Sea Fastening
On the basis of water depth, the global offshore decommissioning market is segmented as:
- Deep Water
- Ultra-deep Water
Among the decommissioning process, the well plugging and abandonment accounted to have the largest share in offshore decommissioning market. Shallow water depth segment is accounted to have the largest growth in offshore decommissioning market, due to its less expenditure in shallow water. New projects are established in deep & ultra-deep waters over the last few decades emphasizing the growth of offshore decommissioning market.
Global Offshore Decommissioning Market Outlook
Europe is projected to be the fastest growing market in offshore decommissioning, owing to the maturing oilfields and high spending in North Sea and UK. The ceasing of major oilfields and excellent regulatory framework is ensuring high pace of offshore decommissioning market in Europe. Oil and Gas Authority, in U.K., is expected to invest around US$ 71 billion for safe decommissioning.
North America is accounted to be the second largest market in offshore decommissioning, owing to maturing oilfields in Gulf of Mexico with large number of platforms decommissioning every year.
Asia Pacific is witnessed to have a significant growth rate in offshore decommissioning market, owing to rise of aging oilfields. The decommissioning opportunities in Indonesia and Malaysia is anticipated to enhance the offshore decommissioning market in this region. Middle East offshore decommissioning market is projected to have a significant growth, due to its prolonged oil and gas operations and production activities.
The U.S assembled The Outer Continental Shelf Lands Act (OCSLA) and regulations establishing decommissioning obligations, which must be fulfilled by the operator during the signing of an offshore lease, including the requirement of approval and permit to remove the platform.
View More Information @ https://www.coherentmarketinsights.com/ongoing-insight/offshore-decommissioning-market-885
The OCSLA regulations administrated by Bureau of Safety and Environment Enforcement (BSEE) demands that the operator must obtain approval through an application prior to the removal of platform.
Key Players in the Global Offshore Decommissioning Market
The major key players operating in the global offshore decommissioning market include Amec Foster Wheeler ASA, Aker Solutions, AF Gruppen S.A., Tetra Technologies, John Wood Group PLC, Able UK, DNV GL, Heerema Marine, Allseas Group, DeepOcean Group, and Technipfmc
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Coherent Market Insights
1001 4th Ave,
News Website: http://www.coherentnews.com