The productivity of the oil & gas reservoirs decreases as they reach toward the end of their economic life. As a result, decline is witnessed in production and revenue generation from these wells, and thus they turn into a liability for the companies. This maturing of reservoirs is the key driver of global well abandonment services market. The number of matured and non-productive oil and gas wells are increasing at a steady rate across the globe, which leads to the growth of the well abandonment services market.
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Europe is leading the well abandonment services market, garnering largest share, owing to extensive decommissioning activities of offshore oil and gas platforms. It is followed by North America, which is expected to grow at a considerable rate in the near future.
Companies covered in the market report are Aker Solutions, Ramboll Group, AF Gruppen ASA, Technifmc Plc, John Wood Group Plc, Tetra Technologies Inc., Acteon Group Ltd., Expo Holdings UK2 Ltd., Oceaneering International Inc., and Schlumberger Ltd.
COVID-19 scenario analysis
The outbreak of COVID-19 across the globe has severely affected the global well abandonment services market.
- Owing to the nationwide lockdown, operation of several industries has significantly decreased along with decrease in the usage of personal and commercial vehicles for transportation. This has resulted in a steep decline in the demand for crude oil, which has resulted in rapid fall in prices. As a result, oil & gas operators had to lower the productivity of reservoirs, which, in turn, negatively impacted the demand for well abandonment services.
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Key benefits of the report
- This study presents the analytical depiction of the global well abandonment services industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global well abandonment services market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the global well abandonment services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
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