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About this market
The regulatory requirements for well abandonment is one of the key factors anticipated to drive the well abandonment services market growth during the forecast period. Countries are ensuring that the abandoned wells do not affect the environment adversely. Some governments are mandating leak tests by the application of differential pressure for proving that the plug is holding strong. As a result, rising initiatives from the governments across the globe for well abandonment will foster the well abandonment services market growth during the forecast period. analysts have predicted that the well abandonment services market will register a CAGR of close to 5% by 2023.
Market Overview
Maturing oil and gas fields
One of the growth drivers of the global well abandonment services market is the maturing oil and gas fields. The increase in the number of aging oil fields is likely to increase well-decommissioning activities, which, in turn, will drive the growth of the global well abandonment services market during the forecast period.
Use of EOR
One of the challenges in the growth of the global well abandonment services market is the use of EOR. EOR methods increase the production of oil from aging wells, using these methods will delay or postpone the decommissioning of aging wells, which will impede the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the well abandonment services market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented with the presence of several market players. Operators in the GoM and the North Sea are increasingly focusing on offshore decommissioning due to increasingly restrictive regulations and the rising associated cost of maintaining and operating aging platforms. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
The regulatory requirements for well abandonment is one of the key factors anticipated to drive the well abandonment services market growth during the forecast period. Countries are ensuring that the abandoned wells do not affect the environment adversely. Some governments are mandating leak tests by the application of differential pressure for proving that the plug is holding strong. As a result, rising initiatives from the governments across the globe for well abandonment will foster the well abandonment services market growth during the forecast period. analysts have predicted that the well abandonment services market will register a CAGR of close to 5% by 2023.
Market Overview
Maturing oil and gas fields
One of the growth drivers of the global well abandonment services market is the maturing oil and gas fields. The increase in the number of aging oil fields is likely to increase well-decommissioning activities, which, in turn, will drive the growth of the global well abandonment services market during the forecast period.
Use of EOR
One of the challenges in the growth of the global well abandonment services market is the use of EOR. EOR methods increase the production of oil from aging wells, using these methods will delay or postpone the decommissioning of aging wells, which will impede the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the well abandonment services market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented with the presence of several market players. Operators in the GoM and the North Sea are increasingly focusing on offshore decommissioning due to increasingly restrictive regulations and the rising associated cost of maintaining and operating aging platforms. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
