Press Release / Business / Offshore Decommissioning Market Size, Share, Revenue, Gross Margin and Emerging Trend Analysis and 2023 Forecast Research Report

Offshore Decommissioning Market Size, Share, Revenue, Gross Margin and Emerging Trend Analysis and 2023 Forecast Research Report

Market Overview:-

Generation of Demand Due to Ageing of Wells, Coupled by Safety Concerns is expected to generate a Significant Growth
A number of oil & gas fields predominant in the North Sea region and Gulf of Mexico region are aging with more than 600 projects expected to be dismantled during the next five years. Thus, decommissioning is a rapidly developing sector in the petroleum business. The high risk and hazard associated with old platforms and rigs have created an intense need to remove these structures. The valuables scavenged such as high-quality steel, cables, machinery, drill bits and others can recoup and offset costs associated with decommissioning.  
Technological advancement has resulted in technological obsolescence and shortening lifecycle of machinery. The growing capabilities and capacities of advanced machinery coupled with falling cost of new machinery have created a significant refurbishing business for decommissioning solution providers.
 
Industry Major Key Players:
The major players operating in this market, who have adopted these strategies are Tetra Technologies, Inc., (U.S.), BP P.L.C. (U.K.), Statoil ASA (Norway), DNV GL (Norway), TechnipFMC PLC (U.K.), AF Gruppen ASA (Norway), Ramboll Group A/S (Denmark), Aker Solutions ASA (Norway), Amec Foster Wheeler (U.K.), John Wood Group Plc. (Scotland), Claxton Engineering Services (U.K.), Allseas group SA (Switzerland) and DeepOcean Group (Netherlands).

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Poor Engineering and Design Especially of Older Rigs and Platforms are Deterrents to Market Growth:
Older large rigs were not designed for decommissioning and present a challenge to the decommissioning industry owing to their large size and poor design as exemplified by Shell’s Brent Spar decommissioning issues. Falling price margin of recycled materials and uncertainty of regulations are hampering the market. Thus, in the Gulf of Mexico, operators are expected to bear the whole after-tax cost of decommissioning as compared to North Sea operators which can justify not decommissioning by higher licensing fees over the lifetime of the asset.
 
Major Points of TOC:-
1  Executive Summary
2   Introduction
2.1 Definition 14
2.2 Assumptions 15
2.3 Market Structure 15
 
3   Research Methodology
 
4   Market Dynamics
4.1 Market Drivers 20
4.1.1 Aging Oil And Gas Fields – A New Source Of Revenue 20
4.1.2 Aging Offshore Infrastructure 20
4.1.3 Reduced Environmental And Regulatory Liabilities 20
4.2 Market Inhibitors 21
4.2.1 High Cost Of Decommissioning 21
4.2.2 Lack Of Clear Regulations For Decommissioning Activities 21
4.3 Opportunities 21
4.3.1 Rigs To Reef Programs 21
4.3.2 Reducing Risk By Recycling 22
4.4 Major Offshore Decommissioning Projects Around The World 22
4.4.1 North Sea Region 22
4.4.2 Table Of Approved Offshore Decommissioning Programmes 2015-2017 23
4.5 Regulations For Offshore Decommissioning 24
4.5.1 Introduction 24
4.5.2 International Conventions 25

To be continued......
 
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Global Offshore Decommissioning Market:
Currently, the Offshore Decommissioning market is in the growth stage. This is due to the increase in aging oil & gas platforms around the world. Most of these structure are more than 30years old and this infrastructure needs proper removal and recycling for further usage, these factors will boost the global offshore decommissioning market. Europe accounted for the largest market share of 70% in 2016, followed by North America which is expected to grow at a CAGR of 6.83% during the forecast period. North America is expected to grow from a market size of USD 877.1 million in 2016 to USD 1,383.3 million by the end of 2023. Asia-Pacific accounted for a market share of 8.83% in 2016 and is expected to grow at a CAGR of 3.41% during the forecast period.

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