Environment

Decommissioning Market Size, Share, Trends and Segmentation, Applications and Outlook 2018-2023.

Market Highlights

Offshore decommissioning encompasses different activities for removal of installations, namely, project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal, pipeline and power cable decommissioning, materials disposal, and site clearance.

As, the number of aging oil & gas fields are growing gradually around the world with more than 600 projects expected to be dismantled during the next five years. Aging oil and gas fields, are predominant in the North Sea region and Gulf of Mexico region and the oil and gas industry is focusing on removing these structures, these factors constitute for the growth of offshore decommissioning market in forecasted period.  Whereas, the cost of decommissioning varies operators due to their unique approaches and services for decommissioning activities. Furthermore, global operators experienced in decommissioning are generally limited (except the Gulf of Mexico region), which further adds to this cost uncertainty. These high costs may restrain growth of offshore decommissioning market.

Key Players

  • Tetra Technologies, Inc.,
  • BP P.L.C.
  • Statoil ASA
  • DNV GL
  • TechnipFMC PLC
  • AF Gruppen ASA
  • Ramboll Group A/S
  • Aker Solutions ASA

 

Get the sample report for more information @ https://www.marketresearchfuture.com/sample_request/2993

 Enactment of Environmental and Safety Regulations is expected to Result in Faster Growth of the Market

The enactment of environmental regulations around the globe owing to ecological concerns originating from oil and gas scrap has triggered decommissioning for cash services. The adoption of environmental regulations such as the Convention for the Protection of the North East Atlantic (OSPAR Convention) provides a legally binding regulatory framework for offshore decommissioning in the OSPAR maritime area, including the North Sea. The high threat and environmental and regulatory liabilities associated with old oil and gas rigs owing to the presence of hazardous substances, which can have a direct effect on the marine ecosystem is a prime driver of the market.

Highly Consolidated Nature of the Market, High Costs, and Litigations May Hamper the Market

Despite a massive demand and need for decommissioning services, the market represents a consolidated look making it challenging to predict decommissioning costs, time and risks. There are a significant pricing differential and a scarcity of trained workforce in the offshore decommissioning business. The situation has been complicated by accusations that companies cut corners regarding worker safety and environmental regulations during projects completion. Offshore decommissioning is a source of major liabilities and litigations. The high risks of accidents and the prohibitive cost of noncompliance is a deterrent to the market.

 TABLE OF CONTENTS

1.Executive Summary

2.Introduction:

2.1 Definition 14

2.2 Assumptions 15

2.3 Market Structure 15

3.Research Methodology:

3.1 Research Process 16

3.2 Primary Research 16

3.3 Secondary Research 17

3.4 Market Size Estimation 17

3.5 Forecast Model 19

Regional Analysis:

Asia-Pacific accounted for a market share of 8.83% in 208 and is expected to grow at a CAGR of 3.41% during the forecast period. The Middle East and Africa region is supposed to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar. The presence of large onshore oil and gas deposits in the Middle East and Africa hampers offshore oil exploration and thus accounts for the disproportionately small size of the market as compared to its petroleum production.

Europe accounts for the most significant share of 70 % regarding global offshore decommissioning market value in 208, based on the size and volume of the structures, especially in the North Sea. Europe is followed by the North America region led by Mexico owing to the aging platforms most of which are more than 30 years old. The Gulf of Mexico accounts for the most substantial number of facilities requiring decommission with a lower cost structure between USD 0.5 million to 4 million for shallow water structures. The Gulf of Mexico has historically been the most significant region regarding the volume of platforms decommissioned, which is around 4,000. North America offshore decommissioning market was valued at USD 877.1 million in 208 and which is expected to grow to USD 1,383.3 million by 2023, at a CAGR of 6.83 %.

Enquiry for this report @ https://www.marketresearchfuture.com/enquiry/2993