Offshore Decommissioning Market to Reach $8.7 Billion by 2025: Low Crude Oil Prices are Driving Growth - Research and Markets

DUBLIN--()--Research and Markets has announced the addition of the "Offshore Decommissioning Market - Global Forecast to 2025" report to their offering.

The offshore decommissioning market is projected to reach USD 8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.

Europe is the largest market, by value, for offshore decommissioning, followed by North America. The European market is also projected to be the fastest growing market, during the forecast period, owing to mature oil and gas fields, particularly in the U.K. and the North Sea. The impending cessation of production in major oil and gas fields would ensure that the European market would grow at the highest pace. Europe is estimated to witness the highest offshore decommissioning spending, with its well-developed regulatory framework compared to other regions.

Well plugging and abandonment constitutes the largest segment of the offshore decommissioning market, by service, in terms of value. Well plugging and abandonment contributes up to 45% of total decommissioning cost of any project. During this activity, detailed well data is collected and prepared for plugging using rig or rig less methods. Demand from the European market is projected to drive the market for well plugging and abandonment.

Companies Mentioned

  • AF Gruppen ASA
  • Able U.K., Ltd.
  • Aker Solutions ASA
  • Allseas Group S.A.
  • Amec Foster Wheeler, PLC
  • Claxton Engineering Services, Ltd.
  • DNV GL AS
  • Deepocean Group Holding B.V.
  • Heerema Marine Contractors
  • John Wood Group, PLC
  • Petrofac Limited
  • Ramboll Group
  • Subsea 7 S.A.
  • Technipfmc, PLC
  • Tetra Technologies, Inc.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Offshore Decommissioning Market, By Service Type

7 Offshore Decommissioning Market, By Structure

8 Offshore Decommissioning Market, By Depth

9 Offshore Decommissioning Market, By Region

10 Competitive Landscape

11 Company Profiles

12 Appendix

For more information about this report visit http://www.researchandmarkets.com/research/kvhps7/offshore

Contacts

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Laura Wood, Senior Manager
press@researchandmarkets.com
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Related Topics: Oilfield Equipment and Services

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Related Topics: Oilfield Equipment and Services