DUBLIN--(BUSINESS WIRE)--The "Global Subsea Production and Processing System Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The oil price crisis, after mid-2014, has had an adverse effect on offshore activity, globally. After 2016, the oil prices witnessed a recovery. Due to growing oil & gas demand, recovery in oil price and increasing number of onshore fields reaching their maturity, exploration & production activity is expected to make a shift toward deeper offshore regions.
Land-based and shallow water oil & gas fields are approaching their maturity. Hence, in order to meet the growing demand, upstream operating companies are exploring deeper offshore regions. Deepwater offshore drilling and production activity requires a more expensive subsea production and processing system, due to complexity and safety risks involved in the process.
Europe has a significant share of the market, due to the offshore activity in the Russian fields and the fields in the North Sea adjoining the United Kingdom and Norway. North Sea offshore production has witnessed a substantial drop in breakeven prices, with some fields breaking even at as low as USD 25 per barrel. The drop in breakeven cost, combined with the recovery in oil prices, is expected to drive offshore drilling activity.
The Zohr gas field is considered the biggest success in recent decades, in terms of discovery of prominent oil & gas fields. The commercial production from the field started during December 2017. The daily production during December 2017 was about 350 million cubic feet and is expected to reach 1 billion cubic feet by June 2018. The Zohr field holds about 30 trillion cubic feet of gas reserves. Hence, Zohr fields, due to its large reserves, is expected to drive a sizable investment in the upstream industry in Egypt.
Companies Mentioned
- Aker Solutions ASA
- Baker Hughes A GE Co
- Halliburton Company
- Schlumberger Limited
- Weatherford International PLC
- National-Oilwell Varco Inc.
- Oceaneering International
- TechnipFMC PLC
- Kerui Group Co. Ltd
- Rongsheng Machinery Manufacture Ltd
- Drill-Quip Inc.
Key Topics Covered:
1. Executive Summary
2. Research Methodology
3. Market Overview
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter's Five Force Analysis
7. Market Segmentation and Analysis
8. Regional Market Analysis
9. Key Company Analysis
10. Competitive Landscape
11. Disclaimer
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