DUBLIN--(BUSINESS WIRE)--The "North America Subsea Production and Processing System Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The offshore rig count in North America has declined by more than 60%, during 2013-17, as a result of low oil prices. During the period, the offshore oil and gas producers focused on reducing the breakeven oil price. The offshore breakeven oil prices in the region have reduced significantly, mainly due to better process efficiency and cost savings through sustainable exercises, such as major changes in drilling strategy to optimize the production. With low breakeven oil prices and recovery in oil prices, the offshore activity in the region is expected to register significant growth, in turn, driving the market during the forecast period.
In January 2018, the US government opened the offshore blocks for exploration & production activity, where the upstream operations were previously banned. The neighboring fields to these unexplored blocks have been developed, and hence, significant amount of field data is available, which reduces the uncertainties involved, and in turn, increases the likelihood of the commercial production from these blocks. The government's policy to allow offshore exploration & production in these blocks is expected to drive the offshore upstream activity in the country. Additionally, as drilling activity was previously not allowed, the subsea oil & gas processing system infrastructure is not available in these blocks. Hence, after the start of the commercial production, heavy investments for the processing systems in these areas are expected to drive the market in the country.
Key Developments in the Market
- March 2017: OneSubsea, a Schlumberger company, announced the awarding of a project by BP of an Engineering, Procurement, and Construction (EPC) contract to supply the subsea production system for the Mad Dog 2 development in the Gulf of Mexico.
- Baker Hughes A GE Company
- Schlumberger Limited
- Halliburton Company
- National OilWell Varco
- Weatherford International Inc.
- Trendsetter Engineering
- Aker Solutions
- TechnipFMC PLC
- Oceaneering International Inc.
- 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
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