Energy & Green Renewable Technology Market News

Report explores the subsea well access & BOP system market

Energy Market Research

Subsea well access and BOP systems are an integral part of the offshore drilling activity. The offshore drilling activity experienced a slowdown after the oil price crisis post mid-2014.

However, oil price has experienced substantial recovery after 2016. Due to growing oil & gas demand, recovery in oil price and increasing number of onshore fields reaching their maturity, the Exploration & Production activity is expected to make a shift toward deeper offshore regions.

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Declining Offshore Production Cost – Drives the Market

Since 2015, the offshore spending has been reduced significantly. Though some spending reduction is due to drop in service prices, mainly spending has decreased due to better process efficiency and cost savings through sustainable exercises, such as major changes in drilling strategy to optimize the production.

As a result, about 5 billion barrels of pre-sanctioned offshore oil & gas reserves now break-even at or lower than USD 50 per barrel. The declining offshore production cost is expected to drive the offshore drilling activity during the forecast period, which in turn, is expected to drive the global subsea well access and BOP system market.

Growing Deepwater Activity – Accelerates Growth

Land-based and shallow water oil & gas fields are approaching their maturity. Hence, in order to meet the growing demands, upstream operating companies are exploring deeper offshore regions.

Deepwater offshore drilling and production activities require a more expensive subsea well access and BOP systems due to complexity and safety risks involved in the process. Hence, deeper offshore activity is expected to drive the subsea well access and BOP system market.

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Lower for Longer Oil Prices – Restrains the Market

Though the oil prices have seen a substantial recovery after 2016, the oil prices are still low compared to that of 2013 level. There is a significant uncertainty involved with future oil prices.

The offshore exploration & production activity is costlier and requires the commitment for longer period than that of land-based exploration and production activity. Hence, the lower for longer oil price scenario and uncertainty involved with oil prices are restraining the offshore activity which in turn, is constraining the subsea well access and BOP system market.

Europe is the Market Leader

Europe is the market leader for subsea well access and BOP system market, owing to offshore activity in the Russian fields and the fields in the North Sea adjoining the United Kingdom and Norway. North Sea offshore production has seen a substantial drop in break-even prices, with some fields breaking even at as low as USD 25 per barrel.

The drop in break-even cost combined with the recovery in oil prices is expected to drive the offshore drilling activity, which in turn, is expected to drive the market in the region.

China to Experience Significant Growth

Despite low oil prices, offshore activity in China has seen a substantial increase. China’s offshore activity is mainly concentrated in Bohai Bay, Pearl River Delta, and Beibu Gulf areas.

As of May 2017, the world’s 5% of the total offshore fleet was active in the country. Growing industrialization, urbanization and increasing per capita income are the drivers for the energy demand in the country.

In order to meet this energy demand, the exploration & production activity, including offshore is expected to increase in China, which in turn, is expected to drive the subsea well access and BOP system market in the country.

Notable 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.
  • January 2017: OneSubsea, a Schlumberger company, announced it has been awarded an EPC contract by Statoil, to supply the subsea production system for the Utgard gas and condensate discovery in the North Sea.

MAJOR PLAYERS: AKER SOLUTIONS ASA, BAKER HUGHES A GE Co, HALLIBURTON COMPANY, SCHLUMBERGER LIMITED, WEATHERFORD INTERNATIONAL plc, TECHNIPFMC PLC, amongst others.

Reasons to Access This Report

  • Analyze the effect of oil price, global supply-demand dynamics and technological advancements on global well access and BOP system market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Identify the type of market segmentation which is expected to dominate the market.
  • Identify regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major market players.
  • 3 months analyst support along with the Market Estimate sheet (in excel).

Customization of the Report

This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.

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.

 

 

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