Offshore Decommissioning Market - Global Forecast to 2027

DUBLIN, Nov. 7, 2019 /PRNewswire/ -- The "Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Others), Depth (Shallow, Deepwater), Structure (Topsides, Substructure), Removal (Leave in Place, Partial, Complete), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The offshore decommissioning market is estimated to be valued at USD 6.2 billion in 2019 and is projected to reach USD 8.9 billion by 2027, at a CAGR of 4.8% during the forecast period.

Offshore decommissioning refers to ending oil & gas operations on offshore platforms and restoring marine life and seafloor to its pre-production conditions. It involves plugging & abandonment of the well in the earth's surface and disposal of the infrastructure used in offshore oil production. Depending on the project specifications, decommissioning can be done in many ways and may involve partial or complete removal of the infrastructure.

The report defines, describes, and forecasts the offshore decommissioning market, by service, structure, depth, removal, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the offshore decommissioning market.

The factors driving the market include maturing oil & gas fields, low crude oil prices, and aging offshore infrastructure. The major players in the offshore decommissioning market are Heerema Marine Contractors, Oceaneering, DNV GL, Petrofac, and Ramboll Group.

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 UK 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Offshore Decommissioning Market
4.2 Offshore Decommissioning Market, By Structure
4.3 Offshore Decommissioning Market, By Depth
4.4 Offshore Decommissioning Market, By Removal
4.5 Europe Offshore Decommissioning Market, By Service & Country
4.6 Offshore Decommissioning Market, By Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Number of Maturing Oilfields
5.2.1.2 Aging Offshore Infrastructure
5.2.1.3 Low Crude Oil Prices
5.2.2 Restraints
5.2.2.1 Lack of Technology Infrastructure and Regulatory Monitoring
5.2.2.2 High Cost of Decommissioning
5.2.3 Opportunities
5.2.3.1 Innovative Technology for Landscape Reversal
5.2.3.2 Increasing Investments in the Oil & Gas Industry
5.2.4 Challenges
5.2.4.1 Associated Environmental Concerns
5.2.4.2 Asset Life Extension Technology

6 Offshore Decommissioning Market, By Service
6.1 Introduction
6.2 Project Management, Engineering, and Planning
6.2.1 Project Management, Engineering, and Planning Phase of Decommissioning Can Start as Early as 2-3 Years Prior to the Cessation of Production (CoP)
6.3 Permitting & Regulatory Compliance
6.3.1 Middle East & Africa is Among the Fastest Markets in Following Regulatory Compliance
6.4 Platform Preparation
6.4.1 Platform Preparation Helps in Reducing the Offshore Decommissioning Cost and Time
6.5 Well Plugging & Abandonment
6.5.1 Well Plugging & Abandonment Helps to Ensure Long-Term Well Integrity and Accounts for the Largest Market Size
6.6 Conductor Removal
6.6.1 Increasing Emphasis on Safety is Expected to Drive the Conductor Removal Segment During the Forecast Period
6.7 Mobilization & Demobilization of Derrick Barges
6.7.1 Rising Need for Economical and Safe Transportation of Structure to Onshore Location is Expected to Drive the Segment During the Forecast Period
6.8 Platform Removal
6.8.1 The North Sea and the Gulf of Mexico are Home to the Maximum Number of Platforms Which are Ideal and Not Producing Any Type of Hydrocarbons and Eligible for Decommissioning
6.9 Pipeline & Power Cable Decommissioning
6.9.1 Aged Offshore Infrastructure is Estimated to Drive the Segment
6.10 Material Disposal
6.10.1 Rising Need for Safe Disposal and Recycling of Structure is Expected to Drive the Segment During the Forecast Period
6.11 Site Clearance
6.11.1 Availability of Regulatory Framework Guiding the Operating Companies to Conduct Their Site Clearance in an Environmentally Safe Manner

7 Offshore Decommissioning Market, By Structure
7.1 Introduction
7.2 Topsides
7.2.1 Economical and Easy Removal of Topside Structures Compared to Removal of Substructure and Removal of Subsea Infrastructure is Expected to Drive the Topside Structure Segment During the Forecast Period
7.3 Substructure
7.3.1 Strict Government Norms Have Expected to Drive the Substructure Segment During the Forecast Period
7.4 Subsea Infrastructure
7.4.1 Aging Subsea Equipment and Infrastructure is Expected to Drive the Segment

8 Offshore Decommissioning Market, By Depth
8.1 Introduction
8.2 Shallow Water
8.2.1 Shallow Water Projects are 25-30 Years Old and Hence Need to Be Decommissioned
8.3 Deepwater
8.3.1 The Us, the Gulf of Mexico, and the Southern North Sea Markets are Likely to Drive the Growth of the Deepwater Segment

9 Offshore Decommissioning Market, By Removal
9.1 Introduction
9.2 Complete Removal
9.2.1 Safety Concerns of Marine Life are Expected to Drive the Complete Removal Segment During the Forecast Period
9.3 Partial Removal
9.3.1 Partially Removed Platforms Provide Options to Productive Fish Habitats and Potentially Mitigate Reductions in Shell Mound Habitat
9.4 Leave in Place
9.4.1 Leave in Place Removal Requires No Site Clearance and Provides Migratory Animal Habitat Which is Estimated to Drive the Segment

10 Offshore Decommissioning Market, By Region

Company Profiles

• Able UK
• Aker Solutions
• Allseas Group
• BHGE
• Claxton Engineering Services
• DNV Gl
• Deepocean Group
• Enermech
• Halliburton
• Heerema Marine Contractors
• John Wood Group
• Mactech
• Oceaneering
• Petrofac
• Ramboll
• Rever Offshore
• Royal Dutch Shell
• Saipem
• Schlumberger
• Subsea
• Technipfmc
• Weatherford

For more information about this report visit https://www.researchandmarkets.com/r/ymyi5k

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