Global Riserless Light Well Intervention Market: Overview
It has been noticed that recovery rate is markedly less in subsea wells than in surface platforms because of highly complex well intervention and maintenance issues. To tackle the challenges, a riserless light well intervention is leveraged which conducts intervention to improve the recovery rate significantly. Not just that, it also helps in bringing down the cost of deepwater operations in mature subsea fields and saves time too. It is a technology that enables cost effective operations in existing subsea wells such as chemical treatment, repair, measurements, plug zone isolation, and scale removal, thereby augmenting production of oil. Riserless light well intervention operations are essentially conducted from a dynamically-positioned, purpose-built, intervention vessel. It carries out logging, gauging, plugging, re-perforating, and other downhole mechanical works to reduce flow restrictions.
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Riserless light well intervention system is a relatively new technology. Initially, it could function only in shallow water but on account of cutting-edge innovations in the domain of technology, it can now operate both in deep and ultra-deep water. A report by Transparency Market Research offers essential information about the global market for riserless light well intervention. It presents a granular analysis of the factors promoting or hindering it. It also profiles leading companies in the market and discusses their market shares, competitive edge, and operations. Further, the report leverages market-leading analytical tools to gauge the threats and opportunities.
Global Riserless Light Well Intervention Market: Trends and Opportunities
By shifting well intervention work from expensive drilling rigs to light monohull vessels, the cost of well intervention is lowered significantly. To put it in some perspective, it can slash cost by up to 60% than in a rig-based well access system. With rapid progress in technology, the number of subsea IOR project development is increasing and it has positively impacted the global market for riserless light well intervention vessel. A noticeable trend in the market is the long-term agreements between service providers and operators.
Fast-expanding developing economies in the world, rapid pace of industrialization and urbanization, and a burgeoning population that have driven up the demand for energy exponentially have provided a substantial fillip to the global market for riserless light well intervention. Integration of new technologies with the existing technologies, however, can serve as a hindrance to the market. Another factor posing a roadblock to the market is the fact that the operation is essentially complex, needing specialized technical expertise and requiring monitoring and controlling in every phase.
Global Riserless Light Well Intervention Market: Regional Outlook
Geographically, the key segments of the market are Europe, Asia Pacific, North America, and the Rest of the World. Europe among them, is a key region, powered by Norway. Currently, there are 300 operating subsea wells by Norwegian companies on the Norwegian Continental Shelf. Norwegian companies are also operating in subsea fields in deep waters and in the arctic areas. At present, Norwegian operators have entered into a long term commitment to acquire a riserless light well intervention service for one provider for a period of five years. To make the service more effective, they are leveraging new technologies such as better deployment systems, composite cables, advanced well control systems, and coiled tubing from light vessels.
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Companies Mentioned in the Report
Some of the noteworthy companies competing in the global market for riserless light well intervention market, profiled in the report are FTO Services, FMC Technologies, Statoil ASA, Aker Solutions, Sapura Kencana Well Services, and Helix Energy Solutions Group Inc.