Well Intervention Market is Growing at Rapidly as Major Industry Competitor Wellpro Group Completes Acquisition of Hunting Energy Services including Onshore Support and Field Personnel

 

A well intervention is any intervention carried out on a well or gas well within, or after, its operational life which alters the physical state of the well, supplies well results, modifies well behavior, offers well insights, or otherwise manages or administers the well. It is often used as a marketing tool to draw attention to well results, company developments, or marketing developments. However, there are several different types of well interventions, each with unique potential applications and consequently, their own set of related well management technologies.

Increasing energy consumption in Asia Pacific is expected to drive growth of the global well intervention market. According to the International Energy Agency (IEA) World Energy Balances, total energy consumption in Asia Pacific reached 5,992,356 ktoe (kiloton of oil equivalent) in 2018, with China leading the way at 3,196,418 ktoe followed by India 919,441 ktoe. According to the same source, coal was the major source of energy followed by oil. As a result of this, the demand for oil is increasing rapidly thereby boosting the well intervention activities significantly. Hence, such factors are expected to drive growth of the global well intervention market. Furthermore, continuous shale development and increasing efforts for product enhancements from maturing oil & gas fields are expected to propel the global well intervention market growth in the near future.

Stringent government regulations on exploration & production (E&P) activities coupled with decreasing oil demand from Europe are expected to hamper the global well intervention market growth in the near future. However, increasing demand for subsea well intervention and digitalization of intervention services can provide significant business opportunities in the global well intervention market. Among regions, North America is expected to witness significant growth in the global well intervention market. This is owing to a massive surge in crude oil production and natural gas production across the region. Besides, rising offshore drilling activities are expected to accelerate the regional market growth in the near future. Moreover, Middle East & Africa is expected to register a lucrative growth rate, owing to the presence of large-scale gas development industries in the region.

Major players involved in the global well intervention market are Halliburton Company, China Oilfield Services Ltd., Baker Hughes Company, Scientific Drilling International, Inc., National Oilwell Varco Inc., Hunting Energy Services, Helix Energy Solutions, Schlumberger Limited, Omega Well Intervention Ltd., Weatherford International Ltd., and Vallourec SA.

For instance, in May 2019, Wellpro Group, a specialist in well intervention activities, acquired Hunting Energy Services including onshore support and field personnel.