Overview and Scope
Offshore decommissioning refers to the procedure for putting an offshore platform’s oil and gas operations to a stop and restoring the seafloor and ocean to the condition in which they were before the lease was signed.
Sizing and Forecast
The offshore decommissioning market size has grown strongly in recent years. It will grow from $5.88 billion in 2023 to $6.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to growing number of abandoned wells, the rising investments for the remediation of inactive oil and gas wells and the increasing mature offshore oilfields.
The offshore decommissioning market size is expected to see strong growth in the next few years. It will grow to $8.91 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to the surge in government funding for well decommissioning and abandonment programs, the increasing exploration and production activities for oil and gas and rising demand for crude oil products. Major trends in the forecast period include increasing emphasis on decommissioning contracts with industry leaders, expanding acquisition efforts to increase geographic presence, growing importance of topside removal projects, strategic partnerships and collaborations among market players and innovations in subsea processing and transportation systems.
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Segmentation & Regional Insights
The offshore decommissioning market covered in this report is segmented –
1) By Type: Project Management, Engineering And Planning, Platform Preparation, Well Plugging And Abandonment, Conductor Removal, Platform Removal, Pipeline And Power Cable Decommissioning, Material Disposal And Site Clearance, Other Services
2) By Structure Type: Topside, Substructure, Subsea Infrastructure
3) By Application: Shallow Water, Deep Water
Europe was the largest region in the offshore decommissioning market in 2023. The regions covered in the offshore decommissioning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing government investment in well-plugging and abandoned activities is expected to propel the offshore decommissioning market going forward. Well-plugging refers to plugging materials and techniques that permanently shut off an abandoned well from surface drainage contamination. Offshore decommissioning ensures that plugged wells do not leak after abandonment by shutting down offshore oil and gas production at a platform and restoring the ocean and seafloor to their pre-lease state. For instance, in May 2022, according to an article shared by Business Standard, an India-based English-language daily edition newspaper, $33 million would be spent by the US to remediate oil and gas wells on federal property. Further, 277 of the estimated 15k abandoned oil and gas wells on federal land would be clean with approximately $33 million of the $1 trillion bipartisan infrastructure package just signed into law by President Joe Biden. The law would allocate $4.7 billion to repair abandoned oil and gas wells, including those on federal lands. Therefore, increasing government investment is driving the growth of the offshore decommissioning market.
Key Industry Players
Major companies operating in the offshore decommissioning market report are TechnipFMC PLC, Petrofac Limited, John Wood Group PLC, Aker Solutions ASA, Allseas Group SA,Equinor ASA, Schlumberger Ltd., Acteon Group Ltd., DNV GL, AF Gruppen ASA, Reliance Industries Limited, Cairn Oil and Gas, Essar Offshore Subsea Limited, Afcons Infrastructure Limited, Seamec Ltd., China Offshore Oil Engineering Corporation, Shanghai Salvage Company, China Oilfield Services Limited, Shanghai Zhenhua Heavy Industries Company, Boskalis Subsea Services, Augean North Sea Services, Veolia Environmental Services, ASCO Group, Gazprom, Rosneft, LUKOIL, NOVATEK, Sovcomflot, ExxonMobil Corporation, Baker Hughes Company, Halliburton Offshore Services Inc., Weatherford International PLC, Tetra Technologies Inc., Allnorth Consultants, Petrogas Group, R.J. MacIsaac Construction Ltd., Petrobras, OceanPact, Subsea 7, TechnipFMC, Ocyan, Oceaneering, Norwell Engineering, Aries Marine, Gulfstream Services, Decom Engineering, Environment Quality Services, The Sparrows Group, Southey Contracting, Sasol, Alduco Engineering Services
The offshore decommissioning market report table of contents includes:
1. Executive Summary
2. Offshore Decommissioning Market Characteristics
3. Offshore Decommissioning Market Trends And Strategies
4. Offshore Decommissioning Market – Macro Economic Scenario
5. Global Offshore Decommissioning Market Size and Growth
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31. Offshore Decommissioning Market Other Major And Innovative Companies
32. Global Offshore Decommissioning Market Competitive Benchmarking
33. Global Offshore Decommissioning Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Offshore Decommissioning Market
35. Offshore Decommissioning Market Future Outlook and Potential Analysis
36.Appendix
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