The well intervention market is expected to grow from an estimated USD 7.6 billion in 2021 to USD 9.3 billion by 2026, at a CAGR of 4.2% during the forecast period. The growing need for maximizing production potential of mature oil and gas fields is the main driver for the well intervention market. Digitalization and automation of well intervention solutions and the growing demand for offshore and subsea well intervention are expected to offer lucrative opportunities for the well intervention market during the forecast period
A few major players that have a wide regional presence dominate the well intervention market. The leading players in the well intervention market include Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), and NexTier Oilfield Solutions (US).
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The major strategies adopted by these players include contracts & agreements, new product launches and developments, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and new product launches and developments were the two most commonly adopted strategy from January 2016 to May 2021.
Halliburton is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company operates through two business divisions, namely, Completion and Production and Drilling and Evaluation. It offers well intervention services through both the business divisions. The Completion and Production segment offers production enhancement solutions, including stimulation services, pressure pumping services, chemical solutions for hydraulic fracturing and acidizing, and sand control services. In addition, the segment offers cementing solutions and casing equipment, completion tools, artificial lifts, pipeline & process services, and production solutions, such as coiled tubing, hydraulic workover units, downhole tools, pumping services, and nitrogen services. The Drilling and Evaluation segment provides field and reservoir modeling, drilling, fluids and specialty chemicals, and evaluation and precise wellbore placement solutions that help in modeling systems/services, measurement, and optimization of well construction activities. The segment consists of product service lines such as Baroid, Sperry drilling, wireline and perforating, drill bits and services, Landmark software and services, testing and subsea, and project management. The company has operations in more than 80 countries globally in regions such as North America, South America, Europe/Africa/the Commonwealth of Independent States (CIS), and the Middle East/Asia. Halliburton has major manufacturing and corporate facilities located in India, the US, Saudi Arabia, the UAE, Malaysia, the UK, Russia, Panama, Singapore, and Norway. The company has a strong focus on new product launches and developments. For instance, in April 2021, Halliburton has launched StrataXaminer, a wireline logging service that provides images of the reservoir structure to identify bedding, fracture patterns, fault zones, and potential flow barriers.
Schlumberger is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. . The company conducts its operations through four business segments, namely, Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. It offers well intervention solutions through its Reservoir Performance, Well Construction, and Production Systems segments. Schlumberger’s Reservoir Performance segment offers wireline services (wireline logging and perforating), testing services for formation and fluid characterization, and stimulation services such as pressure pumping, well stimulation, reservoir monitoring, and downhole data acquisition. The Well Construction segment offers a portfolio of products and services to optimize well placement and performance. The primary offerings of this division are drilling & measurement services, drilling fluids, drill bits, drilling tools, well cementing, integrated well construction, rigs, and equipment. The Production Systems segment offers a diverse range of services and equipment such as artificial lifts; completion equipment (packers, safety valves, and sand control technology); OneSubsea integrated solutions, products, systems, and services for the subsea market; surface (platform wellhead systems and processing solutions); valves for upstream, midstream, and downstream markets; and processing solutions. The company has a global presence across North America, Latin America, Europe/Africa/Commonwealth of Independent States (CIS), and the Middle East & Asia. The company has executive offices in Paris, Houston, London, and the Hague. It has more than 90 technology centers across the globe and conducts business in more than 120 countries worldwide. The company has a strong focus on contract and agreements. For instance, in February 2021, Schlumberger was awarded a contract by the Egyptian Ministry of Petroleum to launch the Egypt Upstream Gateway, a national project for the digitalization of subsurface information. This digital platform will enable global access to the country’s subsurface data by enhancing legacy datasets through reprocessing and new studies. The purpose of the project is to improve Egypt’s exploration and production potential.
Well Intervention Market by Service (Logging and Bottomhole Survey, Tubing/Packer Failure and Repair, Stimulation), Intervention (Light, Medium, Heavy), Application (Onshore, Offshore) Well (Horizontal, Vertical) Region - Global Forecast to 2026
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