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Research Reports Oil & Gas Vessel Decommissioning Market 2015 - 2023

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A new market research report by Transparency Market Research, titled “Oil & Gas Vessel Decommissioning Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2015 - 2023”, offers a detailed analysis of the growth of the o
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REPORT DESCRIPTION
Oil and gas vessel decommissioning has gained momentum in recent years due to the emergence of strict
regulations mandating decommissioning of inactive vessels. Vessels used by the oil and gas industry last a
significant number of years, but leaving nonoperational oil and gas vessels stranded in the sea comprises
a major threat to marine life. Due to this, several environmental regulations mandating decommissioning
of oil and gas vehicles have come into effect in the past few years, propelling the global oil and gas vessel
decommissioning market.
Browse Full Global Oil and Gas Vessel Decommissioning Market Report With Complete TOC @
http://www.transparencymarketresearch.com/oil-gas-vessel-decommissioning-market.html
An oil and gas vessel may also be decommissioned as part of a normal lifecycle, since technological
innovation in oil and gas exploration and extraction techniques leads to older vessels becoming obsolete
over time. Upgrading them may not always be the financially viable option, leading to decommissioning.
Increasing Offshore Oil and Gas Exploration to Boost Global Oil and Gas Vessel
Decommissioning Market
Due to the increasing scarcity of onshore oil and gas resources, deepwater and ultra-deepwater oil and gas
exploration is picking up speed. This presents a significant opportunity for oil and gas vessel
decommissioning companies, since setting up a new offshore petroleum extraction site requires
decommissioning of the vessels used at the company’s previous site. The increasing number of deepwater
and ultra-deepwater oil and gas exploration projects will thus help the global oil and gas vessel
decommissioning market.
The rapid pace of innovation in the field of oil and gas vessels is also helping the oil and gas vessel
decommissioning market, since vessels are now becoming obsolete quicker than before. This will also aid
the global oil and gas vessel decommissioning market.
On the other hand, the high cost of decommissioning an oil and gas vessel is one of the major restraints
acting on the global market for the same. The comprehensive activity involved in decommissioning oil and
gas vessels raises the cost of the process, which further leads to oil and gas companies trying to avoid it.
This will also hamper the global oil and gas vessel decommissioning market in the coming years.
Substructure Decommissioning to Lead Global Oil and Gas Vessel Decommissioning Market
According to type of decommissioning procedure, the global oil and gas vessel decommissioning market is
segmented into substructure decommissioning and equipment and topside decommissioning. Among
these, substructure decommissioning entails removal of all components of an oil and gas vessel, whereas
topside decommissioning only partially removes the components. The total decommissioning achieved
through substructure decommissioning is preferred by oil and gas companies, making it the dominant
segment of the global oil and gas vessel decommissioning market.
The option of topside decommissioning is only selected when the vessel is too complicated to remove
completely. The components removed via either process are reused in new offshore constructions, helping
the industry players achieve significant savings in the construction of new exploration and extraction sites.
Rising Offshore Production off West Africa to Boost RoW Oil and Gas Vessel Decommissioning
Market
The major regional segments of the global oil and gas vessel decommissioning market are North America,
which includes major oil producers such as the U.S., Canada, and Mexico; Europe, including oil producers
with a stake in the North Sea oil and gas reserves; Asia Pacific, dominated by China, Malaysia, and
Indonesia; Rest of the World, led by the rising offshore oil and gas production off the coast of West Africa.
Among these, the discovery of significant offshore reserves in the Atlantic Ocean off Africa will help the
RoW register notable growth in the coming years.
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