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Offshore Decommissioning

Offshore Decommissioning Market report categorizes global market by Decommissioning Process (Project Management, Planning and Engineering, Permitting Compliance, Regulatory Compliance, Platform Preparation, Others), by Services (Modelling and Sampli
Offshore Decommissioning Market | Industry Forecast
Offshore decommissioning includes the safe plugging of the matured and
nonproductive wells in the earth’s surface together with the disposal of the
offshore oil production equipment. This is a legal condition imposed under the
Petroleum Act 1998 of the parliament of the U.K. Decommissioning is a rapidly
growing sector in the field of petroleum business, with potential opportunities
and few risks. Major drivers of global offshore decommissioning market are
infrastructure aging and maturing oilfields especially in North Sea and Gulf of
Mexico. Moreover, decline in crude oil prices are estimated to augment growth
of the offshore decommissioning market. Risk involved and high cost for
decommissioning are some of the factors restraining the global offshore
decommissioning market growth.
Based on decommissioning services, the market is segregated into removal,
disposal, remediation, and environmental studies; modelling and sampling;
waste mapping and handling; impact assessment program and decommissioning
plan; hazard identification study (HAZID) and safety screening, removal of
equipment with NORM (Naturally Occurring Radioactive Material); stress
analysis, lifting and rigging procedures; and transportation and sea fastening.
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The global offshore decommissioning market was valued at US$ 5.96 billion
in 2018, and is expected to register a CAGR of 5.4% in terms of revenue
over the forecast period (2019–2027), to reach US$ 9.50 billion by 2027.
Based on water depth, shallow water contributed for the largest revenue share of
around 66.0% in 2018, in the global offshore decommissioning market. Aging
structures in the shallow North Sea and the U.K. continental shelf is likely to
propel the demand for decommissioning in the near future. Structures in the
North Sea are typically heavier and were not designed by keeping into account
the decommissioning cost. Hence, decommissioning these heavier structures
requires significant planning and equipment, which ramps up cost.
Major players operating in the global offshore decommissioning market include,
Acteon Group Limited, Topicus Finan BV, AF Gruppen ASA, Tetra
Technologies Inc., Allseas Group S.A., DeepOcean Group Holding B.V., John
Wood Group Plc, and Exxon Mobil Corporation.
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