This month’s video demonstrates how certainty allows for better and faster decision making and evaluate the tubing conditions of multiple sub-sea completed wells pre-abandonment.
EV was requested by a global operator to perform a multi well campaign. EV’s Optis HD Electric line camera was used to inspect the tubing conditions of multiple sub-sea completed wells pre-abandonment.
Shahril Mokhtar, Head of Completions, Petronas shares a unique case study outlining the results of their risk sharing intergrated operations and CORAL 2.0.
With the well intervention market expected to grow globally from an estimated USD 8.18 billion in 2017 to USD 9.85 billion by 2022, the Asia Pacific is one of the region set to most benefit from this wave of activity as it combines all 3 factors driving the upsurge: a rise in energy demand, an increase in oil & gas production and a need to revitalize aging fields. The Asia Pacific region is in fact likely to account for “about $25 billion of spending in 2018-2022,”1 most of which will come from Australia, Malaysia and Indonesia, with some also in Thailand.
Furthermore, a recent Wood Mackenzie estimate outlines that offshore operators in the Asia-Pacific could face a total decommissioning bill of over $100 billion with nearly 2,600 platforms and 35,000 wells needing to be abandoned in the near future.2 The opportunity for service providers is therefore as vibrant on the production uplift side as it is in the abandonment sphere.
The below Asia Pacific market analysis aims to highlight opportunities for regional and international contractors through a country-by-country study, a discussion of regional market dynamics and an overview of required well service.