Global Well Intervention Services Market - Procurement Intelligence Report

Well Intervention Services Market Analysis

The well intervention services market is set to witness a spend growth of nearly USD 3 billion with spend momentum to accelerate at a CAGR of over 4% between 2019-2024. The increase in the crude oil prices is motivating oil and gas suppliers to engage in deepwater oil and gas drilling across the globe. Well intervention service providers are considered indispensable in catering to the periodic requirement of maintenance and repair of such deepwater oil wells for their enhanced oil production and extended life. The adoption of advanced technologies such as slick-line equipment and coiled tubing, along with the development of downhole tools that relay data and measurements in real time is boosting the feasibility of this service among oil and gas companies who seek to develop challenging wells that were previously inaccessible. This is contributing to spend growth in the well intervention services market to a significant extent.

Top Spending Regions in the Well Intervention Services Market

According to forecasts, North America followed by Europe will dominate the global well intervention services market accounting for over 38% and 23% of spend share respectively during the forecast period.

North America

The concentration of a substantial amount of oil and gas reserves will act as one of the chief spend growth drivers in the well intervention services market in this region. Service providers in the region are focusing on hydraulic fracturing technology for the maintenance and repair of shale gas wells in the region.

Europe

The presence of a substantial number of aging oil wells in the North Sea is increasing the prospects of procurement in the well intervention services market in this region. Buyers usually require well intervention services to successfully extract oil from such oil wells, which is driving the demand for intervention services in the region.

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What are the Key Price Trends in this Market?

• According to the well intervention services price trends, the increase in energy costs across the globe will substantially increase the operating costs of service providers. This will have an inflationary impact on the procurement cost during the forecast period.
   
• The growing stringency of environmental regulations pertaining to the handling, transportation, and disposal of wastes generated during activities will drive the compliance cost of well intervention service providers.
   
• Service providers will tackle an increase in their employee-related expenses owing to factors such as lack of skilled employees and inflation, which necessitates higher salaries for employees.

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Insights Offered in this Well Intervention Services Market Report

• Global and regional spend potential for the well intervention services market for the period of 2019-2024
• Supplier relationship management practices in the well intervention services market
• Supplier margins and selection criteria in the well intervention services market
• Top well intervention services service providers and their cost structures
• Top well intervention services service providers in the US and their cost structures
• Well intervention services market spend analysis in the US
• Well intervention services price trends, and forecasts
• Cost drivers influencing the well intervention services prices

Insights into Well Intervention Services Supply Market
 

• The supply market for well intervention services is relatively consolidated with the presence of global and regional players. These players are focusing on providing services such as coiled tubing, snubbing, slickline, pumping, and wireline services.
   

• It has been observed that the leading players in the well intervention services market are implementing sand management solutions to control the proliferation of sand within oil and gas wells. Sand management solutions also help in enhancing the productivity of existing oil wells.
   
• Buyers are advised to engage with service providers who are known to facilitate integrated asset management to save cost in terms of procuring services from different service providers. Integrated asset management involves the complete management of oil and gas assets, including everyday operations, field redevelopment planning, delivery of workovers, well intervention services, and the drilling of new wells.

Insights into Some of the Leading Well Intervention Service Providers

The supply market dynamics hint at a substantial hike in service providers' OPEX which will drive buyer's procurement spend. Keeping such dynamics in mind, strategic selection of suppliers and maintaining an effective supplier relationship management are observed to facilitate buyers with optimized procurement expenditure and better category management in the well intervention services market. This well intervention services market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top well intervention services suppliers. The top well intervention services service providers highlighted in this report include:

• Halliburton Co. 
• Schlumberger Ltd.          
• Baker Hughes Co.            
• TechnipFMC Plc
• Weatherford International Plc   
• Tenaris SA          

Criteria to select service providers in this dynamic well intervention services market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing service providers selection criteria.