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The method of decommissioning of offshore oil & gas system is essential in terms of environmental safety issues as it has probable consequences on the marine environment, together with disposal of dangerous materials. Rising environmental focus and dreadful side-effects of abandoned oil wells have raised the potential for efficient control systems such as offshore decommissioning, which include careful plugging of oil wells and safe disposal of the equipment utilized in offshore oil fields. Offshore decommissioning consists of numerous steps such as project management, engineering, and planning, allowing regulatory compliance, Platform guidance, well plugging & abandonment, conductor removal, mobilization of derrick barges, platform removal, pipeline & power cable decommissioning, and material disposal & site clearance undergo technological modifications due to modern improvements. The demand within the global offshore decommissioning market is predicted to increase due to growing awareness of mature oil & gas fields and aging offshore systems, especially in shallow water.
Attributed to the impact of COVID-19, there was recent downturn in costs of oil, which is anticipated to be a key restraint to not only exploration & development activities of oil & gas but also for decommissioning operations. However, as soon as the nations ease restriction on lockdown, the demand for offshore decommissioning is predicted to grow. Moreover, travel restriction across the globe has reduced the demand for fuel in automobiles and aircraft.
The offshore decommissioning market is in the growth stage. This is attributed to increase in aging oil & fuel platforms across the world. The decline in manufacturing of crude oil or natural gas from manufacturing well is the major factor leading to decommissioning an oil field. The regulatory bodies have set up legal guidelines for offshore oil & gas operations in respective countries that positively impact the growth of the market over the forecast period. Moreover, surge in demand for oil & gas is predicted to boost the growth of the market over the following couple of years. Over the past few years, low oil costs and difficulties in maintaining the fields have boosted the potential for offshore decommissioning methods. Discovery and improvement of new oil reserves in offshore (usually deep water) regions across the world is another aspect boosting the global offshore decommissioning market. The cost involved in decommissioning of such oil wells or systems is high. Technically, this poses various challenges. Similarly, latest downturn in costs of oil is predicted to be a key restraint to not only exploration & development activities of oil & gas but also for decommissioning operations.
Based on region, the global offshore decommissioning market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is expected to be the leader of this market due to the presence of the Gulf of Mexico offshore oil reserves within the region. The Europe market is also projected to be the fastest-growing market over the forecast period due to mature oil & gas fields, especially in the UK and the North Sea. The Middle East & Africa has massive fossil gas wealth; therefore, the region is predicted to be a chief contributor to the decommissioning market. The decommissioning market in Asia-Pacific is expected to amplify at a consistent pace during the forecast duration.
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