02 August 2018
Visiongain’ has launched a new energy report Subsea Production & Processing Systems Market Outlook 2018-2028: Forecast By Hardware (Umbilicals, Risers, Flowlines, Controls, Trees, Manifolds and Tie-ins) By Water Depth (Shallow Water, Deepwater and Ultra-Deepwater) AND By Region Plus Leading Companies in the Subsea Production & Processing Systems Market
Subsea P&P systems can be used to increase production of a pre-existing site. The Subsea P&P systems market can be broken down into the seven elements - Umbilicals, Risers, Flowlines, Controls, Trees, Manifold and Tie-Ins.
One of the main drivers for installation of subsea P&P systems remains global energy demand. Growth is expected for years to come, with the growing developing economies driving this. As a response, offshore production will move further into deepwater and ultra-deepwater, where a large amount of the remaining hydrocarbon reserves remain. Since drilling of the first well below 3,000m was completed in 2003, there have been numerous major discoveries in previously unexplored territories around the world.
A global shift in E&P to deep and ultra-deepwater is being witnessed. Whereas 20 years ago the majority of subsea wells were located in shallow water, a majority proportion is now located in water depths classified as deepwater. The recent decline in oil prices will prolong expansive developments in deeper waters which have considerably higher costs. However, when the oil price environment stabilizes, companies will become increasingly interested in these projects.
The visiongain report analyst commented “The oil price fall is putting a caution into capital markets, with stagnant European economies and slowing growth in China all impacting the potential growth of the global subsea P&P systems market. These market conditions have impacted the wider oil and gas market, as well as more specifically the subsea market, with investments becoming uncertain, and credit conditions tightening.”
Leading companies featured in the report who are involved in Subsea Production & Processing Systems include Aker Solutions, TechnipFMC plc, Oceaneering International, Inc., Subsea 7 SA, Saipem SpA, General Electric, Halliburton, Schlumberger Limited and Dril-Quip, Inc.
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