Offshore Network has released a free-to-download report outlining the developing prospects for the Asia Pacific’s offshore well intervention industry.
The wider energy sector is facing daunting challenges in the shape of increasing electricity consumption and the ever-increasing demand to limit environmental impact. While the rise of cleaner energy sources such as renewables appear unstoppable, there does, however, remain a place at the table for oil and gas, with fossil fuels set to continue to be an important component of the energy mix for the decades ahead. This trend is particularly pronounced in Asia, which is set to dominate global oil demand growth in 2024 and beyond.
While drilling has traditionally provided the answer to meeting growing demand, rising costs, uncertainty of success and environmental concerns are turning heads away from this activity and towards the potential of well intervention. The emergence of this is also being encouraged by the need for plugging and abandonment, a concern ever-growing in urgency as the region’s well stock continues to age. With market conditions opportune for well intervention to take centre stage, there remain some key challenges that must be overcome before it can fully step into the spotlight and fulfil its potential.
Offshore Network’s latest outlook assesses these key challenges such as collaboration and operator-service provider disharmony while examining the vast opportunities the region is offering.
