Offshore Network has released a new report on the Offshore Well Intervention Market in the Gulf of Mexico.
The new research comes ahead of the OWI GOM 2024 Conference arriving in Houston from 21-22 November. This is apt timing for it will closely follow after the US election – a significant event that will greatly affect the future of the offshore oil and gas industry in the region. The return of Republican candidate, Donald Trump, to the White House will likely herald a wave of drilling and a slackening of regulations rung tighter under the tenure of President Biden. However, should the Democrat nominee win, then the focus will likely remain on restricting further assets being created and greater emphasis on operators to fulfil the ever-growing decommissioning scope of work.
Regardless of this outcome, according to most market commentators, global demand for oil and gas is set to remain at least for the short-term, and likely for longer. With drilling becoming an increasingly distasteful option in much of the public eye, production enhancement to maintain rates and extend asset life is becoming increasingly attractive – if the recovery factor of mature assets is boosted by just 1%, then 2-3 years of additional consumption could be satisfied. These dynamics are creating a favourable outlook for the well intervention market in GOM, and service providers are looking to take advantage by bringing new technology into play of ever-increasing sophistication.
