With the well intervention market expected to grow globally from an estimated USD 8.18 billion in 2017 to USD 9.85 billion by 2022, the Asia Pacific is one of the region set to most benefit from this wave of activity as it combines all 3 factors driving the upsurge: a rise in energy demand, an increase in oil & gas production and a need to revitalize aging fields. The Asia Pacific region is in fact likely to account for about $25 billion of spending in 2018-2022, most of which will come from Australia, Malaysia and Indonesia, as well as Thailand.
While the Asia Pacific has been on the radar of many well intervention contractors for several years, it is fair to say that workover and P&A activity has recently been ramping up throughout the region. A multitude of factors can be linked to this increase in well work projects, including:
With well intervention and P&A activity ramping up from Malaysia to Australia, operators are working more collaboratively with contractors taking advantage of new business development opportunities. To help you navigate this year's Asia Pacific well intervention market dynamics, Offshore Network have therefore published a report on APAC Well Services Demand and Opportunities. The whitepaper offers:
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