EarlyProduction Facility Market: Introduction
TransparencyMarket Research delivers key insights on the global early productionfacility market. In terms of revenue, the global earlyproduction facility market is estimated to expand at a CAGR of 2.07% duringthe forecast period, owing to numerous factors regarding which TMR offersthorough insights and forecasts in its report on the global early productionfacility market.
The globalearly production facility market is broadly affected by several factors such asincrease in demand of petrochemical products; and growth in access ofelectricity. Thus, applications of early production facility in ensuring rapidproduction of new oil and gas is propelling the global early productionfacility market. Technological advancement has enabled companies to extractmore oil and gas by drilling fewer wells. It also helped reduce theenvironmental impact. For instance, horizontal drilling process allows morecontact to a reservoir than a conventional vertical drilling process. Thus,horizontal drilling process enables extraction of more hydrocarbons from agiven wellbore (hole drilled for exploration & recovery of naturalresources). About six to eight horizontal wells drilled from one locationprovide the same volume of crude oil as 16 vertical wells. The adoption of IOTin early production facilities allows operators to collect real-time productiondata, enabling them to appraise reservoir performance on a real-time basis.This appraisal period can be achieved through either an Extended Well Test(EWT) or a longer term EPF, resulting in optimal design of the final permanentfacilities, which are to be installed in the field for crude oil & naturalgas processing. Thus, ongoing technological advancements and adoption of IoT inoil & gas industry is likely to create new opportunities for earlyproduction facility market in the near future.
Early Production Facility Market:Dynamics
Petrochemicalsare a set of chemical compounds derived from hydrocarbons, which are extractedfrom crude oil and natural gas. Petrochemicals are used in a wide range ofapplications in various industries including cosmetics, electronics, packaging,textiles and toiletries. Wide range of plastics and polymers are made frompetrochemicals. Synthetic fibers derived from petrochemicals are used in themanufacture of aerospace parts, wind turbine blades, parts of electricvehicles, etc.
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Petrochemicalsare the pillar of growth of the crude oil & gas industry. According to theInternational Energy Agency, Middle East & Africa is anticipated toincrease the production of basic chemicals (ammonia and methanol that arederived from natural gas/crude oil) from 70 MMtpy in 2019 to150 MMtpy by 2050. Asia Pacificis projected to boost the production of petrochemicals from 200 MMtpy in 2019 tonearly 500 MMtpy by 2050. Led by asurge in the demand for petrochemical products in Asia Pacific, China and Indiaare investing significantly in new petrochemical production projects. In orderto meet the demand for petrochemicals and mitigate imports, India has announcedplans to invest more than US$ 30 Bn to boostthe petrochemical capacity in the near future.
Thus,constant rise in the demand for petrochemicals and increase in investments inpetrochemical production projects are anticipated to boost the demand for crudeoil and natural gas in the near future, thereby propelling investments in theexploration & production of these resources. This, in turn, is expected tofuel the demand for early production facilities during the forecast period.
Early Production Facility Market:Prominent Regions
NorthAmerica has been a significant region of the global early production facilitymarket since the last few years. According to BP Statistical Review, the regionwas the second largest producer of oil and the largest producer of gas in theworld in 2020. North America achieved this featthrough increase in production of shale oil & gas in the U.S. This hasresulted in the U.S. becoming a net exporter of crude oil for the first time ina decade. According to Energy Information Administration (EIA), the share ofnon-conventional gas in total natural gas production in the U.S. is expected tojump from 61% in 2010 to 79% in 2040.In Canada, which is already an exporting country, the share of shale gas intotal production is likely be even larger (84%) in 2040.Thus, rise in investment in the oil & gas industry is projected to boostthe early production facility market in the near future.
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Middle East& Africa is anticipated to be a lucrative region of the global earlyproduction facility market in the near future. Middle East & Africaaccounts for nearly 65% of theworld’s total proven oil reserves. Around 27 new oil and gas projects worth US$ 4.81 Bnwere announced in the region in 2020. Some of theseinclude the US$ 926 Mn asset transactionwith Shell Austria and Shell Egypt by Capricorn Egypt and Cheiron HoldingsEgypt and PTTEP’s US$ 2.59 Bn assettransaction with BP Exploration (Epsilon). Thus, growth in investments in theoil & gas industry is anticipated to boost the early production facilitymarket in Middle East & Africa during the forecast period. According to theOil and Gas Journal, well intervention in Middle East & Africa is projectedto rise at a faster pace, with around 10,000 active offshore wells on oilfields with average well age of 16-21 years compared to average well age of10-15 years in other regions. This is projected to drive the early productionfacility market in the region.
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LatinAmerica is the leading region in terms of oil & gas discoveries. In termsof discovery, Latin America accounted for 24% of globalvolume (around 2.1 billionbarrels of oil equivalent) in 2019. This isestimated to boost the overall economy of the region. Brazil led the earlyproduction facility market in Latin America in 2019. The market inthe country is expected to expand at a rapid pace during the forecast period.Brazil is likely to be a highly attractive country for early productionfacility in the region in the near future. This can be ascribed to thecountry’s efforts to encourage local firms and medium-sized foreign explorersto participate and join oil majors already established in its vast pre-saltregion by relaxing its bidding rules.
Early Production Facility Market:Key Players
Key playersoperating in the global early production facility market are Halliburton,Weatherford, Frames, Petrocil Engineers and Consultants, TETRA Technologies,Expro Group, Schlumberger Limited, SUEZ, Canadian Petroleum ProcessingEquipment Inc., Roska DBO Inc., OILSERV, Green Valley Oil Services, GlobalProcess Systems, SMIP, and PYRAMID E&C.
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