Well access systems and Blowout Preventer (BOP) are very important and vital equipment that are used for accessing and intervention of subsea wells in oil & gas industry. The increasing safety regulations and rising need of production efficiency are some of the factors that are driving the market for these equipment. A huge amount of effort, resources, and time have been invested in research and developments over the years seeking to develop reliable and robust solutions for safe and efficient oil production in subsea environment.
The rising essence of production efficiency due to increasing demand and high safety measures in subsea environment are enhancing the growth for well access systems and BOP market. Several important deep and ultra-deep oil fields have been discovered since 2000. More than 50% of the oil & gas subsea wells from 2006 to 2014 are likely to require access for intervention due to aging and slowing down of the productivity level. The lucrative and high investment areas of subsea regions such as the Gulf of Mexico, North Sea, and new discoveries in West Africa and Asia-Pacific drive the exponential growth of the subsea well access system market and Blowout Preventer (BOP) System Market.
Subsea well access system and BOP provides a reliable and convenient technique to safely access deep and ultra deep water wells for better production level. This would provide a cost benefit to the oil & gas production and exploration companies mitigating their operational risks. The clear benefit of these equipment is to improvise the level of oil production from an aged well when its productivity level goes down due to decrease in the pressure level of the reservoir.
Like production efficiency, safety is also an important factor that has to be considered in the subsea environment. A BOP is one of the most important safety equipments that control the pressure levels of crude oil during the time of drilling a well. The essence of blowout preventer is so important that improper use or failure can lead to accidents like the BP oil spill from Deepwater Horizon (2010).
The trend of intervention is expected to change with vessel based Riserless light well intervention, a type of well access system, which is expected to increase exponentially. On the other hand the costly and time consuming rig-based well access system intervention techniques will now show a declining trend. With the increasing demand of energy, the offshore exploration activities are emerging as a new avenue of investment, thus escalating the number of well interventions, which in turn will lead to higher demand of well access systems.
Similarly, BOP market witnessed high growth in recent years due to increased safety concerns, and drilling activities contracted by various National Oil Companies (NOC) across the world. BOP can be classified into 2 types: Annular and RAM type. The RAM type BOP can be of three types: Pipe RAM, Blind RAM, and Shear RAM.
FMC Technologies (U.S.), Aker Solutions (Norway), Schlumberger (U.S.), Halliburton (U.S.), GE Energy (U.S.), and Tenaris (Italy) are some of the dominant market leaders that supply well access system and BOP equipment.