Yemisi Izuora
There are indications suggesting that Nigeria would benefit from the projected growth in Subsea Umblicals, Risers and Flowlines, SURF market.
Report says the surging energy demand, maturing onshore fields and increasing offshore hydrocarbon exploration activities would drive global oil and gas SURF market through 2021.
The global market for oil and gas SURF is projected to grow at over 12 percent during 2016-2021, on account of rising output from offshore fields.
The report sai that since the era of easy oil is over, companies are going offshore in deep and ultradeep waters.
Offshore field development requires subsea umbilicals, risers and flowlines to be installed to bring oil or gas from seabed to surface processing plant.
Increase in offshore oil and gas exploration activities is projected to boost growth in global oil & gas SURF market through 2021.
Deepwater application dominated global oil & gas SURF market, on account of new offshore oil and gas discoveries.
Also, implementation of government policies and regulations supporting offshore exploration are anticipated to trigger growth in global oil & gas SURF market during the forecast period.
In 2015, deepwater oil production from water depths greater than 125 meters reached 9.93 million barrels per day, registering an increase of over 25 percent from nearly 7 million barrels per day in 2005.
Nigeria and Angola are hubs for offshore oil and gas exploration with most of the major oil and gas companies eyeing stake in those acreages.
“Global demand for oil & gas SURF products is on the rise, owing to increasing offshore production, and advent of modern technology and innovations in subsea equipment space.
Europe was the largest regional market for global oil & gas SURF market, as the region is home to Norway, a pioneer in developing offshore fields.
Rising demand for oil & gas SURF equipment in the region can be attributed to recovery in crude prices and improvements in financial situation of upstream players.
Middle East and Africa is the second largest market for oil and gas SURF market across the globe, due to increased subsea activities in the region in offshore waters.
Availability of advanced SURF equipment is making deep and ultra-deepwater exploration and production activities technologically viable and financially feasible.
As subsea technology matures, an increased demand for SURF equipment is expected, owing to rising production from offshore producing fields and exploration of new fields.
This is anticipated to further fuel growth in global oil & gas SURF market through 2021.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation.
Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges, and opportunities available in global oil & gas SURF market.