Oil
and gas vessel decommissioning has gained momentum in recent years
due to the emergence of strict regulations mandating decommissioning
of inactive vessels. Vessels used by the oil and gas industry last a
significant number of years, but leaving nonoperational oil and gas
vessels stranded in the sea comprises a major threat to marine life.
Due to this, several environmental regulations mandating
decommissioning of oil and gas vehicles have come into effect in the
past few years, propelling the global oil and gas vessel
decommissioning market.
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An
oil and gas vessel may also be decommissioned as part of a normal
lifecycle, since technological innovation in oil and gas exploration
and extraction techniques leads to older vessels becoming obsolete
over time. Upgrading them may not always be the financially viable
option, leading to decommissioning.
Increasing
Offshore Oil and Gas Exploration to Boost Global Oil and Gas Vessel
Decommissioning Market
Due
to the increasing scarcity of onshore oil and gas resources,
deepwater and ultra-deepwater oil and gas exploration is picking up
speed. This presents a significant opportunity for oil and gas vessel
decommissioning companies, since setting up a new offshore petroleum
extraction site requires decommissioning of the vessels used at the
company’s previous site. The increasing number of deepwater and
ultra-deepwater oil and gas exploration projects will thus help the
global oil and gas vessel decommissioning market.
The
rapid pace of innovation in the field of oil and gas vessels is also
helping the oil and gas vessel decommissioning market, since vessels
are now becoming obsolete quicker than before. This will also aid the
global oil and gas vessel decommissioning market.
On
the other hand, the high cost of decommissioning an oil and gas
vessel is one of the major restraints acting on the global market for
the same. The comprehensive activity involved in decommissioning oil
and gas vessels raises the cost of the process, which further leads
to oil and gas companies trying to avoid it. This will also hamper
the global oil and gas vessel decommissioning market in the coming
years.
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Substructure
Decommissioning to Lead Global Oil and Gas Vessel Decommissioning
Market
According
to type of decommissioning procedure, the global oil and gas vessel
decommissioning market is segmented into substructure decommissioning
and equipment and topside decommissioning. Among these, substructure
decommissioning entails removal of all components of an oil and gas
vessel, whereas topside decommissioning only partially removes the
components. The total decommissioning achieved through substructure
decommissioning is preferred by oil and gas companies, making it the
dominant segment of the global oil and gas vessel decommissioning
market.
The
option of topside decommissioning is only selected when the vessel is
too complicated to remove completely. The components removed via
either process are reused in new offshore constructions, helping the
industry players achieve significant savings in the construction of
new exploration and extraction sites.
Rising
Offshore Production off West Africa to Boost RoW Oil and Gas Vessel
Decommissioning Market
The
major regional segments of the global oil and gas vessel
decommissioning market are North America, which includes major oil
producers such as the U.S., Canada, and Mexico; Europe, including oil
producers with a stake in the North Sea oil and gas reserves; Asia
Pacific, dominated by China, Malaysia, and Indonesia; Rest of the
World, led by the rising offshore oil and gas production off the
coast of West Africa. Among these, the discovery of significant
offshore reserves in the Atlantic Ocean off Africa will help the RoW
register notable growth in the coming years.
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