Global Oil & Gas SURF Market Will See a Capital Expenditure (Capex) Of $6,883mn in 2019

A new energy report, now available on ASDReports, The Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market Report 2019-2029: CAPEX Forecasts by Hardware (Umbilicals, Risers and Flowlines) and by Water Depth (Shallow, Deep and Ultra Deep) PLUS Regional Market Analysis With Details & Analysis of Contracts, Projects and Programmes and Profiles of Leading Companies in the SURF Market.

SURF systems can be divided into two main groups. Umbilicals control elements that have no contact with produced fluids and Risers and flowlines that become the main transport system for produced fluids from the subsea production system to the surface processing system. The global SURF market can be broken down into the three hardware elements (umbilicals, risers, flowlines) and the three water depth categories at which they are deployed (shallow, deep and ultra deep).

The oil price fall in 2014 changed the dynamics of the SURF market, and future oil price levels will strongly influence SURF expenditure. This is the case even for natural gas projects, as natural gas is tied to the price of oil in most regions.

As oil and gas production enters increasingly deeper and harsher environments, the challenges for subsea engineering, installation and maintenance become even tougher. When considering that the typical lifespan of a subsea system can be as much as 20 years, with hopes to extend this considerably, the demands on SURF systems are intensified.

The report analyst commented "Subsea production from existing facilities is expected to be the economical option for oil and gas operators which can help them maintain the production levels to cater the growing energy demand. However, the development of new fixed and floating platforms can prove to be expensive in the low oil environment."

Leading companies featured in the report who are Aker Solutions, EZRA Holdings Limited, TechnipFMC plc, Oceaneering International, Inc., Subsea 7 SA, Saipem SpA, General Electric, Halliburton, Schlumberger Limited, Dril-Quip, Inc., Acteon Group and Prysmian Group.

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Source: ASDReports - Market Research
Date: Nov 6, 2018