This news is classified in: Traditional Energy Oil and Gas
Feb 20, 2020
We have launched a new energy report The Global Early Production Facility Market Forecast 2020-2030: CAPEX Forecasts by Application (Onshore and Offshore) Plus Profiles of Leading Companies and Leading National Market Analysis.
An Early Production Facility is a complete facility that enables rapid production of oil and gas wells. It is one of the essential elements to the oil and gas companies since it facilitates complete production in a minimum amount of time compensating for delays in the oil and gas production process.
We can separate the Early Production Facility Market in two types, the onshore and the offshore. Onshore technology refers to the exploration and production of oil fields, natural gas deposits on land. The technology is used to drill into underground deposits to extract crude oil, natural gas and geothermal energy and comparatively less intricate and more economical than offshore technology. Offshore technology refers to the exploration and production of oil fields and natural gas deposits in the ocean waters. The offshore operations are undertaken in different depths of water and on the platforms which either float or are fixed to the seabed.
The recent agreement between the OPEC+ members to impose oil production limitations in order to balance the oil price at higher levels, as well as the US shale oil producers intentions to follow the same route, are expected to influence the Early Production Facility Market in the short term and reduce the activity in the oil and gas sector as a whole. The impact of the decision would be an increase in oil prices. The largest financial services companies have already altered their projections for the 2020 and 2021, by reacting to the production limitations and adjusted their estimations at a higher level.
Our report analyst commented “The potential oil price stabilization is expected to provide the market fresh activity and make investors less reluctant to Early Production Facilities investments in the long term. The capital intensity though of the market and the period of readjustment that is necessary after the production limitations, are expected to curb the growth of the Early Production Facilities Market. The growing focus on renewable energy solutions and the heated discussion about climate change are also projected to affect negatively Early Production Facility Market in the long term.’’
