Early production facility market size to be driven by accelerating O&G operations

Early production facility market size to be driven by accelerating O&G operations

eTurboNews Syndication:

Pune, Maharashtra, India, September 3 2020 (Wiredrelease) Global Market Insights Research Pvt. Ltd –: Global early production facility (EPF) market is primed to achieve higher growth milestone on account of account of accelerating O&G industry operations and escalating focus towards cost management. Increasing shale gas production in the US coupled with towering production across Brazil, Gulf of Mexico, and Norway are further rendering lucrative growth opportunities to early production facility market. 

As per an in-depth report published by Global Market Insights, Inc., worldwide early production facility market is likely to surpass the USD 14 billion mark by 2026. 

Get Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/4472 

EPFs units are aligned with the inherent advantages of extensive pressure, temperature, and flow conditions handling capabilities. In addition, these units are capable of delivering insights into real-time production and reservoir performance, which can be applied to future operations. These facilities generally span across expansive capacities, ranging from 1,000 bbl/d to 50,000 bbl/d. Additionally, EPFs can be delivered in a fast turnkey operation and can also be customized as per the specific requirements of individual O&G projects. 

Amidst increasing industry uncertainties characterized by current oversupply condition and volatility in crude oil prices, the O&G industry is concentrating on production optimization, which has induced substantial EPF market demand. EPFs have gained remarkable traction as an economically viable option. These units require relatively lesser capital investments as compared to permanent facilities. Additionally, they facilitate monetization of assets ahead of the permanent facilities being built, which acts as a key factor accelerating adoption of EPS. Increased O&G industry spending is triggering early production facility market growth. 

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The market is poised for growth as O&G operators continue to move from central processing facilities to low cost EPFs. As majority of onshore reserves are approaching maturity, operators are refraining from making upfront capital investments. EPF units are generally constructed for extraction of remaining 10% of resources from aging oilfields. Declining production from existing fields has prompted operators to invest significantly in interim production facilities, which is fostering early production facility business expansion. Also, reinvestments in mature oilfields is forecast to fuel market growth. 

Limited availability of capital has created a price sensitive environment for the O&G industry, which has influenced early production facility market growth. Early production facility market size is likely to inflate on account of surging shale gas production in the US coupled with current oversupply condition created by towering production in Brazil, Gulf of Mexico, and Norway. Furthermore, growing expenditure on offshore hydrocarbon development is stimulating early production facility industry trends. 

Early production facility market outlook is exhibiting positive externalities with substantial advancements being achieved in drilling and fracturing capabilities. Besides, increasing investment in R&D activities is favoring industry growth. Alongside, players across the early production facility value chain are attempting to expand their capacities by forging technological alliances with their contemporaries. 

Early production facility market is marked by the presence of some renowned players, such as CPPE, Weatherford International, SMIP, Global Process Systems, SUEZ, Expro Group, Schlumberger, EN-FAB, Penspen, Roska DBO, Frames, OilSERV TETRA Technologies, Petrocil, and Pyramid E&C.

This content has been published by Global Market Insights Research Pvt. Ltd company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at [email protected].

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