Dan White 0000-00-00 00:00:00
The Emerging Services Market Uncertainties in the Middle East, Gulf of Mexico, and West Africa are making Brazil more attractive to O&G investors.This is true for all areas of the O&G industry and definitely highlights the importance of Brazil's pre-salt E&P. The recent unrest experienced in Bahrain in the Middle East, the ongoing civil war in Libya, rampant attacks on oilfields in Nigeria, and uncertainties in other West Africa countries on top of the drilling moratorium at the Gulf of Mexico may have a substantial influence in O&G-related investments being increasingly channeled to Brazil. But markets such as ROVs/AUVs, decommissioning, and Inspection, Repair, and Maintenance (IRM) are poised to explode. Market analysts at MarketResearch.com are seeing a profound movement towards deep sea development. ROVs and AUVs are a vital component of subsea work, especially where great depths and extreme environments create challenging conditions.Based on their research, the global ROV and AUV market in the energy sector was worth $1.27 billion in 2010. Douglas Westwood Associates forecast that 550 new ROVs will be built by 2014 relating to an increase in ROV services. In the emerging decommissioning market, Douglas Westwood forecasts that over $19 billion will be spent on platform, pipe and cable removal, and well plugging and abandonment over the next five years. Large equipment such as Versabars VB 10,000 (cover photo) and their Deck Salvage System will be essential to this market. The versatile Deck Salvage System has recovered over 60,000 tons of debris from the Gulf of Mexico over the past four years. Today, the Operations & Maintenance (O&M) and IRM markets are growing at an impressive rate. Douglas Westwood, forecasted in late 2009 an offshore operations and maintenance expenditure of more than $330 billion over the next five years — with the largest share allocated to North America during that time. They also predict the IRM market will grow more than 10% between 2010 and 2015. The forecasters claim that the stock of subsea completed wells and pipelines are expected to grow substantially over the next five years—and all this equipment will require significant levels of ongoing inspection, repair and maintenance work.
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