With roughly 70 percent of global production coming from mature fields, well intervention projects are quickly becoming a huge fiscal and operational opportunity for GOM operators as the slowing in drilling operations forces operators to look for new and innovative ways to efficiently increase production from their existing well stock.
Numbers show that the average worldwide recovery factor for oil is only 35%. To understand the implications, it is worth pointing out that a mere 1% recovery increase would be the equivalent of an additional two-year supply. However, the GOM average recovery for subsea assets is just 22%, while Statoil routinely deliver over 50% recovery in the North Sea through subsea well intervention. There is no reason GOM operators cannot achieve similar results, especially considering that in North America, production from new wells costs virtually twice as much as production from existing fields.
However if the GOM industry can come together to deliver technology improvements, address skill shortages with experienced intervention departments and develop contract models and costing that suit the GOM market, there is every chance that the intervention market will grow rapidly in the near future.
On October 19-20, key industry figures will come together at the 3rd Annual Offshore Well Intervention Conference in Houston to share case studies on critical projects and latest technical innovations to equip you with practical experience to take advantage of this expanding market sector:
Other speakers include Wild Well Control, Interwell, Schlumberger, Halliburton and many others. They will be joined by over 160 delegates including representatives from Chevron, BHP Billiton, W&T Offshore, Total and Stone Energy. Check out the full conference agenda.
If you have any feedback or questions regarding the event, please contact Sam Scarpa on [email protected].