Global Pipeline and Process Services Market: Overview
Pipeline and process services form an integral role in maintaining the integrity of pipeline and process assets in onshore as well as offshore applications. Increasing numbers of oil and gas industry have been employing these services in various stages of operation, ranging from pre-commissioning and commissioning, to maintenance, and decommissioning. Over the past few years, pipeline and process services have played crucial role in improving the profitability of hydrocarbon industry. Providers in the pipeline and process services market offer engineering services, including specialized equipment, to their clients in the oil and gas construction sector.
Around the middle of the decade, the oil and gas industry witnesses several pipeline projects getting derailed. But around 2017, the commissioning of numerous projects gained momentum, imparting headwinds to pipeline pre-commissioning and commissioning services, especially in North America and Asia Pacific. In the coming years, pre-commissioning and commissioning services are likely to contribute a whopping share of revenue to the global pipeline and process services market.
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Global Pipeline and Process Services Market: Notable Developments
Deepwater oil projects have been behind the expansion of the pipeline and process services market. Top players find substantial revenue streams in meeting the demands for pipeline and process services for deepwater exploration. The following offshore project emphasizes the latent opportunity.
Halliburton Company, a U.S.-based multinational corporation that offer oilfield services, has in August 2019 been awarded a set of nine offshore contracts by Woodside Energy. The contracts offered by the Perth-based company entail completing oil wells off the coast of Senegal, West Africa. The contracts will include a range of pipeline and process services. The drilling campaign is expected to start somewhere around early 2021; the investment decision isn’t final yet. Of note the agreement follows a contract the Australian company awarded to the Houston-based company for offering drilling and completion fluids.
Several other pipeline and process services providers hope to capitalize on opportunities by catering to their clients’ needs of offshore explorations in various parts of the world. Marked momentum to the pipeline and process services market came from growing deepwater explorations, especially in Gulf of Mexico, Brazil, and the Philippines.
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The names of some of the well-entrenched players are:
- Tucker Energy Services
- Bluefin Group
- Techfem Spa
- Baker Hughes, a GE company (BHGE)