A considerable rise in the demand for oil and gas and the consequent investment made towards the development in the industry through recovering crude oil prices in recent years has positively influenced early production facility market share. Early monetization of field and rapid realization of revenue are two main factors supporting the deployment of the facilities across the sector.
The early production facility helps in gathering real-time production and reservoir data that allows the operators to plan and manage the operations. According to reports, early production facility market share was likely to exceed USD 14 billion by the end of 2026 in terms of global valuation. Described below are certain factors that may influence the market trends in the coming years.
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R&D activities carried out by market players
The current decline in onshore O&G reserves along with a high number of ageing fields has magnified the demand for early production facilities. These units have been adopted to facilitate the extraction of the remaining 10% of resources from the oilfields that become economically unviable with expensive central production systems. Most of the prevailing resources are exhausted or have reached their maturity, offering profitable opportunities for the market players.
Early production facility companies have heavily invested in R&D and are entering into technological alliances to expand their geographical footprints and maximize their business portfolio. Prominent industry players include EN-FAB, Global Process Systems, TETRA Technologies, Petrocil, Roska DBO and Schlumberger, among several others.
Shale gas production in North America
The oil and gas industry is witnessing extreme uncertainty and the oversupply condition will foster business growth. The U.S. has registered a high production of shale gas and regions like Norway, Gulf of Mexico and Brazil are has also increased their production capacities.
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Moreover, advancements in drilling along with considerable improvement in directional fracturing and drilling have improved the business outlook. For the world post the coronavirus pandemic of 2020, industrial demand for oil-based products will invariably ensure sustained demand for early production facilities.
Development of offshore hydrocarbon fields
The early production facility industry has showcased commendable growth over the years due to its wide capabilities to manage multiple pressure, flow conditions, and temperature. The operators have replaced large central processing systems with cost-effective EPFs to increase profit margins in the current price-sensitive environment. The facilities are developed through a wide range of capabilities along with the presence of customized and turnkey solutions for various O&G projects.
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The ongoing discovery of offshore hydrocarbon fields along with the deployment of advanced technologies will intensify the use of the product across the globe. The units can be easily deployed in remote fields and offer a cost-efficient solution both for the owner as well as the operator. Improved spending on subsea and offshore fields by the operators and robust developments in the shale production sector will boost global early production facility industry forecast.
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