Well intervention spending is projected to increase by 20% in 2023, a trend expected to surge in the upcoming years as efficiency becomes a primary focus in the industry.
- Jul 11, 2023, 11:00 AM CDT
The intervention rate – how many oil and gas wells go through the intervention process – is forecast to reach 17% in 2027. This would total about 260,000 wells globally. “As oil demand picks up in the second half of this year, operators will look to ramp up production from existing fields, and well interventions will be a vital piece of the puzzle. As a quick, efficient, and cost-effective method of maximizing existing resources, interventions are going to be a hot topic in the years to come,” says Jenny Feng, supply chain analyst at Rystad Energy.
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