Page 17: of Offshore Engineer Magazine (Sep/Oct 2022)

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MARKET REPORT WELL INTERVENTION

Well Intervention in the UK fourth generation MODUs are able to function as a “one- 50% in the US GoM are operational, leaving the vast ma- stop shop,” covering both riser-less and riser-based inter- jority as candidates for permanent abandonment if not re- ventions and lowering deployment time. Some operators entered in the future.

have developed specialized rigs, such as Island’s Innovator In the UK, current tax relief of 35% on decommission- for well intervention and Well-Safe’s Guardian for plug- ing costs has seen subsea well P&A activity more than ging and abandonment work. Utilizing the latest technol- double year-on-year in 2022 with 55 wells expected to be ogy shorts well intervention lead time, reduces costs and decommissioned. Activity is likely to remain at or above minimizes environmental risks. this level for the next ten years.

The report also shows that P&A activity will rise in the Founded in 2003, Petrologica is a full-service energy

UK, Norway and US Gulf of Mexico. There are consider- consultancy that produces timely analysis on all things oil able inventories of subsea wells in all countries: over 1600 and gas. Axiom is a market intelligence start-up focused on in US Gulf of Mexico, over 1900 offshore UK and over the global offshore energy markets. For more information 2000 on the Norwegian continental shelf. Of these wells, on both companies, and to sign up for a free weekly oil just a quarter in the UK, a third in Norway and less than market briefng, visit petrologica.com and axiomemi.com

SEPTEMBER/OCTOBER 2022 OFFSHORE ENGINEER 17