While planning a subsea development project, it is important to identify the risks. However, to minimize the risks, new systems are present in the market.
FREMONT, CA: The subsea market is on the rise. According to a report by Rystad Energy, the subsea market will approximately grow by seven percent annually until 2025 at an oil price of $60-70 a barrel, or five percent a year to 2022 at 50 USD a barrel. In a similar report by the Norwegian consultancy, the majority of the segments in the oilfield service sector exhibited gains every quarter in the second quarter of 2019. Following several years of decline, the second quarter signaled the second quarter with positive year-on-year growth indicating improved market conditions. Subsea development remains highly sensitive to commodity price fluctuations; however, confidence is being restored, and the projects postponed during the decline are taken back into consideration.
While planning a subsea development project, several risk factors should be considered, such as safety, water, drainage of the reservoir, water depth, sea climates, and commercial aspects. These risks apply to subsea well intervention projects with an additional challenge of selecting the right technique of intervention to ensure the success of the project reasonably. Veteran companies in subsea developments have made advancements in the form of new well access solutions to complement their established subsea landing string system technologies.
Seasoned companies have developed Intervention Riser System (IRS), which helps establish and maintain well access throughout riser to surface operations safely. The system replicates the functionality of the blow-out preventer and provides a safe and dependable means of well control. The system offers an alternative dual barrier through-tubing system with increased coil tubing, cutting, and disconnects capability. As the IRS is 50 percent lighter than its counterparts, it reduces the risk of the excess weight loading on older wellheads for operations.
See Also :- Top Enterprise Security Companies