The Netherlands offshore oil and gas decommissioning market is expected to grow at a CAGR of more than 4.5%. Factors such as attractive government policies towards renewable energy and aging offshore infrastructures are expected to drive the Netherlands offshore oil and gas decommissioning market. However, decreased capital expenditure in the oil and gas industry is expected to have a negative impact on the Netherlands offshore oil and gas decommissioning market.
– The shallow water segment, due to several decommissioning projects, held a significant market and is likely to dominate the market during the forecast period.
– Netherlands government has planned to achieve zero carbon emissions by 2050, which is likely to promote the oil and gas decommissioning. This is likely to create several opportunities for Netherlands offshore oil and gas decommissioning market in the future.
– The increasing renewable energy source to achieve clean energy targets in the country is likely to drive the Netherlands offshore oil and gas decommissioning market during the forecast period.
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Key Market Trends
Shallow Water Expected to Dominate the Market
– As by the Netherlands’ government, depth of water bed from the surface below 50 meters is considered to be the shallow water. In the last century, many fields discovered when the technology to drill a deepwater well was not present are becoming mature and coming to their end-life. Most of these fields are in shallow water, which makes this segment the largest in the market.
– Moreover, there are many challenges for the safe and efficient decommissioning of aging oil and gas infrastructure. Given the maturity of many fields, both onshore and offshore, and current low commodity prices expect a vast increase in decommissioning activity during the forecast period.
– In 2019, the country’s total natural gas production was 28.1 billion cubic meters (bcm), which is lower than the production of 2018, 32.3 bcm. The country has been a leader in the production of natural gas for the past half-century. Oil and gas have traditionally been an essential source of revenue, but the recent trends of decreasing gas production are likely to drive the country’s offshore oil and gas decommissioning market.
– The country’s master plan of decommissioning and reuse, according to which an oil or gas offshore platform/infrastructure, if reuseable can be reused for renewable energy and, if not, is likely going to be dismantled. This is expected to improve the efficiency and effectiveness of decommissioning, reducing unnecessary costs while at the same time enhancing the quality and safety in a sustainable way.
– Therefore, owing to the above points, the shallow water segment is likely to dominate the Netherlands offshore oil and gas decommissioning market during the forecast period.
Increasing Renewable Energy Expected to Drive Market
– The Netherlands’ energy consumption is expected to increase, and its gas reserves are also running out. Among other things, the country is expected to feel the need to switch to alternative energy sources for transport and heating. So the Netherlands central government is taking steps to boost sustainable energy production and find smarter ways of using and saving energy, which will drive offshore oil and gas decommissioning market in the country.
– In 2019, the total installed capacity of renewable energy sources in the Netherlands’ power sector was 12705 megawatts (MW), which was higher than the installed capacity of 2018, 9803 MW. Renewable sources contributing to the country’s energy generation include hydro energy, wind energy, solar energy, biofuels, and waste to energy.
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