Well Intervention Market is Growing at Rapidly as Major Industry Competitor Wellpro Group Completes Acquisition of Hunting Energy Services
A well intervention is any intervention carried out on a well or gas well within, or after, its operational life which alters the physical state of the well, supplies well results, modifies well behavior, offers well insights, or otherwise manages or administers the well. It is often used as a marketing tool to draw attention to well results, company developments, or marketing developments. However, there are several different types of well interventions, each with unique potential applications and consequently, their own set of related well management technologies.
Increasing energy consumption in Asia Pacific is expected to drive growth of the global well intervention market. According to the International Energy Agency (IEA) World Energy Balances, total energy consumption in Asia Pacific reached 5,992,356 ktoe (kiloton of oil equivalent) in 2018, with China leading the way at 3,196,418 ktoe followed by India 919,441 ktoe. According to the same source, coal was the major source of energy followed by oil. As a result of this, the demand for oil is increasing rapidly thereby boosting the well intervention activities significantly.
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