Global Early Production Facility (EPF) Market: Overview
In operations such as oil discovery and commercial production in the upstream oil & gas industry, time is the key to achieve top financial performance. An early production facility (EPF) is utilized to ensure rapid production of new oil and gas. Installation of EPF facilities helps operators compensate for day-to-day delays in the oil and gas production process. Thus, these facilities provide early cash flow for oilfield operators and help operators bring their new discoveries on-stream fast. EPFs are the fastest way to monetize investments with an optimum solution for oil fields.
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Year-on-year increase in demand for crude oil and low prices of crude oil are expected to result in the rapid deployment of EFP facilities rather the capital-intensive permanent facilities. Commissioning of permanent facilities in the upstream oil & gas industry requires a long time. This is expected to boost investments in the EPF business in the years to come. The prices of crude oil currently prevailing in the market are economically attractive for investments in EPF facilities. However, an increase in the prices of crude oil in the near future may result in more profitable big industry projects such as permanent facilities. This serves as a key restraint for the early production facility (EPF) market. Rise in awareness about maximizing field production involves not only having a clear understanding of subsurface intricacies but also tacking delayed production issues through the utilization of early production facilities. Consequently, operators of oilfields are searching for cost-effective solutions to maximize production output and thus, attain early cash flows. Companies involved in providing solutions/equipment related to EPF prepare flow schemes, which consist of the right set of equipment for oilfields. These companies provide pre-engineered solutions for a wide range of crude oils such as heavy, light, sour (high sulfur), and sweet (low sulfur).
Global Early Production Facility (EPF) Market: Key Segments
The early production facility (EPF) market can be segmented based on type, application, and region. In terms of type, the market can be divided into gas dehydration packages; gas sweetening packages; produced water treatment packages; oil dehydration, desalting, and heating; dew point control units; fuel gas processing; tankage and shipping; and others. Gas dehydration packages consist of glycol liquid technology such as TEG, DEG, and MEG to trap the moisture content of gas. Gas sweetening packages are utilized to remove the hydrogen sulfide (H2S) content in natural gas. Based on application, the early production facility (EPF) market can be classified into onshore and offshore. Produced water treatment packages are utilized to remove oil content and contaminants in the produced water in order to reuse or dispose.
In terms of geography, North America holds a major share of the global early production facility (EPF) market. The U.S. upstream industry operates on a complex combination of technical, financial, political, and logistical factors. Increase in exploitation of unconventional reserves is likely to boost demand for well intervention in the near future. Among unconventional plays, the Permian basin is expected to lead to U.S. supply growth. Hence, efforts are being undertaken to explore new oilfield reserves, particularly in North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf, in order to cater to ever increasing demand. This, in turn, is anticipated to offer substantial expansion opportunities to the early production facility (EPF) market in the near future.
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Global Early Production Facility (EPF) Market: Key Players
Key players operating in the global early production facility (EPF) market include Weatherford International, Halliburton, Weatherford International, Frames Group, Petrocil, Process Group Pty. Ltd., Expro Group, TETRA Technologies, Inc., Pyramid E & C,, SMIP, Global Process Systems, Green Valley Oil Service, OiLSERV, Roska DBO Inc., and Canadian Petroleum Processing Equipment Inc..