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July 3, 2020

Subsea technology deployment offers significant reduction in cost of oil and gas projects

GlobalData’s latest thematic report, ‘Subsea’, discusses the advancements taking place in the subsea technology and its potential in developing deepwater hydrocarbon reserves.

By GlobalData

GlobalData’s latest thematic report, ‘Subsea’, discusses the advancements taking place in the subsea technology and its potential in developing deepwater hydrocarbon reserves.

Depleting reserves of producing fields and dearth of onshore and shallow water terrains for exploration prompted oil and gas companies to venture into uncharted territories, such as the deepwater and ultra-deepwater. Constructing fixed structures is not always feasible in such terrains, while setting up a floating platform for each new discovery is also not viable. A subsea system, where the production equipment is installed on the seabed, can overcome these challenges and enable the development of deepwater offshore reserves.

Subsea technology is improving steadily and can be harnessed to lower the capital and operating expenditures associated with the field. A subsea tieback facilitates production from nearby wells by connecting them to an existing production facility. This eliminates the need for installing additional platforms at the well site to initiate production. It also helps operators in bringing some of the less economical satellite wells online to maximize output. Also, newer approaches, such as subsea processing and subsea storage can prove to be cost-effective solutions in offshore environments.

Much of the processes related to subsea technology, after installation, can be automated and even controlled remotely. Thus, it reduces the risks associated with the operation. It also takes relatively lesser time to bring online a well by installing a subsea system rather than a fixed platform.

Lately, subsea vendors are utilizing their expertise in areas beyond E&P. These companies are providing equipment and technical services for offshore wind farms, subsea carbon capture and storage, and other projects of similar nature involving the offshore environment.

Some of the leading oil and gas players in the subsea theme are – TechnipFMC, Subsea 7, Schlumberger, Saipem, DOF ASA, Oceaneering, McDermott, Aker Solutions, National Oilwell Varco, Halliburton, and Baker Hughes.

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