Repeated Calls to Diversify Economies of Developing Countries Grow Prominent during COVID-19 Crisis
The COVID-19 crisis is expected to affect oil-exporting developing countries due to market volatility. This is anticipate to slowdown economic activities in the early production facility market. Countries in sub-Saharan Africa and other developing countries such as Algeria and Iraq are expected to witness issues due to fluctuating demand and supply patterns. Such trends are emphasizing on repeated calls to diversify their economies in order to maintain continuous revenue streams.
Social services in oil rich developing countries are often deficient and fail to cater to the most vulnerable population in terms of education and healthcare. The COVID-19 pandemic has encouraged stakeholders in the early production facility market to provide public goods that enhance the collective welfare instead of only focusing on the extraction of additional resources.
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Engineering Expertise Helps Companies to Reduce Client’s Timelines
The early production facility market is estimated to cross US$ 9.68 Bn by 2030. However, stakeholders in the oil & gas industry are pressured to enable rapid installation of low-cost early production facilities (EPF) in order to reduce the client’s timeline to receive first oil. Halliburton – a U.S. multinational corporation is finding opportunity within this challenge to provide its engineering expertise, project management, and capabilities in implementation of EPF to meet client requirements.
Companies in the early production facility market are gaining a competitive edge over other stakeholders by providing onsite assessment of client needs.
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Companies Help Clients Achieve Production Targets, Minimizing Capital Spend
The revenue of produced water treatment is anticipated to be the highest among all system types in early production facility market. TETRA – a provider of complete fluids and water management solutions is increasing efforts to offer full engineering design, build, and installation of early production facilities, along with the capability to operate and maintain them. Companies have entered the competition to help clients achieve production targets, while minimizing capital spend.
Companies in the early production facility market are using traditional well testing equipment to gain data in order to define the reservoir characteristics. They are helping oil & gas companies to store produced oil for later sale.
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Committed Teams Enable Better Management of Complex Oil & Gas Applications
Stakeholders in the early production facility market are adopting a modular approach to meet the requirements of stakeholders in oil & gas fields. Frames-Group – a designer and supplier of onshore, offshore, and floater solutions for the upstream oil & gas industry is increasing the availability of EPF that are fully compliant with all client specifications.
Modularized approach for ease transportation and field installation is being preferred by stakeholders in oil & gas fields. Companies in the early production facility market are providing committed project teams that translate project knowledge into added value for the management of complex applications. Multi-disciplinary engineering teams are being managed by a single project manager to ease point of contact for clients.