The Global SURF (Subsea Umbilicals, Risers, and Flowlines) Market Is Witnessing High Growth Owing To the Increasing Expansion of Oil and Gas Companies in the World

A subsea production system is a typical well that sits on the seabed, either in shallow or deep water. It can also be tied back to a production platform or onshore facility. The primary purpose of a subsea production system is to extract petroleum from the seafloor. Various rules govern the operations of subsea oilfields. It is important to understand the regulations in the location. Every oil-producing nation has regulations that govern exploration and production.  Subsea production systems are composed of several subsystems that transfer hydrocarbons to a given processing facility. The systems can be very simple or complex. For example, a single satellite well may be linked to a fixed platform, while several wells on a floating production storage facility can be linked to an onshore installation. 

Major players operating in the global SURF (Subsea Umbilicals, Risers, and Flowlines) market include Siemens, Oceaneering International, Vallourec, NOV Inc., Halliburton, Schlumberger, DeepOcean Group Holding BV, McDermott International, Ltd., Saipem S.p.A., SUBSEA 7, TechnipFMC plc, Aker Solutions, and Prysmian Group.

High developments by key players in the global SURF (Subsea Umbilicals, Risers, and Flowlines) market are expected to augment the growth of the market. For instance, in September 2019, Var Energi was awarded a contract covering EPCI (engineering, procurement, construction, and installation) of subsea systems for the Balder X project. Increasingly, electricity is required for subsea production. A subsea production system will need to use more electrical power as processing facilities become more sophisticated. In addition, more instrumentation is necessary for better allocation and optimization. Multiphase meters are increasingly used on subsea manifolds. The power supply system for a subsea production system is designed based on the type of subsea control system.  Moreover, the high expansion of the oil and gas sector in the world is estimated to enhance the growth of the global SURF (Subsea Umbilicals, Risers, and Flowlines) market. 

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