According to a new report published by Transparency Market Research, the elastomeric sealants market will record significant growth owing to the rising demand for crude oil across the globe. The report titled, “Early Production Facility (EPF) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026,” anticipates that the global market will grow remarkably during the forecast period.
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 propel the 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).
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