Spending on oil and gas well intervention is projected to surpass $58 billion in 2023 amid E&P companies’ efforts to efficiently and cost-effectively increase output. According to research company Rystad Energy, this represents a 20% hike since last year, and is likely to be just the start of a multi-year spending surge. The research firm notes that of the $58 billion, up to $11 billion will be directed towards the wireline and perforating segment; investments in coiled tubing, water management and intervention tools will hit $20 billion; while intervention units and oilfield chemicals sectors will represent 35% of total intervention spending.
