Press Release

Middle East & Africa Digital Oilfield Market to Cross $2 Billion by 2022

Increasing energy demand, improvement in recovery rate from the maturing fields in order to optimize business operations and reduction in the production cost are expected to drive the Middle East & Africa digital oilfield market through 2022

According to a recently published TechSci Research report, Middle East & Africa Digital Oilfield Market By Process, By Solution, Competition Forecast & Opportunities, 2012–2022, the digital oilfield market in the MEA is anticipated to cross $ 2 billion by 2022 on account of increasing exploration and production activities taking place in GCC countries. In addition, Iran “OPEC’s third largest oil producer” after lifting of sanctions has formulated a new framework for contracts i.e. Iran Petroleum Contracts (IPCs) to attract foreign investment by providing better terms for the development deals. In 2013, Abu Dhabi Marine Operating Company, a subsidiary of Abu Dhabi National Oil Company stated that they it has awarded two EPC contracts to Hyundai Engineering and Construction Company and Petrofac International for the development of Satah Al Razboot (SARB) oil field. The project is aimed to revamp production of the field form 2.8 million bpd to 3.5 million bpd by 2017. In 2016, the Middle East & Africa had a rig count of 475 as per Baker Hughes, OPEC Annual Statistical Bulletin, & TechSci Research. All these factors are estimated to positively impact the market.

Browse 5 market data Tables and 20 Figures spread through 66 Pages and an in-depth TOC on "Middle East & Africa Digital Oilfield Market"

https://www.techsciresearch.com/report/middle-east-africa-digital-oilfield-market-by-process-drilling-optimization-production-optimization-reservoir-optimization-others-by-solution-instrumentation-automation-vs-it-services-competition-forecast-opportunities/985.html

In 2016, drilling optimization process captured a lion’s share in the Middle East & Africa digital oilfield market, however the process’s share is expected to slow down after 2018, with production optimization process overtaking it, owing to efficient production of hydrocarbon with ideal utilization of available infrastructure. In terms of solution, instrumentation & automation solution commanded the market in the indicated year and is anticipated to maintain its dominance through 2022. Saudi Arabia leads digital oilfield market in the region due to rise in offshore activities taking place in the country and enhanced focus of National Oil Companies (NOCs) to optimize business operations, cut costs and improve recovery rates of maturing fields, thereby giving impetus to the market. Some of the prominent players operating in the market include Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Honeywell International Inc, Sinopec Oilfield Service Corporation, Weatherford International plc, International Business Machines (IBM) Corporation and Accenture PLC.

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During the forecast period, growth in the Middle East & Africa digital oilfield market can be attributed to surging energy demand coupled with decreasing mature fields production, which is anticipated to push upstream companies to improve recovery rates by the use of digital oilfield technologies. In addition, strengthening crude oil prices are likely to affect the companies to start their CAPEX cycle again resulting in increased demand for digital oilfield solutions, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.   

Middle East & Africa Digital Oilfield Market By Process, By Solution, By Region, Competition Forecast & Opportunities, 2012–2022has evaluated the future growth potential of the Middle East & Africa digital oilfield market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in the Middle East & Africa digital oilfield market.

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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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Relevant Reports

Middle East & Africa Digital Oilfield Market By Process (Drilling Optimization, Production Optimization, Reservoir Optimization, & Others), By Solution (Instrumentation & Automation Vs. IT Services), Competition Forecast & Opportunities, 2012 – 2022

Oil and Gas | May, 2017

Increasing energy demand, improvement in recovery rate from the maturing fields in order to optimize business operations and reduction in the production cost are expected to drive the Middle East & Africa digital oilfield market through 2022

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