Global Digital Oilfield Market is expected to be dominated by Reservoir Optimization Segment During the Forecast Period.
Need for efficient
production to avoid spills and advancement in technologies are the major
factors driving the Global Digital Oilfield Market in the forecast period
2024-2028.
According
to TechSci Research report, Digital Oilfield - Global Industry Size, Share, Trends, Opportunity, and Forecast.
2018-2028, the Global Digital Oilfield Market
is expected to register robust growth during
the forecast period, 2024-2028, The Digital Oilfield integrates technology, information,
people, and processes to maximize asset performance and value throughout the
oil and gas production lifecycle. The purpose of a digital or smart oilfield
solution is simple.
Streamline production, improve operational efficiency,
and increase productivity through integrated workflows. Hundreds of techniques,
systems, and measurements are used in every oil field. The difference with the
digital oilfield is that all data and processes related to plant operations are
interconnected. These include a fast loop process for device monitoring and
leak detection, a medium loop process for lift optimization, and a slow loop
process for reservoir optimization. Digital oilfields offer a promising
solution to help operators integrate, interpret, and manipulate production-related
information in real time to optimize oilfield operations. At the heart of any
digital oilfield solution is the vast amount of data that must be collected,
analyzed, and visualized from sources such as 3D seismic surveys, well logs,
production, and safety systems. This requires devices with integrated networked
intelligence, a supporting network, and cloud infrastructure that provides
maximum control, flexibility, and transparency. They operate more efficiently
due to real-time controls, distributed analytics, automated workflows, and help
companies reduce field service costs, improve asset performance, reliability,
and eliminate unplanned maintenance. They help in optimizing production by using
scalable edge computers at their wells and production facilities, companies
gain enhanced asset insights that enable optimal operations, production, and
recovery.
With remote operations, reduced site visits, and
data-driven security processes, the digital oilfield helps companies produce in
the safest way possible. More efficient field operations, deeper sensor
intelligence, and AI-based forecasting enable oil and gas companies to meet or
exceed environmental demands.
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The Global Digital Oilfield Market
is segmented based on process and technology. Based on process, the market is
segmented into drilling optimization, production
optimization, reservoir optimization, and others.
During the projected period of 2024-2028, Reservoir Optimization is expected to
dominate the market. Reservoir optimization includes processing data collected
from seismic surveys, geophysical surveys, reservoir fluid surveys, drilling
data, and production data. Big data analytics services can help in many ways to
analyze data during this process. Finding trends and identifying anomalies in
data can improve workforce productivity and, more importantly, enable better
decision-making, thereby reducing uncertainty and reducing process time. save
money. Decisions made during reservoir optimization affect the productive life
of the field. Reducing process errors can therefore save operating companies
considerable amounts of money over the life of a field production. Increased
exploration activity in offshore areas and increased production activity in the
Permian region of Texas and the Gulf of Mexico require optimization of deposits
to ensure maximum production.
For example, in September 2020, Barron
Petroleum announced an oil discovery in Valverde County, Texas. An estimated
417 (billion cubic feet), about (74.2 million barrels) of oil and gas reserves
were found there. Therefore, the Global Digital Oilfield Market is expected to
grow with increasing demand for reservoir optimization during the forecast
period.
Key market players in the Global Digital
Oilfield Market are:
- Baker Hughes Ltd.
- Siemens AG
- Schlumberger Ltd
- Halliburton Energy Services, Inc
- Honeywell International Inc.
- Rockwell Automation, Inc.
- Accenture PLC
- International Business Machines (IBM) Corporation
- Weatherford International PLC
- Sinopec Oilfield Service Corporation
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" Digitalization is enhancing the day-to-day operations of the oil and gas
sector, finding ways to prevent oil leaks and assisting businesses in saving money and resources. Reservoir Optimization is expected to dominate the
market during the forecast period as this includes analyzing data from seismic
surveys, geophysical surveys, reservoir fluid surveys, drilling data, and
production data.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Global
Digital Oilfield Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028. Segmented
By Process (Drilling Optimization, Production Optimization, Reservoir
Optimization, and Others), By Technology (Internet of Things, Artificial
Intelligence, Cloud Computing & Others), By Region,” has evaluated the
future growth potential of Global Digital Oilfield Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Global Digital Oilfield Market.
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