Report

Digital Oilfield Market: Developments, Opportunities and Market Outlook [2016-2026]

With decreasing oil prices, increasing global demand and an increase in oilfield data, the oil and gas companies were blessed with a digital revolution in the form of digital oilfield technology. The digital oilfield technology has enabled the operators to interpret, integrate and act on enormous amount of data information in real time to optimize field operation and development. Generally, the digital oil field encompasses both the hardware and software surrounding data and information management across the entire suite of upstream activities. This technology has helped employees to quickly and correctly analyse and interpret the growing volumes of data generated by upstream technologies such as downhole sensors, measurement while drilling, multilateral completions, etc. Some of the core elements of the digital oilfield are:

  • Visualization
  • Engineering and Business Management Logic
  • Organization and Auditing
  • Data management
  • The Virtual Field

Companies are responding to the flat prices of oil and gas by citing the use of innovation and technology to deliver performance like by investing in digital oilfield market. The global digital oilfield market was valued at approximately 24 billion USD and is expected to grow at a CAGR of XX % during the forecast period of 2016 to 2026.

As the digital oilfield is a growing market, the technology is subjected to continuous innovations and developments. Some of the digital oilfield technologies that are receiving global industrial acceptance include real time drilling, real time production surveillance, intelligent or e-wells, 4-D visualization and modelling, remote communications technology, integrated asset models and others. The digital oilfield technology has found its application in every sector of oil & gas, be it upstream or downstream.

Digital oilfield technology is not a stand alone technology, but is an integration of hardware, software, information technology, etc. This technology has helped in upstream operations where advanced technologies and skilled workforce was required. The implementation of this technology must be done in phases as it involves capturing of information from specific workflows. Also, this technology should be robust and upgradable to handle addition of newer data into it. Digital Oilfield Technology is still developing, with the promise of greater efficiency in the foreseeable future.

Enabling the requirement for fewer staff and solving complex problems with ease and efficiency, are the major driving factors of the market. However, the digital oilfield market has been subjected to various challenges in both field and management level which have acted as restraints to the market. Some of these challenges are:

  • Lack of company’s willingness to accept a new technology which is still developing
  • Lack of dedicated and fewer staff
  • Inability to instantly handle massive amount of real time data
  • The companies with weak financials may find difficulty in affording this expensive new technology.

The opportunities in this market lie in achieving high rate of return so that the digital oilfield technology have a meaningful impact on various operations, effective results in tough conditions like HPHT wells, 4-D seismic operations, etc.

The profiles and the comprehensive operational study of various key players in the Digital Oilfield market like Baker Hughes, Halliburton, Honeywell International, Schlumberger, Weatherford International, China National Petroleum Corporation, eLynx Technologies, Emerson Oil & Gas, Detechtion (formerly Enbase Energy Technology), ExxonMobil, GlobaLogix, Kongsberg Gruppen, etc. have been well analysed and included in the report.

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By Technology

  • Hardware
  • Software

By Application

  • Drilling
  • Production
  • Logging
  • Reservoir Analysis
  • Downstream

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
  • Rest of the World (ROW)
  • Market overview and forecasting covering Optimistic, Realistic and Pessimistic scenarios (2016-2026)
  • Analysis and study of various services provided by major players active in the Digital Oilfield market
  • Market segmentation based on Technology, Application & Geography
  • Detailed coverage of technology and services involved
  • Technical comparative studies and case analysis
  • Competitive landscape with in depth analysis of the market players’ strategy
  • Infraline’s Techno Managerial edge covering SWOT, TOWS, Porter’s five forces and PESTLE analysis

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CART

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