Digital Oilfield
Market Scenario
The Global Digital Oilfield Market is expected to grow
at more than 5.5% CAGR from 2018 to 2023. Digital oilfield is the new approach
to explore more oil and gas field in less cost. Under this concept, the
oilfield is incorporated with advanced software and data analysis to provide
better outputs and improve the profitability of the exploration and production
process.
The major advantages of digital oilfield are fast data
recovery from the well, organize the data extracted from well, proper
framework, cost reduction, rapid deployment and asset management. The growing demand for digital
oilfield market is attributed to the rising demand for oil and gas and the
increased demand for natural resources in North America and Europe. Various big
giants such as BP p.l.c, Halliburton, and Shell are evolving their technology.
For instance, Halliburton has developed an innovative
Digital Heavy Oil Field concept for continuous and cyclic steam injection
projects for its unique features such as automated reservoir optimization using
smart algorithms and calculations, workflow swim lanes (injection, production
& reservoir) which can work coupled or independently, and fully integration
well, reservoir, wells, and surface network. Additionally, this solution helped
in overall asset performance by increasing operational efficiency, reducing
operational cost & nonproductive time.
However, there are challenges for a successful digital
oilfield deployment because of the remote location of oil and gas field.
Segmental Overview
The market for Digital
Oilfield Services Market is segmented based on
application as offshore and onshore. Offshore segment dominates the market
because offshore companies are tapping risk intensive Deepwater wells but in an
efficient manner.
North America and Western Europe with their mature
oilfields are having various number of project which are incorporated with
digital oilfield. The main benefit of digital oilfield is wireless networking
which provides high speed communication.
For instance, In March 2018, BP has awarded a contract
to Kongsberg Digital to design, build, install and perform the acceptance of
sophisticated digital twin. The Kongsberg Digital model will be connected to
Mad Dog 2 facility to create realistic simulation environment which will
deliver dynamic decision support for production efficiency in Gulf of Mexico
region.
Leading Players:
The key players of the global digital oilfield market
are Schlumberger Limited (US), Weatherford International plc (Switzerland),
Halliburton (US), National Oilwell Varco (US), Baker Hughes Incorporated (US),
Siemens AG (Germany), Kongsberg Oil & Gas Technologies Inc. (UK), Emerson
Electric Co. (US), and Rockwell Automation, Inc. (US).
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