Global digital oilfield technology market is driven by the emergence of shale gas. The rising shale gas market is generating massive digital field data for analysis. The $600 billion investment in U.S. shale infrastructure and the nearly 2,000 million well-feet drilled have produced hundreds of petabytes of relevant data. This vast, diverse shale data domain remains largely untapped and is ready to be mined by emerging big-data analytics. Continued technological progress, particularly in big-data analytics, is expected to drive the U.S. shale industry for another longer boom.
The term "digital oilfield" has been used to describe a variety of activities, and its definitions encompass an equally wide variety of tools, tasks and disciplines. All of them attempt to describe various uses of advanced software and data analysis techniques to improve the profitability of oil & gas production operations. The growing key application of digital oilfield technology in various areas includes real time data acquisition, reservoir management, well modelling, 4D seismic and wireless remote operations. All these operations are integral part of E&P companies and require proper monitoring and analysis to meet the production demand. Digital oilfield technology offers solution to properly monitor field operations and rectify problems to enhance efficiency of reservoir performance.
The global digital oilfield technology market was valued at $25,093.5 million in 2015, and it is expected to grow at a CAGR of 4.4% during 2016 - 2022. Cost reduction by oil and gas companies to survive drastically falling prices of oil since June 2014 is one of the growth driver for the digital oilfield technology market. Considering the cost cutting measures taken by O&G companies, the entire oil and gas industry is heavily focusing on to optimize operations, increase efficiency and reduce operational costs. Digital oilfield technology is a useful tool that offers high return on investment by increasing production efficiency. Integrating high-tech systems and updated software techniques and analysis in oilfield production provides concise, real-time and accurate information and allows better control and continuous monitoring of underneath infrastructure and helps in decision making.
Oil and gas companies are capturing and managing more data than ever before, and that information is being generated at a high speed. The total amount of data that passes through a digital oilfield can be potentially petabyte-sized (1015 bytes) or larger per day. The value of taking many more measurements is increasing rapidly. Drilling operation ranges from high-telemetry logging-while-drilling or measurement-while-drilling measurements to many other parameters that are required for automated or assisted drilling on the rig floor. During drilling operations, the amount and the rate of drilling data that are being acquired, stored, transmitted and interpreted is increasing rapidly every year. Companies are developing and looking for more updated techniques, which on implementation could provide many useful information out of this big data, to save the operations cost. The next wave of technology innovation in the industry and the next level of understanding the reservoirs will depend on the ability to integrate diverse data, measurements and domains. If the oil price remains low, optimizing all this technology and analyzing this high volume of data will remain an important part of the industry and tend to drive the market growth in a positive manner.
Some of the major companies operating in the global digital oilfield technology market include Schlumberger Limited, Halliburton Company, Baker Hughes Incorporated, National Oilwell Varco Inc., Weatherford International, Siemens AG, Honeywell International Inc., Kongsberg Gruppen, Paradigm and Petrolink.
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