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Digital Oilfield Industry Trend, Size, Share, Growth

Defining the Digital Oilfield

10th January 2023 by Nandni Bansal | Energy

 Digital Oilfield Market

 

Companies are looking to leverage the limited resources with the help of the digital oilfield. This technology-centric oilfield can assist the employees to quickly and precisely analyze the cumulative volumes of data generated by gradually refined engineering technologies, namely, measurement-while-drilling (MWD) applications, down-hole separation, and, multilateral completions down-hole multiphase sensors. The increasing energy consumption is creating pressure on the oil & gas industry as the demand for hydrocarbon fuels is escalating frequently, regardless of mining becoming more stimulating.

Whereas, the high costing involved in the energy sector has augmented the commercial utilization of shale gas. Traditional oil and gas companies must go further and deeper for new field locations, however, now operative authenticities need this to be done with greater investment, greater transparency in safety, and higher attention for the environment and the bottom line than ever before. Henceforth, the oil and gas industry stands strong and confident in its capability to develop and meet demand and is attaining unlimited attention in certain areas as it is experiencing higher costs as an obstacle to progress. Resource insufficiency is a unilateral trend and new reservoirs are increasingly isolated, and such a higher proportion of reservoirs will necessitate refined recovery techniques that offer precise information on effective knowledge management, workflows, real-time decision-making, and, the elimination of inefficiencies.

But how does the ongoing manual industry increasingly meet the demand on time and cost-efficiently in a way that it will not negatively impact the consumer?

The answer is the Digital Oilfield.

Digital oilfield uses the advanced technology to achieve efficiency, personnel, and safety, increased production, improved efficiency in the oil and gas sector, and allows reduced costs. The core focus of the digital oilfield is to:

  • Enhance the oilfield recovery
  • Exclude non-productive time
  • Increase profitability

Such intelligent oilfield joins business process management with innovative information technology and engineering proficiency to modernize and in several cases, automate the implementation of tasks accomplished by cross-functional teams.

Global Digital Oilfield Market Outlook

Delvens estimates that the global digital oilfield market is anticipated to increase at a healthy compound annual growth rate of 7.8 percent through 2019 and 5.9 percent for forecasts up to 2028. Wherein, the Asia-Pacific and Middle East regions are projected to indicate the highest growth rate in the forecast period up to 2028. This astonishing growth is highly dependent on the enactment of digital oilfield technology in various areas.

Estimates suggest that the digital oilfield services market will have grown by more than 40 percent USD 3.25 billion approximately. The core profit of positioning these services is expected to be more than 20 percent upsurge in the net present value to raise efficiency, slash downtime, enhance worker safety and health; reduce E&P costs and curtail schedules, make better use of the shrinking pool of experienced technical staff; commence more complex projects to contact reserves in difficult environments, extend the lifetime of ‘brown fields’

Oil and gas companies must accomplish and capture more data than ever before and that information is being churned out at an ever-increasing velocity.

In the ever-growing demand era of energy demand and also the termination of easy oil, the intelligent fields facilitate the maximized oilfield recovery, eliminate non-productive time and increase ROI and profitability through integration workflow and planning. The workflows join the business method management with advanced data technologies to shape or automatize wide-ranging operations performed by totally different practice groups.

Modern Digital Oilfield Opportunities

The modern digital oilfield uses real-time operations knowledge from the sector during a continuous cycle of production analysis, optimization, and careful reservoir management. SCADA or distributed management systems acquire various operational knowledge from permanent submarine well instrumentation, flow line network sensors, and surface facilities; also managed field mechanism instrumentality like management valves. This capability supports data processing management and closure in an undeviating span. On the far side, field knowledge is integrated into production management code over the medium term to permit correct and in-progress exploration, analysis, and optimization to take place. Over longer timescales of months to years, assets integrate field knowledge to construct, calibrate and run numerical submarine simulators and economic science to arrange the simplest field development situations.

Cloud Computing in Digital Oilfield

A dramatic increase in the adoption of cloud computing looks inevitable. The error created by several corporations is to raise what they will do internally, not what they must do. A major part of the IT budget is thought to be goods purchase, not an investment in competitive differentiation, and the move to the cloud is in excellent alignment with the trade direction. It’ll even be the place where innovation happens. The current major players in the oil and gas package consider innovation because of the chance for third parties to write down add-ins for the platforms: the fact is that innovation can return from a large variety of fully new apps delivered within the cloud. Secondly, massive knowledge can remain, like object databases before it, a distinct segment interest without widespread adoption.

IoT in Digital Oilfield

For many, the definition of huge information remains opaque, and also the only 1 of the 3 Vs (variety, volume, and velocity) that is central in peoples’ minds is volume. Issues concerning business adoption have already been raised. The Internet of Things (IoT) will also be anticipated to be a distinct segment application, a minimum for the predictable future. Whereas several square measures are laborious at work in the event of standards, past expertise suggests that it will be difficult to persuade merchandiser buy-in within the face of likely client apathy. A comparatively straightforward drawback, like home automation, is seeing slow progress despite the dominance of Apple and its efforts during this area.

The Digital field will diminish as a discrete idea. Whereas the variety of corporations have benefitted from its use as a driver for modification, and vendors have created new solutions to handle perceived desires during this area, it is uncertain whether or not it continues to hold worth as an autonomous discipline. Even as banks are forced to recognize that, at their core, they are digital businesses, thus can oil and gas. However, not like the efforts of the last 10 years, that have seen major corporations developing their solutions, the broad business can look to the market to produce the tools they have, even as alternative industries do. Innovation within oil and gas corporations is targeted on those areas that may drive competitive advantage.

Developments by various companies:

  • Halliburton Company announced that it was awarded a contract from Kuwait Company (KOC) to collaborate on their digital transformation journey through the upkeep and enlargement of digital solutions for the North Kuwait asset. This will assist KOC to accelerate their data-to-decisions cycle by coming up with and operative digital twins of the sphere to automatize work processes, supported by DecisionSpace 365, a cloud-based subscription service for E&P applications. By using cloud computing, IoT, and time technologies to drive new ways of operating. With this, the company can improve production by coming up with, programing, and change virtual and autonomous reservoir improvement
  • Schlumberger and NOV announced the collaboration to accelerate automated drilling solutions adoption by oil and gas operators and drilling contractors. This collaboration with NOV will integrate the rig automation interface with the drilling automation solutions to unlock higher performance for operators and drilling contractors. Influencing downhole and surface automation applications, the company will deliver enhancements in operations safety and potency, and deliver top-quartile wells for the customers systematically. This partnership can facilitate accelerate customers’ adoption of drilling automation technologies, allowing superior-good construction performance
  • Baker Hughes announced that it has deployed its industry-leading remote operations digital technology across Aramco’s drilling operations, covering 200+ sites, the most important disposition of its kind in Baker Hughes’ history. This project provides the corporate with one resolution that covers information aggregation from the edge; period, unified information streaming and visualization; information management; computer code development services; rig-site digital engineers; and observance personnel. The project supports Aramco’s in-progress efforts to more drive digital opportunities and initiatives and to boost operative performance and scale back emissions
  • Weatherford International has introduced Centre, a holistic approach to effectively managing advanced well site operations digitally. Centro makes consolidated knowledge accessible in real-time, sanctioning advanced domain viewing and live analytics.
  • Oil & Gas corporations want secure, superior wireless IP networks to support more economical and effective oil and gas extraction operations. Oil companies nowadays focusing attention on multiple service networks that support real-time applications and allow collaboration across the operation whereas maintaining a high level of security.

Conclusion

The big quantity and also the planning of information collected from the field operation forms the ‘Big Data’ as inputs to oil & gas companies’ private cloud for the various analytical tools, progress virtualization package, and business improvement and higher cognitive process systems. This drives the requirement for fundamental networking infrastructure that promises the reliable and timely delivery of the huge scale and style of information from each corner of the area operation. In conjunction with business-leading wireline systems and automation resolution suppliers, single out Communications provide a spread of product for the core, transport-associated edge networks that meet the factors to make an Intelligent Digital field.

 

Nandni Bansal

Industry Expert

Nandni Bansal is the industry expert at Delvens. Her core responsibilities include producing report deliverables, analyzing & interpreting market problems using root cause analysis, survey design, data collection, analyzing raw datasets, and other qualitative and quantitative analyses from multiple primary & secondary sources. She conducts extensive research with experts, academics, and executives.

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