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:
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.
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.
As per Delvens’ analysis, 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’
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.