Digital Oilfield (DOF) is
building association between several processes in the gas & oil. This
permits improved monitoring, control and surveillance over the developments in
oil production & exploration. Global DOF market is estimated to grow at a
significant CAGR over the forecast period. In the process, manufacture
optimization is anticipated to lead the market over the forecast period driven
by the demand from oilfield operators targeting low rate crude production. The
digital oilfield solutions maintain the Exploration & Production actions of
a corporation, providing optimal reservoir management. A classic oil rig
produces about 1 Terabyte of data each day and digital oilfield solutions allow
a real time monitoring and rapid analysis of Exploration & Production data,
resulting fast decision making.
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The purpose of the digital
oilfield is to maximize oilfield recovery, eradicate non-productive time, and
raise profitability through the plan and deployment of combined workflows.
Digital oilfield workflows syndicate business process management with
engineering expertise and advanced information technology to streamline and, in
several cases, computerize the accomplishment of tasks executed by
cross-functional teams.
The industry’s inclination and
efforts to enhance upstream asset is one of the major drivers for the global
digital oilfield market. Additionally, the retrieval in crude oil price after
recent dropping is also expected to drive investments in digital oilfield
market. Moreover, given the perilous nature of the oil & gas industry, the
anxieties over safety of human resource as well as on environment are
increasing among the mishaps happened over the past few years in the industry.
Growing E&P activities in regions such as Eastern Siberian, where extreme
weather circumstances possess a challenge to work, is also anticipated to
contribute towards the global digital oilfield market. Apart from the drivers
of global digital oilfield market, a few constraints are prevailing, which is
off-putting the investments in digital oilfield market. The key constraint in
the digital oilfield market is the reluctance to adapt the change from
conservative to a digital oilfield.
The global digital oilfield
market can be segmented into process and services. On the basis of process it
can be classified as drilling optimization, reservoir optimization, and
production optimization. Services can further be segmented into instrumentation
& automation and IT expenditure, services can be classified as SCADA, Smart
Well, Safety Systems, PLC, CPM, and Distribution Control System. However, on
the basis of IT expenditure it can be classified as Software, IT outsourcing,
IT services and commissioning and computer equipment.
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