Era Of Digital Oilfields Improve The Performance Of The Global Oil And Gas Marke
Posted by sainath on August 30th, 2018
The oil and gas industry includes exploration, extraction, drilling, refining, transportation of oil and gas. Oil and gas market in this report is segmented into oil and gas upstream activities and oil and gas downstream activities.
The upstream segment includes exploration, field development and production operations. The downstream segment includes manufacturing, crude oil refining and marketing of oil and gas products.
The global oil and gas market has shown a decline in the past years with a CAGR of over -13.4%. The year 2017 recorded a decline in the market with a net value of USD 5300 billion as per TBRC’s in-house consultants.
TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global oil and gas market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
Oil and gas extraction companies around the world are investing heavily in digital oilfield technology to enhance oil and gas production. Digital oil fields integrate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield. They consist of visualization, product surveillance, integrated decision making, and remote communication systems. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production. This technology is changing the competitive landscape with a fact that an increase in production efficiency by ten percentage points can yield an impact of 0 million to 0 million on the bottom-line.
TBRC’s latest report will cover in depth understanding and calculated impacts of each market factor on a global as well as regional level, to analyze the best investment strategy for this market.
Companies included in the report are Saudi Aramco, Exxon Mobil Corporation, Royal Dutch Shell, BP Plc, and Sinopec Limited.
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