Middle East & Africa Digital Oilfield Market to Cross $2 Billion by 2022
Increasing
energy demand, improvement in recovery rate from the maturing fields in order
to optimize business operations and reduction in the production cost are
expected to drive the Middle East & Africa digital oilfield market through
2022
According to a recently published TechSci Research
report, “Middle East & Africa Digital Oilfield Market By Process, By Solution, Competition Forecast & Opportunities,
2012–2022”, the
digital
oilfield market in the MEA is
anticipated to cross $ 2 billion by 2022 on account of increasing exploration
and production activities taking place in GCC countries. In addition, Iran “OPEC’s third
largest oil producer” after lifting of sanctions has formulated a new framework
for contracts i.e. Iran Petroleum Contracts (IPCs) to attract foreign
investment by providing better terms for the development deals. In
2013, Abu Dhabi Marine Operating Company, a subsidiary of Abu Dhabi National
Oil Company stated that they it has awarded two EPC contracts to Hyundai
Engineering and Construction Company and Petrofac International for the development
of Satah Al Razboot (SARB) oil field. The project is aimed to revamp production
of the field form 2.8 million bpd to 3.5 million bpd by 2017. In
2016, the Middle East & Africa had a rig count of 475 as per
Baker Hughes, OPEC Annual Statistical Bulletin, & TechSci Research. All these
factors are estimated to positively impact the market.
Browse 5 market data Tables and 20 Figures
spread through 66 Pages and an in-depth TOC on "Middle
East & Africa Digital Oilfield Market"
https://www.techsciresearch.com/report/middle-east-africa-digital-oilfield-market-by-process-drilling-optimization-production-optimization-reservoir-optimization-others-by-solution-instrumentation-automation-vs-it-services-competition-forecast-opportunities/985.html
In 2016, drilling optimization
process captured a lion’s share in the Middle East & Africa digital
oilfield market, however the process’s share is expected to slow down after
2018, with production optimization process overtaking it, owing to efficient
production of hydrocarbon with ideal utilization of available infrastructure. In
terms of solution, instrumentation & automation solution commanded the
market in the indicated year and is anticipated to maintain its dominance
through 2022. Saudi Arabia leads digital oilfield market in the region due to rise
in offshore activities taking place in the country and enhanced focus of National
Oil Companies (NOCs) to optimize business operations, cut costs and improve
recovery rates of maturing fields, thereby giving impetus to the market. Some of the prominent
players operating in
the market include Schlumberger Limited, Halliburton, Baker Hughes Incorporated, Honeywell
International Inc, Sinopec Oilfield Service Corporation, Weatherford
International plc, International Business Machines (IBM) Corporation and Accenture
PLC.
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“During the forecast period, growth in the
Middle East & Africa digital oilfield market can be attributed to surging
energy demand coupled with decreasing mature fields production, which is anticipated
to push upstream companies to improve recovery rates by the use of digital
oilfield technologies. In addition, strengthening crude oil prices are likely to
affect the companies to start their CAPEX cycle again resulting in increased
demand for digital oilfield solutions”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Middle East & Africa Digital Oilfield Market By Process, By
Solution, By Region, Competition Forecast & Opportunities, 2012–2022” has
evaluated the future growth potential of the Middle East & Africa digital oilfield market and
provides statistics and information on market structure and trends. The report
is intended to provide cutting-edge market intelligence and help decision
makers take sound investment evaluation. Besides, the report also identifies
and analyzes emerging trends along with essential drivers, challenges and
opportunities available in the Middle
East & Africa digital oilfield market.
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