Middle East Digital Oilfield Market to Gain from Increasing Digitization
The Middle East digital
oilfield market is expected to gain significantly over the forecast period from
the rising digitalization in daily operations of the oil & gas industry.
According to TechSci Research report, “Middle East Digital Oilfield Market
- By Region, Competition, Forecast & Opportunities, 2018-2028,” the Middle
East digital oilfield market
is expected to register
robust growth during the forecast period. The purpose of the digital
oilfield is to maximize oilfield yields, eliminate downtime, and increase
profitability through the design and use of integrated workflows. Digital
oilfield workflows combine advanced information technology and technical
expertise to streamline business process management and automate the execution
of tasks often performed by cross-functional teams. The digital oilfield
combines modern technologies, such as artificial intelligence (AI), Internet of
Things (IoT), augmented reality (AR), mobile connectivity, and cloud, to enable
operators to capture, analyze, produce, and react to production in real time.
The digital oilfield
contributes to better decision-making and increased productivity. Remotely
controlled fields reduce the number of accidents because fewer people walk or
work in potentially hazardous areas. Technological advances, such as the
Internet of Things (IoT) have improved our ability to collect, process, and analyze
data by integrating sensors, connectivity, and analytical tools. Data from
connected devices and sensors provide real-time insights that help you
maintain, plan, and optimize your operations. The digital oilfield of the future
can provide better insight into oil and gas and improve the overall quality of
the supply chain. Cloud technology and data can offer oil and gas solutions to
replace traditional processes and infrastructure.
Digital oilfields function as
a long-distance link across the enterprise, making information and data
instantly available. The role of technology in oil and gas has become
essential, and the digital oilfield may continue to have a lasting impact on
the sector.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Middle East Digital Oilfield Market."
The
Middle East Digital Oilfield Market is segmented into process,
technology, application, and country. Based on the process, the market is bifurcated into drilling
optimization, production optimization, reservoir optimization, and others. During
the forecast period, the drilling optimization segment is expected to dominate the Middle
East digital oilfield market.
A dedicated Drilling Optimization Specialist (DOS) is responsible
for finding the best solution to each technical problem, which is usually
caused by multiple possible factors. DOS is responsible for interpreting data
from various downhole and surface sensors and identifying the best possible
solutions for optimizing the drilling process.
In addition, DOS is responsible for conducting post-execution
analysis, reporting incidents (such as clogged pipes), determining lessons
learned from incidents, and establishing best practices that can be used to
prevent such problems from reoccurring. Drilling optimization means drilling as
efficiently as possible and achieving all drilling goals while minimizing
overall drilling costs. Drilling optimization systems are designed to help
owner-operators, independent E&P companies, and well contractors improve
operational efficiency. These systems are designed to maximize penetration,
accelerate first oil, improve recovery in new wells, improve oil recovery in
more mature wells, and scale production across a wider range of wells and
application locations. It helps open up possibilities.
Given the current large number of onshore production wells, many of
these low to medium-production well projects typically pose the greatest
challenges from an economic perspective. This is due to the relatively high
cost of implementing a well-optimization system solution may seem prohibitive
at first, especially for smaller companies. Solid funding and manpower may be
lacking.
Key market players in the Middle East Digital
Oilfield Market:
- Schlumberger Middle East S.A.
- Halliburton Energy Services, Inc.
- Baker Hughes Company
- Honeywell International Middle East
LTD
- Sinopec Oilfield Service Corporation
- Weatherford Oil Tool Middle East
Limited
- IBM Corporation
- Accenture PLC
- Microsoft Corporation
- NOV Inc.
Download Sample Report
Customers can also request for 10% free
customization on this report.
"The Middle East digital oilfield
market is expected to grow at an impressive CAGR during the forecast period as
the region is focusing on digitization that, in turn, is likely to help
operators find information about oil leakage and any other maintenance, if
required, and thus, saving cost spent on repairs. Through digitization,
companies are also able to make more profits as compared to pre-digitization,” said
Mr. Karan Chechi, Research Director at TechSci Research, a research-based
global management consulting firm.
“Middle East Digital Oilfield Market Segmented By Process
(Drilling Optimization, Production Optimization,
Reservoir Optimization, Others), By Technology (Internet of Things,
Artificial Intelligence, Cloud Computing, Others), By Application (Onshore,
Offshore), By Country, Competition, Forecast, and Opportunities, 2028” has evaluated the
future growth potential of Middle East Digital Oilfield Market and
provides statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Middle East Digital Oilfield Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com