Middle East Digital Oilfield Market is anticipated
to report a substantial rise at a healthy CAGR between
2024 and 2028. The Digital Oilfield integrates
technology, information, people, and processes to maximize asset performance
and value throughout the oil and gas production lifecycle. The purpose of any
digital or intelligent oilfield solution is simple: streamline production,
improve operational efficiency, and increase A digital oilfield software
application recreates the behavior of an oil or gas field on your computer,
using automation and cluster workflows to accelerate computations. The
application is used as an online management system throughout the asset
lifecycle. This technology provides a vendor-neutral, enterprise-level approach
that enables companies to derive maximum value from available information
related to reservoirs, wells, and surface facilities.
It enables rational decision-making through the use of models,
workflows, and intelligently filtered data within a multidisciplinary
organization with diverse skills and technical capabilities. productivity
through integrated workflows.
Oil data is an extremely valuable resource, creating immense
opportunities for growth and increased profitability. The challenge for oil and
gas companies is to efficiently collect, analyze, and visualize large amounts
of data from widely distributed sources to generate operational insights and
business value while increasing return on investment.
Digital oilfields offer a promising solution to help operators integrate,
interpret, and manipulate production-related information in real-time to
optimize oilfield operations. To realize this potential, however, companies
must invest in the right mix of digital technologies and devices to support
each stage of the asset lifecycle: exploration, development, and production.
Any digital oilfield solution consists of a vast amount of data
that must be collected, analyzed, and visualized from sources such as 3D
seismic surveys, well logs, and production and safety systems. This requires
devices with integrated networked intelligence and a supporting network and
cloud infrastructure that provides maximum control, flexibility, and
transparency.
Increased use of security systems, smart wells, distributed control
systems, SCADA to improve production efficiency, and real-time data analysis is
expected to drive demand for instrumentation and automation solutions. For
example, ABB released a cloud-based SCADA visualization system. It can be used
by both small and large operators to collect data on their upstream onshore
assets. Moreover, growing concerns about cyber security, coupled with the increasing
use of wireless networks to ensure staff safety and operational efficiency, are
expected to drive the demand for the product over the next few years.
Rise in Digitization Propelling Middle East Digital Oilfield Market
Digital oilfield techniques are serving as an integral part of
planning, production, and exploration of this industry, which is helping in
substantially increasing the output through analytical and statistical tools.
The industry is working on upgrading the existing tools to make it more
efficient. Advanced tools of software and hardware shall shape the market. To
access the complex or normal reservoirs of oil with higher accuracy the
technology, called reservoir optimization technique is used and it shall grow
in the future. The onshore oil fields shall dominate the market size as it is more
accessible with a larger capacity of reservoirs of conventional and
unconventional resources. Digital oilfield technology shall boom on the
offshore markets as there are complex procedures to be followed that involve a
lot of risks for the production and completion of the project. The performance
and management of the gas and oil platforms have advanced due to wireless
technology, collection platforms, and data analysis mobility. Just like the
offshore wind market, the growing investments in the offshore oil market are
expected to fuel the technology demand. The industry has seen the usage of
sensors and big data analytics, which helps in Oilfield procedures.
Digital oilfields offer many benefits to the oil and gas sector,
including using data to track equipment efficiency and plan future production. The
digital oilfield could also help oil and gas companies move to greener
practices. For example, artificial intelligence and predictive analytics can
help detect oil spills after or before they occur, helping businesses minimize
damage. By investing in digital oilfield technology, oil, and gas operators can
automate maintenance and manage equipment more efficiently while driving
innovation. The digital oilfield has the potential to redefine oil and gas by
creating an interconnected and secure network. This could pave the way for
improved fuel performance and bring value to oil and gas providers.
The use of digital intelligence in this industry can make
intelligent decisions to perform effective measurements and analysis in the
field. The use of digital intelligence has simplified decision-making in this
industry. Efficient production with cost-effective measures is required to meet
product requirements. The platform significantly reduces operational risk. This
improves worker safety. The use of technology in the oilfield market can help
enhance decision-making processes and improve operational performance in the
industry.
Latest Investments in Middle East Digital Oilfield Market
· In June 2021, Baker Hughes announced the
deployment of industry-leading digital technology for remote operations across
Aramco's drilling operations. It spans over 200 sites and is the largest
deployment of its kind in Baker Hughes’ history. The project builds on Aramco's
existing industry-leading data management infrastructure and capabilities,
providing the company with a single solution covering data aggregation from the
edge. Integrated data streaming and real-time visualization. data management;
software development services; on-site digital engineers; and observers. The
project will support Aramco's ongoing efforts to further advance digital
opportunities and initiatives, improve operational performance and reduce
emissions. By connecting all drilling sites into one integrated solution,
Aramco is improving its real-time view of drilling operations. After winning
the contract with Baker Hughes in 2020, the combined team worked closely
together, deploying more than 50 times more technology than he originally
planned, despite working in pandemic conditions. Did. Baker Hughes' team
conducted more than 400 onshore and offshore tours covering 350,000 kilometers
(217,480 miles), installed edge devices onsite, and integrated data streaming,
monitoring, and visualization capabilities into Aramco's existing digital
Integrated into your infrastructure.
· In 2019, Baker Hughes signed a Memorandum
of Understanding (MoU) with Qatar Petroleum (QP) to expand its presence in the
country and explore new opportunities to support Qatar Petroleum's Tawteen
program. The MoU in support of QP's Tawteen program aims to open up
opportunities for BHGE to build a strong relationship with QP to help
strengthen Qatar's oil and gas supply chain. Baker already has a strong local
presence in Qatar, where he has three workshops and an R&D center. BHGE
works with several leading operators in the energy sector and has established
itself as the largest single supplier of liner trailers in the country. Through
this partnership, BHGE will continue to invest in domestic oilfield equipment,
oilfield services, turbomachinery and process solutions, measurement and
controls assets, and strengthen local manufacturing, maintenance, condition
monitoring, and recertification capabilities. Meanwhile, the BHGE Digital
Division is the latest technology in artificial intelligence to support the
local market.
· In February 2021, Halliburton Company
announced that it will collaborate with Kuwait Oil Company (KOC) on its digital
transformation efforts by maintaining and enhancing digital solutions for its North
Kuwait facility. This will enable KOC to leverage DecisionSpace 365, a
cloud-based subscription service for E&P applications, to design and
operate field digital twins that automate work processes, thereby shortening
the data-to-decision cycle. be able to accelerate. Built on an open
architecture, DecisionSpace 365 helps KOC engineers model, optimize and deploy
intelligent work processes to plan, predict and optimize production and factory
operations. The open architecture integrates Halliburton and third-party
technologies to improve operational performance and maximize resilience.
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Market Segmentation
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.
Based on technology, the market is bifurcated into the Internet of Things,
artificial intelligence, cloud computing, and others. Based on application, the market is segmented into onshore and offshore. Based
on country, the market is bifurcated into Saudi Arabia, United Arab Emirates,
Qatar, Kuwait, Bahrain, and the Rest of the Middle East.
Market players
Major market players
in the Middle East digital oilfield market are 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, and NOV Inc.
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Attribute
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Details
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|
Base Year
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2022
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Historic Data
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2018–
2021
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
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Report Coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments Covered
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Process
Technology
Application
Country
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|
Regional scope
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Saudi Arabia,
United Arab Emirates, Qatar, Kuwait, Bahrain, and the Rest of the Middle East
|
|
Key companies profiled
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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 and NOV Inc.
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Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
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Report Scope:
In this report, the Middle East digital oilfield market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
·
Middle
East Digital Oilfield Market, By Process:
o
Drilling
Optimization
o
Production
Optimization
o
Reservoir
Optimization
o
Others
·
Middle
East Digital Oilfield Market, By Technology:
o
Internet
of Things
o
Artificial
Intelligence
o
Cloud
Computing
o
Others
·
Middle
East Digital Oilfield Market, By Application:
o
Onshore
o
Offshore
·
Middle
East Digital Oilfield Market, By Country:
o
Saudi
Arabia
o
United
Arab Emirates
o
Qatar
o
Kuwait
o
Bahrain
o
Rest
of Middle East
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Middle East digital oilfield market.
Available Customizations:
The Middle East digital oilfield market report with the given market
data, Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company Information
·
Detailed
analysis and profiling of additional market players.
The Middle East Digital
Oilfield Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]