Smart oilfield involves the application of advanced software, hardware, and data analysis techniques to increase the E&P efficiency of oil and gas. In an era of ever-growing energy demand and depletion of "easy oil," smart oilfields facilitate in maximizing oilfield recovery by reducing downtime. These oilfields increase the ROI and profitability through effective integration of workflows and design, and by reducing production costs. The workflow includes business process management that utilizes advanced information technologies to streamline or even automate various operations performed across different functional teams.
The analysts forecast global smart oilfield market to grow at a CAGR of 4.1% during the period 2016-2020.
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According to the Smart Oilfield market report, a key market driver is the aggressive remote onshore and deep and ultra-deepwater offshore exploration. The growing global demand for oil and gas and low production output from the world's mature oilfields are making the oil and gas companies aggressively explore remote regions such as deepwater and ultra-deepwater reserves, unconventional shale deposits, and tar sands. These exploration projects are technically complex, capital-intensive, and involve safety hazards.
The global Smart Oilfield market analyst said the demand for oil and gas and the growing number of maturing oilfields have resulted in increased adoption of smart oilfield technology. The advances in smart oilfield technologies will help enhance production rates, redevelop existing oilfield wells, facilitate production from unconventional resources, such as shale formation and tight oil, and improve well management. Intelligent well completion will significantly increase the efficiency, control, and monitoring of wells.
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This report covers the present scenario and the growth prospects of the global smart oilfield market for 2016-2020. The market size has been calculated based on the demand for smart oilfield technologies and services by the oil and gas companies.
The market is divided into the following segments based on geography:
The report, Global Thoracic Surgery Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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Key key players in the Global Smart Oilfield Market: Baker Hughes, China National Petroleum Corporation (CNPC), Halliburton Corporation, Honeywell International, and Schlumberger Ltd.
Other Prominent Vendors in the market are: Accenture, Kongsberg Gruppen, Microseismic, National Oilwell Varco, Paradigm, Pason Systems, Petrolink, Redline Communications Group, Rockwell Automation, Shell, Siemens, and Weatherford.
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