Digital oilfield is the new approach to explore more oil and gas field in less cost. Under this concept, the oilfield is incorporated with advanced software and data analysis to provide better outputs and improve the profitability of the exploration and production process. The major advantages of digital oilfield are fast data recovery from the well, organize the data extracted from well, proper framework, cost reduction, rapid deployement and asset management.

The growing demand for digital oilfield market is attributed to the rising demand for oil and gas and the increased demand for natural resources in North America and Europe. Various big giants such as BP p.l.c, Halliburton, and Shell are evolving their technology. For instance, Halliburton has developed an innovative Digital Heavy Oil Field concept for continous and cyclic steam injection porjects for its unique features such as automated reservoir optimization using smart algorithmes and calculations, workflow swim lanes (injection, production & reservoir) which can work coupled or independently, and fully integeration well, reservoir, wells, and surface netwrok. Additionally, this solution helped in overall asset performance by increasing operational efficiency, reducing operational cost & nonproductive time.

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Industry Segmentation:

The market for digital oilfield market is segmented based on application as offshore and onshore. Offshore segment dominates the market because offshore companies are tapping risk intensive deepwater wells but in an effcient manner. North America and Western Europe with their mature oilfields are having various number of project which are incorporated with digital oilfield. The main benefit of digital oilfield is wireless networking which provides high speed communication. For instance, In March 2018, BP has awarded a contract to Kongsberg Digital to design, build, install and perform the acceptance of sophisticated digital twin. The Kongsberg Digital model will be connected to Mad Dog 2 facility to create realistic simulation environment which will deliver dynamic decision support for production effciency in Gulf of Mexico region.

Key Players:

The key players of the global digital oilfield market are Schlumberger Limited (US), Weatherford International plc (Switzerland), Halliburton (US), National Oilwell Varco (US), Baker Hughes Incorporated (US), Siemens AG (Germany), Kongsberg Oil & Gas Technologies Inc. (UK), Emerson Electric Co. (US), and Rockwell Automation, Inc. (US).

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Regional Outlook

Region wise, North America and Western Europe with their mature oilfields are having various number of project which are incorporated with digital oilfield. The main benefit of digital oilfield is wireless networking which provides high speed communication. For instance, In March 2018, BP has awarded a contract to Kongsberg Digital to design, build, install and perform the acceptance of sophisticated digital twin. The Kongsberg Digital model will be connected to Mad Dog 2 facility to create realistic simulation environment which will deliver dynamic decision support for production effciency in Gulf of Mexico region. It has been estimated that Asia-Pacific region will grow at the highest rate during the forecast period.

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