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 marketis 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.
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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.
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“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 Marketand 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.
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