Digital Oilfield Market size was valued at USD 35.25 billion in 2022 and is poised to grow from USD 36.98 billion in 2023 to USD 54.22 billion by 2031, at a CAGR of 4.9% during the forecast period (2024-2031).
The growing trend of digitalization across a wide range of industries, including oil and gas, is a primary driver of the digital oilfield market. The rise in demand for oil and oil products across multiple industries, along with the possibly hazardous working conditions of the oil and gas industry, has boosted the demand for digital oilfields. In addition, since several oilfields have become saturated, digital approaches are being applied to increase oil recovery. Financial expenses and time consumed for operations have immensely reduced because digital technologies have entered every aspect of operations, from exploration to production. These technical advancements have increased the efficiency of operations. Today the operators can also successfully meet their net-zero commitments with the help of an emission monitoring system.
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Digital Intelligence Enhancing the Operations of the Oil & Gas Sector
A rising percentage of unconventional oil and gas reserves, along with declining production from existing wells, are driving demand for digitization in the oilfields. Digital oilfield technologies also provide remote monitoring and automated operations from a central location, cutting total operational costs. The popularity of IoT sensors, advanced analytics, and automation is increasingly in various fields like hardware, software, and services. Now, oilfield operators can make data-based decisions because such advanced technologies have helped in real-time monitoring.
Immense Competition in the Oilfield Markets is Encouraging Companies have to Invest in Digital Technology
In recent times, it has become crucial for the oilfield companies to invest in digital technologies as it has completely captured the industry. The reservoir and drilling segments are also seeing immense improvement because of better reservoir operation, cheap drilling, and security from drilling accidents. To maintain market dominance in this competitive energy environment the key market players are relying on digital transformation
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- January 10, 2024 saw SLB partner with Geminus AI. SLB has exclusive access to a cutting-edge AI model builder for oil and gas projects through an investment and technology arrangement. It will also use modern physics techniques. The Geminus model builder uses physics-based methods to process data to create precise AI models. These models are cost-effective and efficient for large-scale deployment compared to traditional AI systems.
- At the Abu Dhabi International Petroleum Exhibition and Conference, Halliburton Company showcased green technology. The event took place October 2-5, 2023. The company offers cutting-edge drilling, completions, and production technology in its latest products. It features breakthrough AI applications. Their technology offers clients enhanced wellbore stability, drilling precision, and well monitoring capabilities.
- Halliburton and PTT Exploration and Production Public Company Limited (PTTEP) have signed an MoU. This MoU aims to develop and commercialize digital transformation solutions for the energy sector in Thailand, Malaysia, and Vietnam. Under the arrangement, the two companies would create and sell innovative digital products. It will improve operational efficiency and productivity while solving energy industry concerns. PTTEP offers the Well Delivery Process (WDP) and Advanced Production Excellence. These solutions are based on Halliburton’s Decision Space 365 product suite.
- On June 19, 2023, Halliburton Company and Nabors Industries signed a deal on pioneering well-construction automation systems. Under the terms of the agreement, Halliburton and Nabors will work together on technologies such as the Halliburton Well Construction 4.0 digital surface and subsurface drilling technologies, the LOGIX Autonomous Drilling Platform, the Nabors SmartROS universal rig controls and automation platform, and the RigCLOUD high-performance digital infrastructure platform.
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The usage of digital intelligence has simplified the decision-making process in this sector. To fulfill product, demand an effective production process using cost-effective approaches is required. Digitalization significantly reduces operational risk and improves the safety of workers. The utilization of technology in the oilfield market improves the industry’s operational performance. The oil and gas industry are delighted with its investment in digital technology to reduce expenses across every operation. Digital oilfield technologies will ultimately benefit both field workers and engineers.
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To view the original version on ABNewswire visit: Digital Oilfield Market to Grow at a CAGR of 4.9% by 2031 Driven by Rising Demand for Enhanced Safety Measures