Crude oil and natural gas extraction companies around the world are investing heavily in digital oilfield technology to enhance crude oil and natural gas production. Digital oil fields integrate advanced software, hardware, and data analysis techniques to collect real-time data from the oilfield. They consist of visualization, product surveillance, integrated decision making, and remote communication systems. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production. This technology is changing the competitive landscape as an increase in production efficiency by 10% can yield an impact of $220 million to $260 million from oilfields in which oil accumulation has reached its saturation level. According to IHS CERA, digital oilfield implementation leads to increase in oil production by 2 to 8% and reduction in operating expense by 5 to 25%.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL CRUDE OIL AND NATURAL GAS MARKET TO GROW TO $4 TRILLION BY 2021
Asia Pacific was the largest region in the crude oil & natural gas market in 2017, accounting for one-third of the market share. This was mainly due to rise in the income levels, in turn leading to augmented demand for oil and gas.
According to The Business Research Company’s Consultant, Nitin Gianchandani, the crude oil and natural gas industry is adopting EOR techniques to improve oil recovery factor, which was previously low at approximately 40% of may fields. Enhanced oil recovery is a tertiary method of recovery used to increase the amount of oil recovered from a particular deposit. Three main types of EOR include thermal recovery, gas injection, and chemical injection. Thermal recovery involves injection of steam to lower the viscosity of oil; gas injection uses natural gas, nitrogen or CO2; whereas chemical injection involves use of polymers. The application for CO2-EOR is gaining popularity because of the potential for sequestering CO2 while improving recovery of hydrocarbons. For instance, according to US department of energy, utilizing EOR methods can increase production from a well to up to 75% recovery.
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Saudi Aramco was the largest player in the crude oil & natural gas market, with revenues of $378 billion in 2014. Saudi Aramco’s growth strategy aims at taking advantage of the downstream industry. It is building additional refining capacity to capture more value from refining products. The company is also integrating energy and chemicals businesses to maximize income and reinforce its position in the global crude oil and natural gas industry.
The crude oil and natural gas extraction market comprises establishments engaged in crude petroleum and natural gas extraction and natural gas liquid extraction.
Crude Oil & Natural Gas Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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