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.
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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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