The catalyst for investment in digital oilfield market— smart wells
Amidst stiff global competition, midstream and downstream companies are infusing funds in digital oilfield with novel processes to streamline operations, reduce OPEX, boost output and reduce unscheduled shutdowns of equipment and wells. As producers vie to propel yield from existing fields following the traction for a higher proportion of reservoirs needing advanced and improved oil recovery techniques, digital oilfield industry is likely to be replete with investments.
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Digital oilfields will boost reliance on effective knowledge management, accurate information workflows, real-time decision making and doing away with inefficiencies. End-markets perceive digital oilfields as a medium to enhance the economics of production and production efficiency; where processes, inputs and outputs are optimized and managed in real-time.
Seemingly, digital oilfields have gained impetus in light of greater connectivity, enhanced level of data collection, cost savings and increased safety at high-risk areas. Of late, data-centric, streamlined and connected way of operating has led to better decision making; seamless planning of production; and a better association between wells and exploration sites.
Digital oilfield technologies across the industry verticals are perceived to bolster return on investment (RoI) vis-à-vis other investment opportunities as industry leaders allude to the use of innovation — predictive maintenance and fleet management — and technology to provide considerable performance enhancements. Global Market Insights, Inc., has projected digital oilfield market size to surpass US$35 billion by 2026.
Streamlining reservoir- and production- optimization processes
Organizations seek future potentials in digital oil to provide accurate, complete and real-time views of their assets and equipment. When it comes to reservoir optimization, some of the innovative solutions, including solvent co-injection and non-condensable gas reservoir pressure management have brought a wave of innovation to augment oilsands production and seamless waterflooding in oilfields.
Stakeholders are zeroing in on predictive data analytics to propel reservoir optimization and enhance asset availability and reliability. To put things into perspective, predictive data analytics can help ward-off or reduce plant shutdowns, save cost and minimize operation disruptions, enabling repair and maintenance on off peak cycles.
Several midstream companies are banking on the prevailing opportunities in production optimization to bolster performance throughput and revenue-boosting capacity. With high fixed costs linked to these companies, the production optimization process can leverage companies to model millions of combinations to sift through the recipe and reduce environmental impact and costs. More importantly, the process can help in optimization facets, including artificial lift and smart completions techniques and thief zone management to propel production and reduce steam-oil ratio.
Midstream and downstream leaders are likely to view production optimization as a viable process that will be streamlined through the penetration of affordable connected sensors to collate an ocean of data from machinery, including mining hauling trucks, submersible pumps and compressors.
Smart wells helping maximize profitability and productivity
The future trend towards the use of interconnected smart wells leverages recovery and efficient production. Prominently, the prevalence of monitoring and sensing equipment enables the mining of information which can be cashed in on to optimize oilfield modus operandi and apt decision making.
Smart wells have become a lucrative portfolio in the digital oilfield market for it has the innate capability of boosting the NPV (net present value) through the reduction of a number of drilled wells, intervention operations and workovers.
Leading organizations envisage smart wells as the linchpin to optimize productivity and negate or derail sand production and gas coning. With smart drilling solutions coming to the fore, operators can augment the production zones and drainage areas with less number wells.
Smart well technologies recognize economical solutions for the majority of the production and drilling complications, helping reduce operator’s OPEX. State-of-the-art technologies such as smart well have become paramount to maximize profitability and productivity as several companies gear to develop smart technologies in drilling, monitoring and completion.
CAPEX-driven savings in North America
North American oil and gas companies are striving to manage and capture a sea of data and churn out information at an unprecedented speed. O&G companies are using advanced analytics, cloud computing and robotics to optimize oilfield recovery, ward off non-productive time and augment RoI.
In the past several years, CAPEX has dipped as companies are in a quest to automate, optimize and simplify operations to sustain and flourish in a volatile market environment. Leading companies in the region are vouching on digital oilfield technologies to streamline workflow automation, production-, reservoir- and drilling- optimization.
Adoption of advance analytics, robotics and automation will propel value-based decision and transcend into decision makings — enhanced maintenance, portfolio planning, decisions pertaining to NPV and drilling location. These trends will foster digital oilfield market outlook.
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