The increasing production of shale gas is fueling the demand for digital oilfield technology across the world. In the U.S., the mushrooming production of shale gas is resulting in the generation of large amounts of data related to production and drilling cycles and seismic and spatial information. As per the U.S. Energy Information Administration (EIA), in the U.S., shale resources were responsible for the production of nearly 16.76 trillion cubic feet (Tcf) of dry natural gas.
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BP and Chevron, which are two of the biggest oil firms in the world, announced in January 2018 that they have made huge deep-water discoveries in the North Sea and the Gulf of Mexico. These factors are fueling the requirement for digital oilfield technology across the world, which is, in turn, driving the advancement of the global digital oilfield technology market. Digital oilfield technology is divided, on the basis of process, into production optimization, reservoir optimization, and drilling optimization.
Globally, the demand for digital oilfield technology was found to be the highest in Europe and North America in the past years. This was because of the existence of numerous oilfields, extensive shale gas E&P activities, the huge investments made by various organizations, and the large-scale adoption of advanced technologies by several E&P organizations in these regions. In the future years, the requirement for this technology will rise at the fastest rate in the Middle East and Africa (MEA) region.
Hence, it can be said with surety that the demand for digital oilfield technology will shoot up all over the world in the coming years, primarily because of the mushrooming production of shale gas and the increasing requirement for advanced technologies by E&P companies.
Read More: https://www.psmarketresearch.com/market-analysis/digital-oil-field-technology-market
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