4G Wireless Evolution

The global market for advanced exploration and downhole technology reached $163.2 billion in 2015
4gwe Logo
4GWE Launches New Sites: WiMAX | LTE | WIRELESS BACKHAUL | Broadband Stimulus

WiMAX Reports

TMCNet:  The global market for advanced exploration and downhole technology reached $163.2 billion in 2015

[December 27, 2017]

The global market for advanced exploration and downhole technology reached $163.2 billion in 2015

NEW YORK, Dec. 27, 2017 /PRNewswire/ -- The global market for advanced exploration and downhole technology reached $163.2 billion in 2015. This market is estimated to reach $233.4 billion in 2021 from $175.8 billion in 2016 at a compound annual growth rate (CAGR) of 5.8% for 2016-2021.

Read the full report: https://www.reportlinker.com/p05242341

• Recovery market is expected to grow from $98.8 billion in 2016 to $133.7 billion in 2021 at a CAGR of 6.2% from 2016 through 2021.
• Finding reserves market is expected to grow from $12.1 billion in 2016 to $17.3 billion in 2021 at a CAGR of 7.4% from 2016 through 2021.

Chapter 1: Introduction

Study Goals and Objectives
Most oil and gas companies are focused on maximizing the recovery factor (RF) from their oilfields while simultaneously maintaining an economic oil extraction rate, as it has become increasingly more difficult to find new oilfields. The majority of sedimentary basins that might be capable of containing oil and gas have already been explored and new discoveries tend to be small.

Those unexplored basins that remain are located in remote and environmentally sensitive regions (e.g., Antarctic, Arctic). Unconventional hydrocarbon reserves for oil shales, high viscosity oils, gas hydrates and shale gas, exist in large volumes, but many of the technologies for exploiting these resources are either energy intensive (e.g. steam injection into heavy oil), politically or environmentally sensitive (e.g., as seen in recent adverse press coverage of fracking to recover shale gas) or are not yet ready to be applied at a commercial scale. Currently, only 3% to 5% of all oil and gas assets (e.g., wells, equipment used to drill and frack and maintain production) are digitally connected.

By 2021, however, the situation will change. As much as 50% of all oil and gas assets will be connected digitally, as companies plan to boost spending on digital technologies focusing increasingly on big data and mobile devices for roustabouts.

The goal of this study is to address the interplay between advanced oil and gas exploration techniques to quantify physically recoverable reserves in the reservoir and advanced downhole technologies, which enable their profitable recovery at an economic breakeven price, as well as decommissioning/abandonment and waste treatment. These techniques are quantified and a forecast of their demand to 2021 is presented.

The objectives for carrying out the study are:
- To assess and quantify the current advanced exploration and downhole market, along with demand and forecasts to 2021.
- To investigate and evaluate the plays, players and potential payoff with forecasts to 2021.
- To assess the various advanced exploration and new downhole technologies needed to faclitate the supply and use of conventional and unconventional oil and natural gas.

- To determine the extent of the impact of the advanced exploration and new downhole techniques on the petroleum and natural gas production, as well as for underground storage of natural gas.
- To evaluate the economic, industrial and environmental benefits of the use of advanced exploration and downhole technologies.
- To quantify and justify investment in upstream production and development on oil and gas production, and to evaluate the impact of advanced exploration and new downhole technology on recovery rates and production costs of oil and gas.
- To forecast and justify the market for advanced exploration and downhole technologies for crude oil and natural gas production through 2021.

Reasons for Doing This Study

Advanced oil and gas exploration and downhole technologies are applied to:
- Find (e.g., discover, image) what's there.
- Reach what's there.
- Recover what's there.
- Decommission/abandon and manage the waste that's there.

The average ultimate oil recovery (UOR) in different countries and regions ranges from 25% to 40%. Companies are constantly deploying advanced oil and gas exploration and downhole techniques to improve recovery rates. Countries hoping to emulate the huge successes enjoyed by North American unconventional oil and gas producers in recent years are well-aware that the economics of developing unconventional oil and gas resources are extremely variable and cannot simply be transplanted.

The current challenging oil price environment, which started in mid-2014, has contributed to the refinement of technical innovations in advanced oil and gas exploration and downhole technologies that will generate the oil and gas productivity gains to 2021. Using advanced three-dimensional (3-D) and four-dimensional (4-D, time-lapse) seismic exploration techniques in conjunction with hydraulic fracturing and horizontal/directional drilling; unconventional resources; marginal fields; and old, abandoned and pressure-depleted fields have completely transformed the energy landscape of the U.S. and other regions by facilitating access to previously unavailable reserves.

The majority of the easy-to-extract oil reservoirs have been exhausted, and virtually all remaining global reserves are currently in the "tough oil and gas" category, requiring advanced exploration and downhole extraction technology to be profitable at a time when the per-barrel price remains hovering in the $50 to $55 range. Advanced exploration and downhole technology will enable access to these resources in a more cost-effective manner, which will impact positively on the extraction of resources that are currently high cost and highly complex to recover.

Bigger oilfield service companies indicate that their customers are expressing a demand for technology that saves cash but assures flow. As with other major industries (e.g., manufacturing, telecommunications, chemicals), the search for cost-cutting solutions is leading to a boom in digital technologies. Major upstream oil and gas companies are incorporating the advantages of innovations in industrial Ethernet connectivity and advanced analytical software to enhance the full value of their ass et data, as well as to propagate high-performance in petroleum production.

Some are using lasers and other high-tech equipment and data analytics before they drill to ensure new wells deliver the crudest for the dollars spent, but others are looking for new techniques that they hope can allow them to wring crude from new and old wells.

Advanced enhanced oil recovery/improved oil recovery (EOR/IOR) technology could dramatically increase recoverable volumes of light oil by 30%. Developments in imaging, well construction and well intervention technologies will unlock unconventional oil and gas. New downhole technology for in situ recovery of oil sands and extra-heavy oil such as steam-assisted gravity drainage (SAGD) and cyclic steam stimulation (CSS) techniques, together with new downhole tools, currently allow companies to optimize production of petroleum resources from wells with more complex geometry and to produce horizons in deeper coalbeds and tighter formations, as well as in accumulations containing extra-heavy oil or bitumen.

These advanced technologies and downhole tools, which include horizontal, complex path and multilaterals; new production logging tools; intelligent completions; downhole pumps for artificial lift; expandable tubulars; frac fluids; and other completion technologies, have reduced both the operating and supply costs of unconventional oil.

Read the full report: https://www.reportlinker.com/p05242341

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

Contact Clare: clare@reportlinker.com  
US: (339)-368-6001
Intl: +1 339-368-6001 

Cision View original content:http://www.prnewswire.com/news-releases/the-global-market-for-advanced-exploration-and-downhole-technology-reached-1632-billion-in-2015-300575536.html

SOURCE Reportlinker

[ Back To www.mobilitytechzone.com\LTE's Homepage ]

Free 4GWE eNewsletter

General Info

Technology Marketing Corporation,
2 Trap Falls Road Suite 106, Shelton, CT 06484 USA
Ph: 800-243-6002, 203-852-6800; Fx: 203-853-2845
General comments: tmc@tmcnet.com. Comments about this site: webmaster@tmcnet.com.
Technology Marketing Corp. © 2021 Copyright.
© Technology Marketing Corp. © 2021 Copyright | Privacy Policy | Sitemap | Visit other TMC Interactive sites