Crude Oil And Natural Gas Market Global Briefing 2018

Crude Oil And Natural Gas Market Global Briefing 2018

  • January 2018 •
  • 32 pages •
  • Report ID: 4959465 •
  • Format: PDF
The crude oil and natural gas extraction industry comprises establishments engaged in crude petroleum and natural gas extraction and natural gas liquid extraction. The crude oil and natural gas market in this report is segmented into crude oil extraction and natural gas extraction.

Asia Pacific was the largest region in the crude oil & natural gas market in 2017, accounting for around 34% market share. North America was the second largest region accounting for around 24% market share. Africa was the smallest region accounting for around 4% market share.

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 with a fact that an increase in production efficiency by ten percentage points can yield an impact of $220 million to $260 million on the bottom-line. 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%.

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