Thank you for Subscribing to Apac CIO Outlook Weekly Brief
Shedding Light on Operational Digital Oilfield Solution Market
The scope of digital oilfields in the operational processes of the oil rigs has not realized the full potential of the technology—many ideas suggest the adoption of digital oilfields.
FREMONT, CA: An initiative to recover the oilfield has been formed with the combination of business process management and advanced information technology, which makes up operational digital oilfield solutions. The latest concept of digital oilfield has been introduced to eliminate non-productive time and maximize productivity by integrated workflow engagement. The sub-sector of the operational digital oilfield market comprises intelligent wells built up with fiber-optic sensors ingrained in the drilling apparatus. This drilling equipment is both handled manually by professionals on site and automatically controlled via closed-loop information systems. The retrofitted fiber-optic sensors are for transmission of a continuous stream of data descriptive of oil wells, its environment, and several other parameters. The digital oilfields also have an advanced method of an alarming system that predicts the levels of performance and notifies beforehand in case of a potential failure.
The operational digital oilfield solution has started a revolution in the oilfield market and is expected to grow at a quick pace over the next couple of years. The primary benefit of integrating the solution to the equipment is to obtain workflow automation, operational efficiency, production optimization, decision support, government research, energy associations, environment researchers, and private equity investors.
Restraints and Drivers of the Global Digital Oilfield Solutions Market:
The demand for operational digital oilfield solutions is increasing as the production is limited. The number of vehicles in the market is exponentially growing, without consideration of resources. This phenomenon is pressurizing the industry to adopt new and improved technology. In addition, the deficiency in skilled labor over the last few years has been time-consuming and a challenging restraint. With the digitalization of the oil rigs, enterprises are hoping to eliminate the above problem. The rapidly growing dependency on urbanization and the digital medium are some of the critical factors driving the growth of digital oilfield market.
The pivotal issue in terms of implementation of the digital oilfield technology at the site level of an organization is the issues of restriction by the operating personnel. It is an entirely safe and novel method of operation in the oilfields, which requires proper education and training for the employees in terms of technology regularly.