Oil & Gas Reservoir Monitoring System Market

Oil & Gas Reservoir Monitoring System Market

Because big oil and gas projects need large capital investments, the drop in oil and gas prices has slowed the overall investment trend in the sector. As a result of the drop in price, investors have been more concerned with improving the overall production profile than making large investments in new projects. Monitoring of reservoir is done to enhance the current fields' production profile. Reservoirs are structures that house hydrocarbon deposits, which can be unconventional or conventional. Because of their structural features, conventional reservoirs allow oil and gas to flow freely from wellbores to the wellhead. These factors are likely to work in favor of the global oil and gas reservoir monitoring system market in the near future. Unconventional reservoirs, on the other hand, need specialized hydrocarbon extraction procedures because of structural differences between conventional and unconventional reservoirs.

Reservoir monitoring refers to a normal operation carried out throughout the period of field's production and until it is abandoned. Data collection as well as analysis of parameters such as production, temperature, and downhole pressure is all used in the monitoring process to discover and correct irregularities as well as enhance reservoir performance. In order to recreate the recorded field data, the geology and reservoir simulation models are evaluated and modified. Growing importance of these activities are expected to trigger growth of the global oil and gas reservoir monitoring system market in the years to come.

The reduction in the oil & gas price has led to downfall in the overall investment trend in the sector, as major oil & gas projects require huge capital investment. The price downfall made investor more concern towards enhancing the overall production profile rather than deploying huge investments into new projects.

Reservoir monitoring is carried out to improve the production profile of existing fields. Reservoirs are structures that contain reserves of hydrocarbons; these could be either conventional or unconventional. Conventional reservoirs are those from which oil & gas can easily flow to the wellhead from wellbores because of their structural characteristics. On the other hand, unconventional reservoirs require special techniques for hydrocarbon extraction because of the difference in structural properties of the unconventional to that of conventional reservoirs.

Reservoir monitoring is an activity carried out on a routine basis during the production phase of a field until its abandonment. The monitoring is carried out by data collection and analysis of the parameters such as downhole pressure, temperature, and production in order to identify and rectify deviations and also optimize the reservoir performance. The geological and simulation models of reservoir are reviewed and are adjusted in order to reproduce the measured field data. Deviations in the models are corrected and the diagnoses carried out is elaborated based on the interpretation of the required results. The corrections could include control of production flow or the need for injection wells or requirement to drill new wells or altering the recovery method used in the field.

Based on technology, the oil & gas reservoir monitoring system market can be segmented into electrical downhole monitoring systems, fiber optic downhole monitoring systems, and wireless downhole communication monitoring systems. Electronic sensors are used in electrical downhole monitoring systems to measure pressure, temperature, flow, and other reservoir related parameters and electronic cables to transmit data for reservoir monitoring. Fiber optic downhole monitoring systems employ small lasers, which fire off a light pulse through the cable and returns to an optical receiver, while delivering the information in the form of signals and noise, which are sorted with the help of an interrogator unit. Wireless downhole communication monitoring system uses telemetry systems to measure pressure, temperature, and other parameters. It then sends these measurements to the surface with the help of various technologies such as acoustics, sonic, and pressure pulse. Based on location, the oil & gas reservoir monitoring system market can also be divided  into onshore and offshore reservoirs

Based on region, the oil & gas reservoir monitoring system market can be classified into North America, Latin America, Middle East & Africa, Europe, and Asia Pacific. North America is expected to dominate the global oil & gas reservoir monitoring system market in the near future. The U.S. is anticipated to account for the leading share of the market due to the ongoing shale activities in the country. Middle East & Africa is estimated to follow North America; the oil & gas reservoir monitoring system market in the region is projected to expand at a moderate pace in the near future. The oil & gas reservoir monitoring system market in Asia Pacific is likely to expand at a fast pace during the forecast period due to the increase in oil & gas exploration and production activities in the region.

Key players operating in the oil & gas reservoir monitoring system market include Halliburton Co., Weatherford International Limited, CGG SA, Petrospec Engineering, Schlumberger Limited, Baker Hughes Inc., Multi-Chase Group, OCTIO AS, and Roxar Software Solutions AS.