DIGITAL OILFIELD MARKET ANALYSIS

Digital Oilfield Market, By Solution (Hardware Solutions, Software Solutions, Data Storage Solutions), By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Well Completion and Maintenance), By Service (Consulting and Design, Integration and Deployment, Monitoring and Maintenance), By Application (Onshore and Offshore, ), By End User (Independent Operators, National Oil Companies (NOCs), International Oil Companies (IOCs)), By Technology (Internet of Things (IoT), Artificial Intelligence and Machine Learning, Advanced Analytics,Robotics and Automation, Cloud and Edge Computing, Wireless Communication, Other Emerging Technologies), By Component (Instruments and Automation, IT Infrastructure, Software Systems and Applications), By Geography (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Global Digital Oilfield Market- Recent Developments

New product launches

Schlumberger: In November 2022, Schlumberger is an oilfield services company. launched its new Digital Oilfield Platform that integrates its portfolio of digital solutions for the upstream oil and gas industry. The platform provides a single view of operations that enables operators to make better decisions and improve efficiency.
Weatherford International: Weatherford International is a multinational oilfield service company launched its new Digital Drilling System that uses artificial intelligence and machine learning to improve the drilling process. The system can predict and prevent problems, optimize drilling parameters, and reduce costs.
Halliburton: Halliburton is oil service company launched its new Digital Completions Suite, which uses data and analytics to improve the completions process. The suite can optimize completion designs, reduce risks, and improve production.

Acquisition and partnerships

In 2022, Schlumberger acquired Cameron International for US$ 15 billion. This deal provided Schlumberger a major foothold in the digital oilfield market, as Cameron is a leading provider of software and hardware for drilling, completion, and production.
In 2021, Halliburton acquired Baker Hughes is oil field services company, for US$ 35 billion. This deal created the world's largest oilfield services company, with a strong focus on digital technologies.
In 2020, Weatherford International acquired ION Geophysical is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry, for US$ 2.8 billion. This deal provided Weatherford a leading position in the seismic data market, which is essential for digital oilfield applications.