Oil & gas exploration industry refers to discovery of hydrocarbon deposits under the earth’s surface by geologists and geophysicists. The explored hydrocarbons are used to derive refined products such as petrol, diesel, butane, ethane and LPG. Overall oil & gas industry is divided into three major sectors including upstream, midstream, and downstream, where oil & gas exploration is part of upstream. Hydrocarbons such as oil and gas are detected by sophisticated technologies involving magnetic survey, gravity survey and passive seismic or regional seismic reflection surveys. After detection of hydrocarbons oil companies drill wells to extract oil and gas.
Demand for oil and gas has skyrocketed over the years and the industry is witnessing depletion of existing onshore reservoirs which are easier to drill. Consequently, there is a shift towards drilling of offshore fields which are difficult to drill conventionally because of their horizontal placement. Directional drilling technique is used for drilling these non-vertical wells and the market for directional drilling is expected to grow because of growing trend for shale gas and offshore exploration.
Oil and gas exploration industry is facing number of challenges such as declining oil prices, increasing oil supply and demand gap, and rising competition. Additionally, the industry is also facing threat from depleting fossil fuel reserves and transition of energy market towards renewable energy sources because of increasing global concerns pertaining to rising greenhouse gas emissions.
Oil companies’ demand for acquiring real time data to improve their production life cycle has increased inclination towards setting up smart oilfields. Consequently, there is growing investment in technologies such as analytics, robotics and digitization. Having access to real time data will improve overall decision making process by getting hold of competitive intelligence information and increase in understanding of seismic survey which are used to map hydrocarbon reserves.
ASDReport.com provides extensive repository of reports on oil & gas exploration industry. The reports cover various legacy and emerging technologies related to oil & gas exploration like, chemical enhanced oil recovery, deep-water drilling, global smart oilfield, drilling waste management, coiled tubing, and much more.