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.