Reservoir analysis is a technique used in upscaling the capacity of a reservoir. It is measured using porosity, permeability, and strata thickness. It is used in improving efficiency, advanced precision, and multilateral reliability.
Market Research Future’s (MRFR) report on the global reservoir analysis market provides a fresh perspective on techniques to control reservoir volume and new government regulations for the forecast period (2023-2030). The COVID-19 pandemic and its effects on the industry are explored in the report.
Market Scope
The global reservoir analysis market is predicted to perform exceptionally over the forecast period owing to increased spending in exploration and production (E&P) companies. The demand for energy has increased interest in offshore drilling activities. Focus on mature oilfields and wells coupled with dependence on reservoir analysis owing to technological advances can drive the market demand significantly. Development of unconventional plays with a distinct well stimulation and completion technology can provide ample opportunities for reservoir analysis. The technology can be used by modeling horizontal and vertical variations in mineral properties.
The COVID-19 pandemic has negatively affected the market owing to curbing of production activities in the oil & gas sector. Investments by multinational companies and increasing prices of oil can threaten the market growth. But improvements in logging-while-drilling (LWD) services can deliver real-time drilling and well placement opportunities. For instance, the MagniSphere service by Schlumberger Limited provides nuclear magnetic resonance (NMR) data to increase the production rate.
But determination of fluid heterogeneities can deter the market growth.
Segmentation
By division of reservoir type, the global reservoir analysis market has been divided into conventional and unconventional areas. The unconventional areas segment is expected to exhibit a strong growth rate over the forecast period. This is attributed to large number of shale reservoirs, fractured reservoirs, gas hydrates, tight gas sands, and coalbed methane.
On the basis of service, the worldwide reservoir analysis industry has been further segmented into modern data acquisition & data monitoring, modern geo modeling & advanced reservoir simulation, and general reservoir sampling. The modern data acquisition & data monitoring segment is projected to capture the largest market share owing to these services managing to accumulate data and optimize production in a short period. Increase in exploration activities in unconventional areas can propel the segment growth.
By application, the global reservoir analysis industry is further divided into onshore and offshore. The offshore application is deemed to be profitable in the coming years owing to quantification of characteristics in various fractures of reservoirs. Models of these fractures are simulated using visualization techniques for measuring dip direction, thickness, and layer thickness.
Regional Analysis
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global Reservoir modeling market.
North America is predicted to showcase a remarkable growth rate over the forecast period owing to reliance on cloud services for supporting reservoir analysis. This is attributed to increase in shale production and exploration activities in the U.S. Discovery of shale reservoirs in Canada and open energy sector in Mexico can be fruitful to the reservoir analysis market.
On the other hand, APAC is expected to invest in reservoir analysis owing to huge amount of oil wells. China and India are prime contributors to the regional market growth. Demand for hydrocarbons and search for natural gas can spur the market demand significantly.
Competitive Landscape
- Intertek Group Plc (UK)
- Expro Group (UK)
- Halliburton (US)
- Tristan Canada Core Laboratories (US)
- Emerson Electric Co. (US)
- ALS Limited (Australia)
- General Electric (US)
- CGG (France)
- SGS SA (Switzerland)
- Schlumberger Limited (US)
- Weatherford International PLC (US)
Industry News
Schlumberger Limited launched a new reservoir analysis laboratory at Houston University to study rocks and fluids for reservoir characterization.
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