The technology of the digital oilfield has been getting famous nowadays for the past few years. It provides advancements related to geophysical estimation, the use of novel drilling methods to get refined oil and gas through safe techniques and many more like that convince the oil and gas companies worldwide to benefit from it. Undoubtedly, any new sector needs some time to become stable in the market, and it also has to fix the hurdles that challenge them on the way to success. The same is the case with the digital oilfield, but it is figuring out all the solutions. For more information please visit FutureOn.
Read down the article to explore the future aspects of this technology!
1. Compound Annual Growth Rate
Investors always look forward to a platform from which they can get 2X profit. According to the survey, the digital oilfield will be good news for the people who have invested in it. It will maintain the compound annual growth rate of 4.6% as its market is estimated to enhance from 24.6 billion dollars to 38.5 billion dollars within ten years, i.e. 2014-2024. Sounds amazing!
2. An Open Platform to Welcome New Companies
Any newly launched company that desires to serve the world needs an open platform and welcomes the other collaborators.
The licensed reporting trends in the digital oilfield market will increase and appeal to many companies to validate and enhance the area. It will also offer many domains for genius developers and scientists.
3. Increased Labour Demand
A company relies on expertise and loyalty with the work of the labour it has; otherwise, it will demolish after some time. Digital oilfield is such a huge platform that needs manual labour. According to the survey before 2015, the labour was estimated to increase by one million.
4. Demands Lifeguard
Labourers or any employee of a certain company is not a robot whose life has no worth. On the contrary, every labour and employee demands life insurance, no matter whether he is a scientist or a developer.
Modern digital oilfield technology presents safe to use machines and other digital systems that ensure no harm to life. But, of course, the discussion does not end here, but companies’ first and foremost duty is to invest much to guard their lives, and they are doing it.
5. Automated Technologies for Oil/Hydrocarbon Exploration
The skilled geologists and expert geophysicists explore the gas and oil resources on the earth. The initial interest in research, etc., is required to start exploration and then lease the property to the company to start the survey and then drilling for oil or gas production. It is a lengthy procedure and requires automated system technologies that help a company to earn more.
Digital oilfield technology is a mesh of information technology and operational technology. It increases the oil extraction efficiencies by the digital ways. Many companies like FutureOn provide marvellous services to explore the remote areas near you to get oil and gas assets. In the future, many advancements will be seen in digital oilfields. So hire FutureOn now to find what you have in your place!