Exploration
and production is upstream segment for oil and gas industry
comprising of exploration stage which includes locating, testing and
drilling for oil and gas. Exploration and production (E&P)
software is an integrated solution dedicated to managing exploration
to production. The user can interpret the seismic data which uses
principles of seismology to estimate the properties of the Earth's
subsurface from reflected seismic waves.
Furthermore,
E&P
software enables designers to
prototype reservoir models suitable for simulation, design and
development strategies to maximize reservoir exploitation. The entire
workflow can be evaluated by the single application considering
related opportunities and risk. The faults in the project can be
anticipated through stochastic or deterministic system in the E&P
software. With implementation of E&P software there can be easy
and smooth transfer of data enabling productive operations.
With
recent Advancements in technology in E&P, the
deployment of software based exploration and production tools have
increased to a great extent. With deployment of E&P software,
there has been increase in workflow productivity, assisting efficient
working model in difficult reservoirs. Furthermore, repeatable
workflows can be easily functionalized by the implementation of E&P
software. Furthermore, the long term demand for natural resources is
frequently rising, which has created a constructive opportunity for
E&P software market to grow at a considerable pace. There has
been wide scale growth in energy consumption in the emerging markets
such as India and China, driving for the growth of E&P software
market.High installation cost and lack of technical expertise are few
restraining factors affecting the market growth for E&P software.
The oil exploration and production work incorporates activities such
as equipment maintenance, production optimization, price optimization
and safety & compliance.
Exploration
and production software market can be categorized on the basis of
component, software types, deployment type and geography. Market
segmentation on the basis of components include software and
services. Segmentation on the basis of deployment type includes
on-premise software, cloud-based software, and managed software. E&P
software market segmentation on the basis of software types include
risk management mapping, seismic amplitude analysis, portfolio
aggregation, performance tracking, navigation systems, resource
valuation, and others. Risk management mapping tool is used for
identification, control and management of the risk factors at the
workplace. Portfolio aggregation is a combination of smaller
portfolios combined to form advanced project. Based on geography E&P
software market is segmented into North America, Asia Pacific,
Europe, Middle East and Africa and Latin America. Deployment of E&P
software is widely witnessed in the regions with large number of oil
rigs, on-shore and off-shore refineries
During
the recent years, there has been significant growth in
competition in E&P software market. Key players are increasingly
focusing on offering cloud-based solutions and analytics has also
become a core part of their strategy. Some of the key E&P
software developers are Paradigm B.V, Schlumberger Limited, ION
Geophysical Corporation, ETL Solutions Ltd, Interactive Network
Technologies, Inc., Hue AS and Aconex Ltd. among others. Key players
providing E&P software assistance are Exprodat Consulting Ltd.,
GEPlan Consulting srl, and E&P Consulting S.A among others.
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