Global Market Insights puts a $21 billion price tag on the worldwide oil and gas analytics market citing, rather curiously, Cobalt’s Zalophus 1 well, offshore Angola. ‘Such exploration activities will need advanced service platform including hardware and software support.’ In the US, the oil and gas analytics market for hosted deployment is put at $800 million in 2015 and is to grow at 19%/year through 2024. More from GMI.
Daniela Murgu, social media manager with IBM, citing an IDC Energy Insights study, observes that 80% of the data collected by oil companies ‘sits idle and unexploited.’ To leverage this ‘dark’ data, IBM’s ecosystem of Watson-related service providers are available to apply ‘cognitive computing’ to the oil and gas vertical. IDC Energy Insights ‘believes that cognitive computing is the way of the future and that 2001: A Space Odyssey is actually becoming a reality.’ More such ‘research’ from IDC.
You may not have noticed but, according to Lux Research, the oil and gas industry is ‘turning towards 3D printing’ to cut costs and raise efficiency. Lux cites Halliburton, Schlumberger and Shell as ‘beginning to use the technology’ while GE is already a 3D printing user. Use cases including printing chemical injection stick tools and nozzles for downhole cleanout tools, sand control screens and pipeline pigs. Lux recommends that would-be 3D printers contact metal printing specialists such as EnergyX, Arevo, Nanosteel and QuesTek. More from Lux.
A report from Technavio forecasts that the global drilling data management systems market will grow at 12%/year from 2016-2020. Growth will be driven by the need for asset optimization, improved well control and by the ‘end of easy oil.’ Data capture and analysis are set to contribute here ‘in a significant way.’ More from Technavio.
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