South America Connected Oil Field Market: Industry Analysis and Forecast (2024-2030)

South America Connected Oil Field Market Definition:

The Digital Oilfield is a concept that encompasses a set of business process management and the use of digital technologies to automate connected tasks to minimize risk in oil and gas operations, increase productivity, and save costs. To increase productivity, it uses innovative software and data analytic techniques. Seismic imaging, IoT, AI, and machine learning are all contributing to the digital oilfield's industry growth and adoption.

 

Further, the South America Connected Oil Field market is segmented by Processes, Applications, and geography. On the basis of Processes, the South America Connected Oil Field market is segmented into Reservoir, Production, Drilling Optimizations, & Safety Management. Based on the Application, the market is segmented under the Onshore & Offshore. By geography, the market covers the major countries in South America i.e., Brazil, Columbia, Venezuela, Chile, and Rest of South America For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

 

 

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South America Connected Oil Field Market Dynamics:

Increased production and exploration operations in the oil and gas industry will drive market growth in the next decades, which is expected to double in the next few years. Shale gases are natural gases that can be trapped in shale formations and cannot readily be discharged into a well due to their low permeability. To create trapped shale gases, oil and gas firms utilize hydraulic fracturing and other stimulation operations to increase the permeability of these shale formations. In addition, increased energy demand and profitable investment opportunities are likely to boost production and development operations in the oil and gas industry in the future years.

 

A large amount of raw data collected as a result of digitalized production facilities such as digital wells, seismic imaging, and the deployment of ground sensors leads to a lack of quality data. As a result, the decision-making process for upstream production is hampered. One of the most crucial parts of the data analytics process is data integrity. It ensures that analytical data results are accurate and meaningful. The information gathered should be able to confirm field data as well as minimize data gaps and inaccuracies. This could have an impact on the analytic software's output and, as a result, the operators' decisions. Because a large amount of data is collected from various analytical tools and their operating ability, the software is prone to hacks.

 

South America Connected Oil Field Market Segment Analysis:

By Application, South America Connected Oil Field Market is segmented into Onshore, & Offshore. Offshore dominated the market in 2023 with more than 51% share of the market. The segment's growth is due to offshore offering a huge number of undeveloped reserves, market players have started exploring them for oil and gas production. Also, offshore oilfield activities are more complex than those in the onshore oil and gas sectors. This is why offshore applications are less expensive than onshore ones. Despite fluctuating oil prices, the use of offshore digital oilfield services is likely to increase, owing to an increase in deep and ultradeep water drilling and production activities, as well as the number of maturing subsea wells. As a result, modern technologies are required for offshore activities to ensure the safety of offshore well conditions.

 

 

South America Connected Oil Field Market Regional Insights:

Brazil dominated the South American Connected Oil Field Market in 2023. One of the major reasons affecting the area market’s growth is its varied deep-water and ultra-deep-water activities in the Atlantic Ocean. Many countries in South and Central America turned to onshore projects after oil prices plummeted. Onshore projects, on the other hand, have a much longer return on investment duration than offshore ones, ranging from 5 to 6 years. As a result, Brazil began deep-water and ultra-deep-water exploration and production, which are more profitable and have a return investment duration of 5 to 6 years, and are expected to boost the Latin American offshore support vessels market over the forecast period.

 

Regional Outlook:

• Petrobras awarded two ultra-deepwater drillship contracts to Transocean in 2019, the Ocean Rig Corcovado and Ocean Rig Mykonos, with 629-day and 550-day contracts, respectively. The rigs began operating in Brazil in November 2019, and the contracts offer pricing options for 680 and 815 days of operation, respectively.
• Equinor ASA, a Norwegian oil major, is developing the Peregrino Oil field off the coast of Brazil in the second phase. Equinor plans to invest USD 3.5 billion in the project, which is expected to begin operations by the end of 2020. After the conclusion of this project, the corporation is projected to require numerous oil field production services.
• Eni S.p.A, an Italian corporation searching offshore Mexico, announced its discovery at the Saasken block in the Gulf of Mexico's Sureste Basin in February 2020. According to preliminary exploration, the block holds 200 to 300 million barrels of oil and can produce 10,000 barrels per day.
• Exxon Mobil Corporation won three offshore Argentina blocks in April 2019. MLO-113, MLO-117, and MLO-118 are located in the Malvinas basin, about 200 miles (320 kilometers) off the coast of Tierra del Fuego. Equinor ASA obtained five oil and gas exploration and production blocks off the coast of Argentina in 2019. Both companies' visions for the country are to extend their businesses and explore new prospects, which should benefit the region's oil field services sector.

 

South America Connected Oil Field Market Key Players Insights:

The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the South America Connected Oil Field market to the stakeholders in the industry. The report provides trends that are most dominant in the South America Connected Oil Field market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the South America Connected Oil Field Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the South America Connected Oil Field market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the South America Connected Oil Field market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the South America Connected Oil Field market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the South America Connected Oil Field market. The report also analyses if the South America Connected Oil Field market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, and if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the South America Connected Oil Field market. Economic variables aid in the analysis of economic performance drivers that have an impact on the South America Connected Oil Field market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the South America Connected Oil Field market is aided by legal factors.

 

South America Connected Oil Field Market Scope:

South America Connected Oil Field Market Scope
Market Size in 2023	USD 3.01 Bn.
Market Size in 2030	USD 4.42 Bn.
CAGR (2024-2030)	5.64%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Processes Reservoir Production Drilling Optimizations Safety Management
	By Application Onshore Offshore
	Country Scope		Brazil  Argentina  Rest of South America

 

South America Connected Oil Field Market Key Players:

• Baker Hughes Incorporated (US)
• Halliburton Company (US)
• Schlumberger Limited (US)
• Weatherford International PLC (Switzerland)
• National Oilwell Varco, Inc. (US)
• China Oilfield Services Limited (COSL)(China)
• Superior Energy Services, Inc. (US)
• Technipfmc.PLC (U.K)
• Trican Well Service Ltd. (US)
• Welltec International APS (Denmark)
• Nabors Industries Ltd. (Bermuda)