The oil & gas sector is witnessing technical improvements in exploration technologies for deep-water drilling activities and project economic viability. Current technological advancements enable oil firms to boost recovery and speed output. Offshore wells can have varying degrees of automation, ranging from essential one-way monitoring to complicated subsurface controls with intelligent completions. Petrobras has established a corporate program to investigate, develop, and apply digital integrated field management (GeDIg) among its production assets, anticipating near-term potential. It has chosen the Carapeba field as a test site, which is a mature field consisting of three wells located in the northeastern portion of the Campos Basin, with automated subsurface sensors installed in the wells.
Cross-disciplinary teams of geoscientists, engineers, operations managers, and financial analysts communicate via remote command centers, boosting teamwork and collaboration while addressing issues quickly. Therefore, oil firms are substantially investing in command centers and remote monitoring to eliminate the need for operation specialists, engineers, and geoscientists to travel to remote oilfields. Oil and gas companies aim to install deep-water analytical technologies while selecting effective information solutions.
Operators are required to modernize their existing offshore infrastructure to exploit data through the analytical technique. For instance, Rockwell Automation cooperated with Schlumberger to develop a production advising system. The digital solution, which combines linked production technology with Schlumberger's oil and gas software, services, and domain experience, helps maximize production by linking upstream operators with essential, real-time analytics and domain insights to decrease deployment risks and costs. Thus, the increasing number of offshore/deep water discoveries is projected to create lucrative opportunities for the oilfield service market in the coming years.
The Europe oilfield service market is analyzed on the basis of application, service type, and country. Based on application, the market is bifurcated into onshore and offshore. In 2020, the onshore segment held the largest share in the market.
Based on service type, the market is segmented into well completion, wireline, artificial lift, perforation, drilling and completion fluids, and others. In 2020, the others segment held the largest share in the market.
Similarly, based on country, the market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. The UK contributed a substantial share in 2020.
Archer; Baker Hughes Company; Halliburton Energy Services, Inc; Hunting PLC; NOV Inc; Schlumberger Limited; and Weatherford International plc are the leading companies in the Europe oilfield service market.