Crude oil is unrefined petroleum occurring naturally and is obtained onshore and off shore. It is composed of hydrocarbon deposits and other organic materials. Crude oil is refined to produce petrol, gasoline, diesel and various other forms of petrochemicals. The crude oil extraction industry includes companies carrying out exploration, development and production of petroleu.
The global crude oil market was valued at $1903.6 billion in 2017. Asia Pacific was the largest geographic region accounting for $660.9 billion or 34.7% of the global market. And the USA was the largest country accounting for $380.3 billion or 19.9% of the global crude oil market.
Digital oilfield technology is recently being used by Oil and gas extraction companies, to enhance oil and gas production. Digital technologies in oil fields include high-performance drill bits, advanced electrical submersible pumps, and 3D seismic imaging and reservoir modelling. Oilfields digitization facilitates efficient utilization of human resources and thus optimizes the profitability of oil production by ten percentage points.
Companies Covered: Royal Dutch Shell, Exxon Mobil Corporation, BP Plc, Rosneft, Kuwait Petroleum Corporation
Market Segments Included: Crude Oil
Self-Assembling Rigs To Reduce Operating Costs And Save Time
Gas To Liquid Technology To Produce High Quality Petroleum Products
Carbon Capture And Storage By Refineries To Reduce CO2 Emission
Implementation Of Rig-Less Technology To Reduce Turnaround Time For Decommissioning Of Wells
Digitization, IoT And Robotics To Increase Production Of Oil And Gas Industry With Limited Investments
Geosteering And Measurement While Drilling Technologies To Provide Real-Time Data
Increase In Profitability Of Crude Oil And Natural Gas Production With An Implementation Of Digital Oilfield Technology
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