Global Reservoir Analysis Market: Snapshot
The global reservoir analysis market is showing high growth due to the increasing demand for energy worldwide. Reservoirs are porous structure or units that hold hydrocarbon reserves and can be both, conventional and unconventional. Reservoir analysis is intended to determine flow related properties such as permeability, porosity, temperature, volume, and pressure of reservoir formation and fluid to successfully optimize the production and recovery techniques. Reservoir characteristics such as reservoirs fluid sensitivity, formation damage during stimulating, reservoir production potential, reservoir rock quality, and reservoir digenetic history are formulated through reservoir analysis.
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According to resource types, the market for reservoir analysis can be segmented in to conventional and unconventional resource type. Conventional reservoirs ensure the oil and natural gas flows easily to the wellbores, whereas the unconventional reserves follow a special operational strategy to recover the oil and gas. Heavy oil and tar sands, tight gas sands, and gas hydrate deposits, are some of the prominent examples of unconventional reserves. The abundance of unconventional resources globally and development of new technologies such as horizontal or directional drilling and hydraulic fracturing and have led to an increase in the production and exploration from unconventional resources. These trends are expected to expand the market for unconventional resources.
Geographically, the Middle East and Africa holds a leading share in the global market as Saudi Arabia constitutes to one fifth of the world’s proven oil reserves. In addition, North America is expected to exhibit an impressive growth in the next few years owing to exploration and growing production of unconventional resources.
The oil and gas price crisis has had a tremendous impact on global exploration and production activities. The fall of prices had many companies and investors concerned about enhancing already existing projects rather than investing on new projects.
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Key players operating in the reservoir analysis market are Weatherford International, Schlumberger Limited, Baker Hughes Incorporated, Halliburton Company, Core Laboratories, ALS Limited, Intertek, NUTECH Energy Alliance Ltd, SGS Group, Tracerco, Oil India Limited, and Geokinetics.