The cost of oil has fallen upon a recovery arc which has generated a robust growth in its demand. Established activities across oil and gas fields have caused the deployment of new early production units. Similarly, reinstating of fully-fledged production units have generated an increase in the exis...
The cost of oil has fallen upon a recovery arc which has generated a robust growth in its demand. Established activities across oil and gas fields have caused the deployment of new early production units. Similarly, reinstating of fully-fledged production units have generated an increase in the existing number of EPFs. Limited capital budgets have encouraged oil and gas companies into investing in early production facility units as opposed to central production facilities. Furthermore, EPFs can generate early monetization while the permanent facilities remain under-development, curating a reservoir budget for future developmental activities. Such temporary production units warrant aggregation of real time production data enabling faster monetization of assets. The volatile cost of oil has in turn increased the production of gas contributing as well to an expansion in the early production facility (EPF) market.
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Global Increase in Adoption of EPFs to Become a Cause of Anticipated Market Expansion
By component type, the market is classified as two-phase separation and three-phase separation, gas dehydration, gas sweetening, oil dehydration desalting plus heating, flare system, fuel gas processing, produced water treatment, among others. On the basis of component-type, it is anticipated that a major market share will be occupied by the two and three phase separation segments. By application type, the market is classified as offshore and onshore. Large-scale establishment of early production facilities inside of country perimeters is anticipated to bode well for the onshore segment.
An important factor facilitating robust growth across the early production facility (EPF) market is the development of enhanced drilling technologies. Production facilities drill horizontal wells in order to enhance crude oil production to meet its pressing demand. Horizontal drilling is beneficial for both conventional and non-conventional reservoirs. Similarly, multilateral frilling corresponds vertically and horizontally scattered laterals that take crude oil and gas production to full efficiency. Some more freshly-developed drilling technologies include extended reach drilling and automated drilling. These technologies, when used in EPFs, can take production and cost-reduction to new highs, substantially making the market for early production facility units a hub for investors.
North America Foreseen to Dominate Market for EPFs with Increased Investment in Advanced Technologies
Countries in North America have begun investing in advanced digital technologies including artificial intelligence, sensors, internet of things, cloud computing, and analytics to better manage the production process. The region has also undergone major technological advancements, especially in the department of drilling techniques. The above factors, coupled with the rapid development of offshore and onshore hydrocarbon fields, have enabled North America to emerge as the dominant regional segment. In the Middle Eastern region, industry members are consciously increasing their investments in EPFs with regard to an increased efficiency in performance and evident reduction in production time and cost.
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Collaborations with Digital Solution Providers Set to Give Key Players an Edge over Competitors
In 2019, Penspen, a prominent name in the energy industry established a new threshold by collaborating with the digital solution provider, integrity and asset risk management company, Ankaa Consulting. This has paved the way for change in the orthodox crude oil and gas production industries as increasing number of competing companies invest in Early Production Facility (EPF) Market. Other key players include Global Process Systems, OilSERV, CPPE, Petrocil, Schlumberger, Weatherford International, Expro Group, and Roska DBO.
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