Oilfield Integrity Management Services: Introduction
- Integrity management comprises effective management of corporate assets in order to gain maximum value, profitability, and returns while safeguarding personnel, community, and the environment
- Oilfield integrity management services deal with the effective management of oilfields and various oil & gas activities
- The oil & gas industry is changing its conventional business models. It is focusing on smarter operations. This is likely to boost the demand for oilfield integrity management services during the next few years.
- Oilfield integrity management services consist of planning, predictive maintenance & inspection, corrosion management, data management, monitoring system, and other services for the oil & gas sector
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Key Drivers of Global Oilfield Integrity Management Services Market
- Global demand for oilfield integrity management services is expected to increase during the forecast period, owing to rise in offshore exploration and production of oil and gas reserves across the world. Offshore drilling activities are also increasing to meet the rising demand for crude oil. According to the World Oil, around 27,000 wells were drilled in the U.S. in 2018, an increase over those (around 24,000) drilled in 2017.
- Thus, growth in oil and gas exploration activities is anticipated to boost the global oilfield integrity management services market during the forecast period
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COVID-19 Impact Analysis
- The COVID-19 pandemic has significantly impacted the oil & gas sector. Oil prices have been declining. The need for refined products is also declining due to industrial slowdowns and travel restrictions. Large oil & gas companies are cutting down on capital and operational expenditures. This is expected to filter down to suppliers and oilfield service companies.
Major Developments
- On February 17, 2020, Halliburton launched SPIDRlive Self-Powered Intelligent Data Retriever, an unconventional well testing and fracture interaction monitoring technology that acquires real-time well data without the need for intervention to reduce costs and improve fracture understanding for greater recovery. The SPIDRlive retriever combines quartz-based hardware and proprietary modeling software to capture high-resolution, high-accuracy, and high-frequency data from the wellhead without running downhole equipment.
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Key Players Operating in Global Market
Some of the leading companies operating in the global oilfield integrity management services market are:
- Baker Hughes Company
- Schlumberger Limited
- Halliburton
- John Wood Group PLC
- SGS SA
- Oceaneering International, Inc.
- Emerson Electric Co.
- Saipem
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