Offshore oil and gas production involves extraction of oil and gas from often extreme depths below the sea. Offshore drilling is much simpler, but offshore production plays a vital role in the world’s energy supply. With 71% of the world’s surface as water, hydrocarbon deposits are found in larger quantities offshore than on land.
Even with new technology in renewable energy, offshore oil production is likely to continue to increase. Green energy is not keeping pace with high demand for oil and gas production worldwide. Finding a sustainable, suitable and affordable energy source presents a significant challenge for offshore oil production.
Oil drilling involves the use of bulky and specialized equipment. The equipment requires a massive and continuous power supply. This makes power supplies an essential part of the oil and gas industry. Heavy equipment includes equipment such as lifting systems, cranes, turntables, pumps and large motors. Power supply is essential for the smooth operation of extractors and oil production and is also necessary to provide workers with their daily needs and usage.
Offshore oil rigs also need water for desalination, to power washing machines, waste processing, and a power source for cooking. This much needed power in the oil and gas fields is significant for the smooth operation of the oil rig.
Secure power supply for offshore oil and gas platforms
The most common method of powering the plant is using diesel generators. Offshore stationary diesel generators require additional configurations and features. The generators are made of materials and coatings that can withstand extreme temperatures along with water, salt and wind in marine conditions. Oil and gas generators are used to generate power for offshore plants.
Oilfield equipment used offshore
The oilfield equipment market consists primarily of upstream operations. The main use of oilfield equipment is the development of successfully exploited fields. Various applications of this equipment include good completion and drilling. The main functions of oilfield equipment include flow control, pressure maintenance, well interference, drilling, well logging, data acquisition, well completion, etc.
Due to rapid price fluctuations, the oil and gas industry has experienced a significant decline in recent years. A recent recovery is expected to increase the global number of oil wells, thereby boosting the market for oilfield equipment.
According to a new report from Grand View Research, Inc., the global oilfield equipment market is expected to reach $ 127.6 billion by 2020. Incorporating advanced technology for a better recovery rate is expected to improve performance and more production will boost fuel market growth. .
The main factors driving the market growth are the recovery in oil prices, the increase in field development activities, the number of mature oil wells and oil exploration. For example, in April 2018, Carnarvon Petroleum Ltd., a Perth-based company, announced the redevelopment of the Buffalo Oil Field in the Timor Sea following the signing of the Maritime Boundary Agreement with Australia.
The product segment in the market includes field production machinery, drilling equipment, valves and pumps, etc. The extraction, processing and transportation of crude oil has extensive use of this equipment and is also used to perform a number of offshore operations.
Accidents at land and offshore drilling sites have raised concerns about testing, logging production and finding equipment and services. These factors should drive the growth of exploration and drilling equipment. The reservoir equipment also helps operators manage erosion and subsurface pressure well, minimize formation damage and optimize drilling parameters.
An appropriate pipeline transportation system is essential for energy efficient transportation for economical and safe movement from supplier to end user. Valves and pumps are needed for these piping systems, which is driving demand for the oilfield equipment market. Various other equipment is used to remove impurities and harmful chemicals before shipment to end customers or refineries.
Market trends and progress
Leading companies in the market tend to invest in technological development to ensure security for the use of equipment. It is also expected to fuel the global oilfield equipment industry. To meet the continuing pressures of global demand, the oil and gas industry is moving to unconventional sources of energy production, which are expected to have a positive impact on market growth.
Companies focus on innovation to maximize their productivity, which drives market growth. Better Internet connectivity gives offshore oil rigs more productivity by connecting to the Internet of Things (IoT). This helps to add the Internet to physical objects and also add sensors, to accurately measure the flow through the pipes.
Various technological advances in drilling and completion of wells have enabled exploration of new sources of oil and natural gas for the energy industry. This has led to meeting increasing demand and reducing the environmental impact of energy production.
Technological advances will play a vital role in meeting global energy demand because:
- Enable discovery of new resources,
- Provide access to difficult or remote locations and:
- It helps develop viable funds, which were previously not cheap to generate.
These also allowed more oil and natural gas to be recovered from the length of each well. This improves productivity and reduces the environmental footprint of energy production.
The global market has the presence of a number of companies along the value chain. Oilfield equipment manufacturers and dealers include companies such as FMC Technologies and National Oilwell Varco. Other companies involved in the extraction and exploration of crude oil are Schlumberger, Halliburton and Weatherford International. Some companies that own equipment are involved in renting offshore oil rigs. Key players in the market include Aker Solutions, National Oilwell Varco, Halliburton, Cameron International, Schlumberger, Baker Hughes, and Weatherford International.