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.
Reservoir analysis is determining the flow related properties such as pressure, volume, temperature, porosity, permeability, etc., of the reservoir fluid and formation in order to optimize the recovery techniques and production. Reservoir characteristics such as reservoir diagenetic history, reservoir rock quality, reservoir production potential, formation damage during stimulating, reservoirs fluid sensitivity to completion chemicals, etc., can be found through reservoir analysis.
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In terms of service, the reservoir analysis market can be segmented into geological, petro-physical, and engineering. Geological services include data acquisition, data evaluation, seismic and structural stratigraphic interpretation, mineralogical analysis of reservoir, core evaluation, reservoir characterization, geostatistics and quantification, uncertainties analysis, risk analysis, and volumetrics.
Petro-physical services include well log analysis, physical properties analysis, AVO modelling, rock property modelling, rock physical measurements, fluid replacement modelling, and invasion & dispersion analysis. Engineering services include numerical reservoir modelling, static 2D and 3D reservoir modelling decline curve analysis, production forecasting, development planning, well-test design and interpretation, reservoir PVT analysis, economic modelling, and well design optimization. The geological service segment is estimated to hold a prominent share of the market by the end of the forecast period due to significant investments in shale gas exploration.
In terms of resource type, the reservoir analysis market can be segmented into conventional and unconventional. The Conventional resource is a high permeability reservoir where the production can be carried out through traditional methods such as drilling, pumping, and compression techniques. Unconventional resource are reservoirs with low permeability, source rocks are immature, and product is in a weird form and where advanced techniques are employed for production. Usually, shale oil/shale gas, coal-bed methane, tight gas sands, methane hydrates (not in production yet) tar sands are termed as unconventional resources.
The cost of conventional resource type production is comparatively low and is simple in operation. These key features prompt the conventional resource segment to account for a prominent share of the reservoir analysis market. However, extensive research is being carried out to improve the unconventional resource type production and make it feasible for companies to invest in the market. Technological advancements are anticipated to drive the unconventional resource segment during the forecast period.
In terms of application, the reservoir analysis market can be segmented into onshore and offshore. Onshore applications include operations carried out on land, and offshore applications include operations carried out at low, medium, and high depths of the ocean. Offshore applications require considerable investments and time. The number of onshore activities are increasing globally, which leads the onshore segment to hold a major share of the reservoir analysis market.
In terms of region, the reservoir analysis market can be segmented into Middle East & Africa, North America, Europe, Asia Pacific, and Latin America. Saudi Arabia constitutes one fifth of the world’s proven oil reserves, which makes the Middle East & Africa a key region in the reservoir analysis market. However, unconventional resource exploration and production such as shale gas is extensively carried out in North America, this is likely to cause the market in the region to hold a major share of the global market by the end of the forecast period.
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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.
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