Global Exploration and Production Software Market to Grow at a CAGR of 14.7% During the Period 2024-2032, Driven by Solutions Enabling Better Decision Making

The global exploration and production software market is expected be driven by solutions enhancing workflow efficiency and improving the precision of exploration operations for firms, especially oil and gas companies. Oil and gas companies employ exploration software to determine and evaluate deposits to decide whether to start extraction. With the help of exploration software, oil and gas companies can begin planning extraction operations and create an infrastructure to ensure the safety of personnel. Exploration software thus are an important tool for hazard identification and risk assessment. Solutions with novel features and accelerated automation are expected to enhance user productivity and lead to better results in a more optimal time duration. North America, Europe and Asia Pacific are likely to be key markets.

Leading companies seek to provide modern solutions to improve efficiency and accuracy of exploration operations. For example, in 2020, Baker Hughes and C3.ai launched an AI-based application that allowed well operators to observe real-time production data and more accurately predict future production. The application, BHC3 Production Optimization, was the second AI software application developed by Baker Hughes and C3.ai after the announcement of their strategic partnership in June 2019. The software analysed historical and real-time data across production operations, then analysed the data using machine learning for anomaly detection, production forecasting, and prescriptive actions that enhanced production performance.

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Ikon Science addresses customer challenges through innovative oil and gas software solutions, services and studies across every play type. The company offers solutions that help in assessing drilling risks, exploring mature basins, and optimizing for cost effective and safe operations; the solutions resolve even the most challenging E&P problems with streamlined workflows and rigorous scientific approaches. The company offers a complete portfolio to improve drilling data analytics and decision making for E&P companies, and helps customers across the globe make smarter decisions by extracting better insights from complex subsurface data.

In 2020, Emerson announced that Jaguar, an independent oil and gas company based in Mexico City, would use its exploration and production (E&P) software and services to maximize the potential of Jaguar’s onshore assets and projects. The company sought to utilize Emerson’s E&P software solutions for seismic and well data analysis, multi-survey seismic and geologic interpretation, petrophysical analysis and subsurface modelling to enhance performance, improve operational certainty and assist effective asset management. Such solutions are expected to boost the global exploration and production software market.

In 2020, Emerson announced the release of RMS™ 12, the latest version of its advanced reservoir modelling software solution. The solutions featured a new automated method for capturing and modelling structural uncertainties in very complex faulted reservoir structures with large amounts of horizontal and deviated wells. Operators could then seamlessly incorporate these structural uncertainties into Emerson’s Big Loop™ ensemble automation workflows for history matching and production forecasting. In 2019, Emerson announced the release of the Paradigm™19 integrated oil and gas exploration and production software suite, featuring automated workflows that enhanced productivity while decreasing user effort. Paradigm 19 optimized model accuracy, reduced outcome uncertainty and saved costs across the customer’s organization.

Key Findings of the Report:

• The global exploration and production software market is expected be driven by solutions enhancing workflow efficiency and enhancing precision of exploration operations.

• Advanced solutions enabling better interpretation and offering greater visualisation capabilities are likely to stimulate market growth.

• North America, Europe and Asia Pacific are projected to be key markets.

Market Analysis by Offering, Software Type, Deployment Type, Operation Type and Region:

• By offering, the market is segmented into Service and Software.

• By software type, the market is divided into Portfolio Aggregation, Risk Management Mapping, Navigation System, Seismic Amplitude Analysis, Navigation Systems, Reservoir Simulation, and Others.

• By deployment type, the market is classified into Cloud-based Software and On-premise Software.

• By operation type, the market is segmented into On-shore and Off-shore.

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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