Global Exploration and Production Software Market Report and Forecast 2024-2032

Global Exploration and Production Software Market Outlook

The global exploration and production software market is expected to grow at a CAGR of 14.7% during the period 2024-2032. Solutions enhancing workflow efficiency and improving the precision of exploration operations for firms, especially oil and gas companies, are expected to afford organizations the desired competitive edge and drive market growth. 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.

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Global Market Likely to be Driven by Companies’ Need for Improved Data Analytics and Better Decision Making

Modern solutions offer new workflows for interpreters, providing a broad range of technologies in the same integrated platform where day-to-day interpretation is carried out. This removes the challenges related with shuffling information between platforms and reduces the necessity to learn new applications, resulting in enhanced productivity and quicker product adoption. Such solutions incorporate additional automation to help customers enhance performance through the E&P course, including usage of machine learning for quicker interpretation and reservoir characterization. Novel capabilities may enable up to twenty percent higher user productivity for multi-survey and large-scale interpretation and imaging projects, added automation of the tomographic velocity model update process and a fully automatic reservoir modelling uncertainty workflow. Solutions with new features incorporating surface outcrop data in multi-survey interpretation systems are particularly valuable to users working with poor-quality seismic data, especially in mountainous regions. Such solutions are expected to drive the global exploration and production software market. Powerful new tools in the formation evaluation system make it easier to work with large, multi-well databases and carry out safer drilling.

Exploration Software for Oil and Gas Companies Likely to Contribute to Market Growth

Oil and gas companies employ exploration software to determine and evaluate deposits to decide whether to start extraction. Exploration software enable oil and gas companies to determine the size, accessibility, and overall feasibility of deposits. 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.

Modern Solutions Expected to Drive Market Growth

To generate precise exploration data, exploration software integrates with geology and seismic software solutions. Integration with oil and gas simulation and modelling could also assist companies in creating and comparing scenarios for optimal extraction and production strategies. To qualify for inclusion in the Exploration category, a solution must offer data on oil and gas deposits across several locations, visualize and analyse drillhole and borehole information, automate data capture and processing tasks for exploration, convert and share surface and subsurface geoscience information, determine unexplored deposit potential, and evaluate feasibility and costs of extraction and production projects. Solutions that help safeguard investments of companies by reducing uncertainty in exploration projects and development fields are likely to drive the global exploration and production software market. Popular software include:

WellView – A complete well information management system for well planning, drilling, completion, testing and workovers. The solution is a single comprehensive drilling and well information database which decreases duplicate data entry, enhances data quality, and fosters a collaborative information environment.

Petrel E&P Software Platform – The solution brings disciplines together with best-in-class applied science in an excellent productivity environment. The shared earth approach allows companies to standardize workflows from exploration to production, and make informed decisions with a clearer and better understanding of opportunities and risks.

geoSCOUT – A decision-support tool; it offers data for all disciplines by integrating public and proprietary data in wells, well logs, land, pipelines and facilities, fields and pools and seismic studies, providing access to required information.

IHS Kingdom – Provides the desired functionality for portfolio management from prospect to production, with interpretation to microseismic analysis and geosteering, enabling better interpretation and modelling sharing of information, and improved decision making.

CorePlan – A digital operations platform for Mining Exploration & Drilling. The solution enables drilling companies to manage their operations from capturing drilling data (called Plods or DDRs), inspections, incidents to generating cost to clients and then invoicing them after approval. These features come without the need for error prone spreadsheets or continual email and paperwork.

Market Segmentation

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By offering, the market is segmented into:

• Service
• Software

By software type, the market is divided into:

• Portfolio Aggregation
• Risk Management Mapping
• Navigation System
• Seismic Amplitude Analysis
• Navigation Systems
• Reservoir Simulation
• Others

By deployment type, the market is classified into:

• Cloud-based Software
• On-premise Software

By operation type, the market is segmented into:

• On-shore
• Off-shore

By region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Market

The report presents a detailed analysis of the following key players in the global exploration and production software market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Emerson Electric Co.
• ION Geophysical Corporation
• Baker Hughes Company
• Ikon Science Ltd
• KAPPA Engineering
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report