Exploration and Production Software Market Trends and Forecast 2015 – 2023

Exploration and production is upstream segment for oil and gas industry comprising of exploration stage which includes locating, testing and drilling for oil and gas. Exploration and production (E&P) software is an integrated solution dedicated to managing exploration to production. The user can interpret the seismic data which uses principles of seismology to estimate the properties of the Earth's subsurface from reflected seismic waves.

Furthermore, E&P software enables designers to prototype reservoir models suitable for simulation, design and development strategies to maximize reservoir exploitation. The entire workflow can be evaluated by the single application considering related opportunities and risk. The faults in the project can be anticipated through stochastic or deterministic system in the E&P software. With implementation of E&P software there can be easy and smooth transfer of data enabling productive operations.

With recent Advancements in technology in E&P, the deployment of software based exploration and production tools have increased to a great extent. With deployment of E&P software, there has been increase in workflow productivity, assisting efficient working model in difficult reservoirs. Furthermore, repeatable workflows can be easily functionalized by the implementation of E&P software. Furthermore, the long term demand for natural resources is frequently rising, which has created a constructive opportunity for E&P software market to grow at a considerable pace. There has been wide scale growth in energy consumption in the emerging markets such as India and China, driving for the growth of E&P software market.High installation cost and lack of technical expertise are few restraining factors affecting the market growth for E&P software. The oil exploration and production work incorporates activities such as equipment maintenance, production optimization, price optimization and safety & compliance.

Exploration and production...