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Global Statistics Representing Exploration and Production (E&P) Software Market Scenario

Exploration & production entails the process of searching and extracting oil and natural gases underwater or underground. Software solutions designed especially for upstream processes in the oil and gas industry are referred to as E&P software. E&P software programs help oil and gas companies better analyze geographical data for more accurate modeling and production planning.

The demand for exploration and production (E&P) software has been rising in tandem with the growth of the oil and gas industry. For instance, Schlumberger Limited increased its E&P investment in North America by more than 30% in 2017. More than 75% of new projects planned in 2017 were slated for shallow and deepwater offshore environments, which has tripled the number of investments.

Technological advancement in the oil & gas industry and increasing use of oilfield equipment drive demand for E&P software. Recently, there has been a shift from conventional gas to unconventional resources. This emerging trend of unconventional resources necessitates the use of advanced technology and software to extract gases, which in turn has been driving the demand for exploration and production software. Advanced E&P software technology helps the oil and gas industry reduce its carbon footprint.

On the flip side, political vulnerabilities and fluctuating oil and gas prices hamper the growth of the oil and gas market and subsequently, the exploration and production (E&P) software market.

The global exploration and production software market accounted for over USD 4.2 billion in 2017 and is expected to grow at a CAGR of 13.7% during the forecast period, 2019–2026.

Intended Audience

  • Software Providers
  • Oilfield Equipment Manufacturing and Integrator Companies
  • Government and Research Organizations
  • Consultants
  • Oil & Gas Industry Forum
  • State- or Government-Owned Corporations
  • Investors

Segmental Analysis

The global exploration and production software market can be segmented on the basis of deployment type, software type, and region. On the basis of deployment, the market can be segmented into on-premise software and cloud-based software. The cloud-based software segment has been gaining traction in the exploration and production software market as the software is cost effective when compared with the on-premise platform.

On the basis of software type, the market can be segmented into risk management mapping, reservoir characterization, seismic amplitude analysis, portfolio aggregation, performance tracking, drilling, and others. The reservoir characterization software segment holds the largest market share. Development of new technologies such as hydraulic fracturing and bidirectional or horizontal drilling and the use of unconventional resources is another factor that drives the growth of the reservoir characterization software segment.

Regional Analysis

On the basis of region, the global exploration and production software market has been segmented into North America, Europe, Asia Pacific, and Latin America and Middle East & Africa.

North America is projected to dominate the E&P software market throughout the forecast period, due to new oil and gas exploration activities and technological advancements. Large-scale offshore drilling activities in the Gulf of Mexico, which is one of the major users of E&P software, is a key factor contributing to market growth in the region. E&P activities are also increasing in developed countries of the region. For instance, according to the U.S. Energy Information Administration, U.S. oil and gas production reached 10.96 million b/d and 100.24 Bcf/d respectively in July 2018. In addition, rising demand for cost-efficient & safe E&P techniques is another key factor driving market growth in North America.

The Latin America and Middle East & Africa region is pegged to be the fastest growing market for exploration and production software. New zones have emerged, and significant oil and gas discoveries have been made in countries such as Nigeria, Angola, Algeria and Libya and in light of this, various junior players backed by powerful investment funds are entering the market.

The Asia Pacific E&P software market is witnessing sound growth with regulatory improvements and developments; for instance, governments of developing economies such as India, Pakistan, and China have decided to increase the prices of natural gas from undeveloped discoveries in hard-to-access areas such as undeveloped deep water, ultra-deep-water, and high temperature-high pressure areas. These factors spur exploration and development activities in the region, which in turn drives E&P software market growth.

The Europe E&P software market is experiencing healthy growth, backed by government initiatives that aim to support the region’s oil & gas industry. For instance, to encourage production and exploration activities in the U.K, the Chancellor of the Exchequer announced a plan of tax reduction for North Sea oil and gas fields in the Budget 2016.

Key Players

Some of the noteworthy players operating in the exploration and production software market include Halliburton, Exprodat Consulting Ltd., ETL SOLUTIONS, Emerson Paradigm Holding LLC, Schlumberger Limited, P2 Energy Solutions, eDrilling AS, TDE Group, Petrolink, OVS Group LLC, Rock Flow Dynamics, Petroleum Experts Limited., Kongsberg Gruppen ASA, General Electric, Pason Systems Corp., GEPlan Consulting srl, Interactive Network Technologies, Inc., ION Geophysical Corporation, IHS Markit, Emerson Electric Co., and Computer Modelling Group Ltd.

Exploration and Production (E&P) Software Market Segmentation

By Deployment Type

  • On-Premise Software
  • Cloud-Based Software

By Software Type

  • Risk Management Mapping
  • Reservoir Characterization
  • Seismic Amplitude Analysis
  • Portfolio Aggregation
  • Performance Tracking
  • Drilling
  • Others

By Region

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

Recent Developments

The global exploration & production software market is expected to be largely driven by innovative digital solutions during the forecast period (2019–2026).

  • In 2018, Weatherford International plc launched its production software platforms ForeSite and CygNet SCADA on Google Cloud Platform. The collaboration with Google Cloud enables operators to easily access and deploy these platforms to drive improved production performance.
  • In 2017, Halliburton launched over 35 new products across 14 product lines to improve its services. In November 2018, Halliburton launched the Cerebro in-bit sensor package, a new intelligent drill bit technology to optimize drilling performance.

Why Buy This Report?

This report offers key insights pertaining to the exploration and production (E&P) software market with an emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.

  • Definitive Market Data
  • Exploration and Production Software Market Analysis
  • Technological Insight
  • Competitor Analysis
  • Recent Opportunities in the Market
  • Pipeline Analysis
  • Patent Analysis

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