Demand for digital oil field systems is on the rise. Between 2005 and 2010, the number of patents filed in the classes relating to the oil exploration and extractive industries technically doubled from just 700 to almost 1,400 out of which most were related to DOF.
Globally fracturing service cost stood in the range of $2.0 â€“ 3.5 million per well ( for wells greater than 15 and less than 30 frac stages). Fracturing cost per well is expected to decrease on an annual basis in U.S but will continue to increase in Canada for the next two years.
The production from offshore fields will rise significantly due to the increased investments in offshore fields from various oil and gas companies.