The ultimate goal of all oil and gas operators across the globe is to extract hydrocarbon as cost effective as possible. In order to achieve this goal, their entire system should be automated and error free starting from the extraction process to the delivery and transportation of oil and gas to buyers, which can be achieved by implementation of hydrocarbons accounting solutions. Additionally, oil and gas operators are increasingly launching their projects in remote locations that are often in difficult environmental condition, which in turns, also increases the demand for hydrocarbons accounting solution across the upstream industry. Hydrocarbons accounting solutions are being increasingly adopted by players in upstream industry for various applications such as production management, reporting and allocation, transport management solution (takes care of transportation data and activity while transporting hydrocarbons through pipelines, trucks or vessels), and sales management, revenue management and other supply chain management related applications.
Global Hydrocarbons Accounting Solution Market: Drivers and Challenges
Technological innovations in cloud computing and data analytics are contributing immensely in making these type of hydrocarbons accounting software more robust and accurate, which helps to increase adoption of these solutions among the end-users. Most of the hydrocarbons accounting solution providers offers solutions, which can be integrated seamlessly with multiple applications such as ERM, reserves management, GIS, land and lease management, well management and other applications used by upstream industries. Previously, upstream industry was not bounded by government rules and regulations. However, with changing market scenario around oil and gas producers, the requirement to manage this industry by intelligent solutions increases.
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In order to achieve an objective of increased production in cost effective and efficient manners, various oil and gas operators have different specific requirements across the industry, hence it’s a challenge for hydrocarbon solutions providers to provide customized solutions which support different needs and yet maintain profitable business model.
Traditionally, hydrocarbon accounting has mostly taken place at the level of individual fields or operating companies. However, changes in the global market around producers of a field, the pursuit of natural gas, and increased regulation are just some of the factors driving oil and gas companies to look for applications that have a more comprehensive view.
Global Hydrocarbons Accounting Solution Market: Segmentation
Global hydrocarbons accounting solutions can be segmented on the basis of component, deployment type and end-use sector. On the basis of component, global hydrocarbons accounting solution market is segmented into software and services. Service segment is further sub-segmented into consulting, implementation and support. On the basis of deployment type, global hydrocarbon software market is segmented into cloud based software and on-premise software. In 2015, cloud based hydrocarbons accounting solution is estimated to dominate the market and is expected to remain dominant throughout the forecast period. Deployment of cloud based hydrocarbons accounting software reduces requirement of trained IT personal team because of 24*7 full technical support from the solution providers is the main force driving the growth of cloud based hydrocarbons accounting software market. On the basis of end-use sector, global hydrocarbons accounting solution market is segmented into upstream companies, mid-stream companies and downstream companies.
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Global Hydrocarbons Accounting Solution Market: Regional Outlook
On the basis of region, global hydrocarbons accounting solution market is segmented into seven regions: North America, Latin America, Western Europe, Eastern Europe, MEA, Asia Pacific Excluding Japan and Japan. Among aforementioned regions, MEA is expected to be the dominant market followed by North America because, most of the petroleum companies of the world are present in these two regions.
Tieto, SAP, Adept Solutions, P2 Energy Solutions (formerly Merrick Systems), Wipro Limited, Quorum Business Solutions, Inc. are some of the big players of global hydrocarbons accounting solution market.