Digitization Driving the Future of the Subsea Market
Subsea oil & gas operators expect to see increased use of digitization technologies to drive additional efficiencies and shape the future of subsea operations.
The topic of digitization was not mentioned in the 2016 survey but has increased steadily and is cited as the top factor in the 2023 survey recently published as the area that will bring the most impact and change to how subsea fields operate today.
This trend in digitization is also observed in the subsea services budgets of the operators with subsea equipment monitoring & surveillance expenditures increasing steadily from only 1% of the budget in 2016 to 12% of the budget in 2023 while downhole well performance monitoring continues to rise and comprises 11% of the budget.
These findings are reported in the most recent 2023 Kimberlite Subsea Services IMR report. Kimberlite will continue to track the future digital expenditure plans among the subsea operators worldwide and report updates on technology adoption and operational trends. Feel free to reach out to discuss.