ZYFRA Group, Finnish-Russian AI and IIoT solutions developer for industries has successfully tested an Electrical Submersible Pump (ESP) software unit, designed to enhance the efficiency of oil extraction by boosting oil well production rates by 1.5% without any additional capital investment.
The ESP software unit is now operational for more than three months in 500 oil wells in Western Siberia, Russia, which makes an additional profit of US$2 million and the growth in production is 1.5%.
It is equipped with artificial intelligence to provide recommendations based on historical Big Data analysis. The unit recommends a mode of well operation that will ensure maximum oil flow rate for a certain period of time and provides for stable operation during that period by analysing current frequency, gauged oil flow rate, periods of intermittent pump operation and other operating parameters. The highest demand for the ESP software unit is expected from Russia, US, Canada, Southeast Asia, Northern and West Africa and Middle East.
"Scientists regularly claim that the era of oil will end soon and that readily available hydrocarbons are almost exhausted. The digitalisation of the oil and gas industry will help simplify extraction of hard-to-recover oil while at the same time extending the lifespan of the oilfield by more than one decade,” said Dmitry Krikunov, ZYFRA’s AI team leader in the oil and gas sector.
"The primary motivation for investing in digitalisation is to improve efficiency. According to Gartner, the ‘smart oil deposit’ concept could help oil companies to cut costs by 5% and enhance production volumes by 2%. CERA calculates that ‘smart oil and gas deposits’ could cut production costs by 1–6%, shrink oil-well downtime by 1–4% and reduce labour intensity by up to 25%,” said Dmitry Krikunov.
With its new AI equipped ESP software unit ZYFRA aims to capture a sizeable share of the global market of digital solutions for the upstream oil and gas industry valuing US$366 million. The total global market in this sector is valued at up to US$8.9 billion.
ZYFRA has cumulatively earned more than US$3 million from India-related deals. The company plans to enhance its presence in the Indian market and reach the target of US$50 million in deals by 2021.
Read the article online at: https://www.oilfieldtechnology.com/digital-oilfield/16042019/finnish-russian-company-tests-ai-solution-to-boost-oil-well-production/