- India will witness an increase in oil production by 30 per cent.
- Efficiency to be maintained while working on complex oil reserves.
ZYFRA, a Finland-based IoT and AI solutions provider, has announced that it will be using IoT-based “smart drilling” software systems to help India increase oil productivity by upto 30 per cent and reduce construction times by half, while mitigating production and process risks.
Software for optimal positioning
Geosteering Technologies (GTI), one of the leading vendors of “smart drilling” software and an acquire of ZYFRA, will be implementing Geonaft, a software package designed to provide engineering support for optimal positioning during the process of drilling oil wells.
Igor Bogachev, CEO, ZYFRA, said, “The company’s core product is Geonaft, a modular software package designed to provide comprehensive engineering support for directional and horizontal drilling through optimal positioning of the well bore within the target horizon. Geonaft determines the well’s stratigraphic position while drilling and forecasts changes in the structure formation.”
He further added, “The economic impact of drilling with Geonaft could be as much as US$ 1.5 million per year in a single well. Over 4,000 horizontal and directional wells have already been drilled using software products from Geosteering Technologies by clients, including Gazpromneft, Rosneft, Slavneft, Bashneft, Lukoil and other leading Russian oil and gas producers and oilfield service companies.”
Future of oil drilling technology
Digitalisation promises the introduction of hi-tech methods such as IoT for oil production as compared to conventional ones. This will maintain efficiency when working on complex oil reserves.
“The “smart drilling” technology market is worth over USD 3 billion today and will turn into a USD 30 billion market in 10 years’ time. Efficient data interpretation, new sensors and remote operations – these are the things that have transformed the industry over the past few years and this technology trend is picking up speed,” said Ivan Protopopov, Partner at North Sea Energy Ventures, a firm focused on energy, oil and gas efficiency.
The company aims at entering traditional oil production markets located in the Persian Gulf and South East Asia by 2020.