AI Firm Zyfra Successfully Tests ESP Software Unit for Oil Extraction
Zyfra’s ESP software unit is integrated with artificial intelligence (AI) to give recommendations on the basis of historical Big Data analysis
Artificial Intelligence (AI) and Industrial Internet of Things (IIoT) solutions developer, Zyfra Group, has successfully tested the electrical submersible pump (ESP) software unit. The ESP software unit is designed to improve the oil extraction efficiency by increasing production rates of oil well by 1.5 per cent without any extra capital investment.
The unit is now operating for over three months on 500 oil wells in West Siberia region, Russia, which claim growth in the production of 1.5 per cent and an extra profit of US$ 2 million.
The ESP software unit is integrated with artificial intelligence (AI) to give recommendations on the basis of historical Big Data analysis. The unit provides recommendation regarding mode of well operations that ensure the maximum flow rate of oil for a certain time period. It also provides for steady operation of oil well during that period by assessing the existing frequency, gauging flow rate of oil, periods of intermittent pump operation and related operating parameters.
ESP software unit is expected to generate maximum demand from countries like Russia, US, India, Canada and from those where there are high numbers of brownfields.
With its new AI-powered ESP software unit, the Finnish-Russian digital solutions provider is aiming to capture a share of US$ 366 million in the digital solutions global market for upstream oil and gas sector. The overall global market in this sector is estimated at around US$ 8.9 billion.
Eyeing presence in Indian market
Zyfra is also eyeing Indian market to enhance its presence and set a target to reach US$ 50 million in deals by 2021. The company has cumulatively earned over US$ 26 million from India-related contracts. The company is planning to nearly double this to US$ 45 million by the end of this year.
In 2018, Zyfra achieved US$ 3 million in deals with its counterparts in India, to facilitate industrial manufacturers with IIoT and AI-based solutions along with autonomous vehicles.
source : http://electronicsofthings.com