Technology
'Smart' drilling could boost India's oil output by 30%: Report
New Delhi, Sep 26
At a time of a renewed spike in oil prices, Finnish-Russian digital solutions provider Zyfra said on Wednesday that geosteering and other modern 'smart' drilling software systems will help India increase oil well productivity by up to 30 per cent and reduce construction times by half, while mitigating production and process risks.
Zyfra, which achieved $3 million in contracts with its Indian counterparts in 2018, facilitating industrial manufacturers with AI and IIoT-based solutions, said in a statement that it has recently acquired a controlling stake in Geosteering Technologies (GTI), a leading vendor of 'smart' hydrocarbons drilling software.
"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," it said.
"The economic impact of drilling with Geonaft could be as much as $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," it added.
According to the company, the 'smart' drilling technology market is currently worth over $3 billion and will turn into a $30 billion market in a decade's time.
Zyfra, which achieved $3 million in contracts with its Indian counterparts in 2018, facilitating industrial manufacturers with AI and IIoT-based solutions, said in a statement that it has recently acquired a controlling stake in Geosteering Technologies (GTI), a leading vendor of 'smart' hydrocarbons drilling software.
"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," it said.
"The economic impact of drilling with Geonaft could be as much as $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," it added.
According to the company, the 'smart' drilling technology market is currently worth over $3 billion and will turn into a $30 billion market in a decade's time.
1 minute ago
Rahul Gandhi speaks to Anna Sebastian's parents, vows to personally fight for her cause
1 minute ago
Will respond to bullets from across LoC with ‘goli’ not ‘boli’, says HM Shah
2 minutes ago
Wayanad disaster fund: CM Vijayan slams media’s ‘destructive journalism’
11 minutes ago
Former TN minister Vaithilingam booked for taking Rs 27.9 crore bribe
12 minutes ago
No expectations from new Delhi CM, says Cong leader ahead of Atishi's swearing in
12 minutes ago
K’taka cops file case as youth assaults guard, claims to be son of DCP, CM’s kin
13 minutes ago
Conspiracy against Sanatan involves 'foreign interference': Pramod Krishnam on Tirupati Laddu row
14 minutes ago
RG Kar financial scam: CBI unearths major flaws in medicine procurement system
14 minutes ago
Police to quiz warden, fellow students in NIT Patna student's suicide case
16 minutes ago
PM Modi announces 'Mera Booth Sabse Majboot' programme for Haryana from September 26
16 minutes ago
How a 1993 US programme shaped PM Modi's global vision
17 minutes ago
Illegal colonies mushrooming in Bhopal despite ban: BJP MP Alok Sharma
18 minutes ago
BJP leader congratulates Atishi, takes dig at 'inefficient' AAP leadership