“Smart Drilling” Technologies Could Boost Gulf Region’s Oilwell Productivity by up to 30% and Halve Construction Time - report
The “smart drilling” technology market is worth over $3bn today and will turn into a $30bn market in 10 years’ time
Geosteering and other modern “smart drilling” software systems will help the Gulf region to increase oil well productivity by up to 30 per cent and to reduce construction times by half, while mitigating production and process risks, according to the Finnish-Russian digital solutions provider ZYFRA.
ZYFRA has invested $9mn in acquiring a controlling stake in Geosteering Technologies (GTI), one of the leading vendors of “smart 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.
The economic impact of drilling with Geonaft could be as much as $1.5mn 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 & gas producers and oilfield service companies.
“Digitalization is one of the most promising sectors of the hi-tech market in oil production. The age of simple vertical drilling at conventional fields is coming to an end, while the future belongs to technologies that help us maintain efficiency, even when developing complex reserves. By the end of 2020 we plan to enter the traditional oil production markets, in particular the countries of the Persian Gulf and South East Asia,” said Igor Bogachev, CEO of ZYFRA.
The “smart drilling” technology market is worth over $3bn today and will turn into a $30bn market in 10 years’ time.
ZYFRA is a Finland-based company with an R&D center in Russia, which provides IoT and AI-based solutions for the industrial sector. The company has operations in Finland, Russia, China, India, Singapore, Bulgaria, Romania and Peru.