IoT + Artificial Intelligence Startup Ambyint Announces Expanded Commitment with Equinor to Optimize Production Operations in North Dakota
HOUSTON--(BUSINESS WIRE)--Jul 25, 2018--Ambyint, the emerging player in AI-powered artificial lift and production optimization, and international energy major Equinor today announced that Equinor will deploy Amybint’s technology on all rod pump wells in Equinor’s Bakken asset in North Dakota. The partnership comes at the end of a successful pilot and will expand to full field implementation in this asset.
During the pilot, Equinor was able to automate rod pump well optimization through use of Ambyint’s autonomous setpoint management functionality. By identifying wells that were over-pumping or under-pumping, controller set points were adjusted with minimal human interaction. This kind of proactive machine-driven optimization resulted in increased production rates and pump efficiency while reducing well volatility.
“The Ambyint technology has improved the remote data visibility and has delivered a more accurate diagnostic of downhole conditions to our rod pump wells in the Bakken. The Autonomous speed range management tool has leveraged the power of machine learning to optimize our wells by identifying and acting on real opportunities,” said Jack Freeman, Production Engineer for Equinor’s Bakken Asset.
“Research & Technology teams facilitated the internal technology qualification process by setting up robust and measurable success criteria for the evaluation of pilot. We worked closely with Ambyint to ensure that the technology development and future roadmap meets Equinor’s business needs and priorities,” said Pandurang Kulkarni, principal researcher at Equinor Research and Technology.
Ambyint delivers substantial operating improvements to customers by combining the best of traditional physics-based methods with modern artificial intelligence and machine learning. Ambyint’s data science success is fueled by the industry’s largest repository of labeled training data, totaling nearly 100 million operating hours of high-resolution data. Using its proprietary High-Resolution Adaptive Controllers (HRAC), Ambyint continues to build on both the size and quality of its industry-leading data lake. As a result, Ambyint has already helped customers show 20%+ reductions in operating expenses and as much as 10% improvements in production volumes.
This deployment of Ambyint’s technology expands the company’s partnership with Equinor. In September 2017, Ambyint announced that Equinor Technology Ventures, Equinor’s corporate venture unit, participated in the company’s $11.5M Series A round along with GE Ventures, Cottonwood Venture Partners, and lead investor Mercury Fund.
“The strong positive results from Ambyint’s pilot in Equinor’s Bakken asset is a direct result of the hard work and deep collaboration between Equinor’s Bakken asset team, Research & Technology team, and the Ventures team,” said Chris Robart, President of Ambyint USA. “Equinor’s commitment to deploying leading-edge and novel technologies into their operations is what made the pilot possible and what ultimately resulted in significant value creation for the Bakken asset.”
Ambyint is building the “self-driving car” for oil wells to enable autonomous well operations for it’s E&P customers. The company is leveraging best-in-class technology tools like artificial intelligence, machine learning, and IoT controllers, in combination with physics-based analytics, deep domain expertise, and a massive proprietary data lake that’s nearly 50 terabytes, equivalent to 100 million operating hours. Ambyint creates value for customers by increasing production and reducing labor costs, maintenance costs, and G&A. Ultimately the company can deliver production improvements of up to 10% and OpEx cost savings of up to 20%. For more information, visit http://ambyint.com.
We’re Equinor, an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future. For more information, visit http://equinor.com.
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Director of Marketing
KEYWORD: UNITED STATES NORTH AMERICA NORTH DAKOTA TEXAS
INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY OIL/GAS OTHER ENERGY TECHNOLOGY ELECTRONIC DESIGN AUTOMATION HARDWARE OTHER TECHNOLOGY RESEARCH SCIENCE
SOURCE: Ambyint and Equinor
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PUB: 07/25/2018 09:30 AM/DISC: 07/25/2018 09:31 AM