April 11, 2019 - ZYFRA Group, Finnish-Russian AI and IIoT solutions developer for industries has successfully tested an Electrical Submersible Pump (ESP) software unit, designed to enhance the efficiency of oil extraction by boosting oil well production rates by 1.5 per cent without any additional capital investment.
The ESP software unit is now operational for more than three months in 500 oil wells in Western Siberia, Russia, which makes an additional profit of USD 2 million and the growth in production is 1.5 per cent.
It is equipped with artificial intelligence to provide recommendations based on historical Big Data analysis. The unit recommends a mode of well operation that will ensure maximum oil flow rate for a certain period of time and provides for stable operation during that period by analyzing current frequency, gauged oil flow rate, periods of intermittent pump operation and other operating parameters.
The highest demand for the ESP software unit is expected from Russia, US, Canada, Southeast Asia, Northern and West Africa and Middle East.
With its AI equipped ESP software unit ZYFRA aims to capture a share of the global market of digital solutions for the upstream oil & gas industry valuing USD 366 million. The total global market in this sector is valued at up to USD 8.9 billion.