Category: Business News
Schneider Electric, the global specialist in energy management and automation, has announced a collaborative project with Landmark, a Halliburton business line and provider of integrated E&P software.
The ongoing project aims to provide total transparency to E&P decision makers—from oil field to board room—with a real-time, integrated view of their business’ performance. For E&P companies, performance is correlated with detailed technical, operational, and economic knowledge of the assets in their portfolios.
Schneider Electric is coming together with Landmark to connect Schneider Electric’s IoT-enabled open and interoperable system architecture and platform EcoStruxure with Landmark’s DecisionSpace, allowing companies to build a real-time digital representation of individual assets and the overall portfolio.
“Thanks to the IoT and cloud solutions, we can transform upstream decision-making,” says Maurizio Rovaglio, vice president technology and alliances at Schneider Electric. “We’re applying these technologies in innovative ways to deliver new functionalities and greater benefits. It’s exciting stuff.”
Together Landmark and Schneider Electric are delivering integrated and commercially impactful workflows designed for E&P lifecycle management.
“To undertake these projects, operators require technology and commercial terms that work within their business constraints—no IT system overhauls or huge outlays of capital to occur before value is demonstrated,” says Nagaraj Srinivasan, senior vice president of Landmark and Halliburton Digital Solutions.
The joint work extends to various aspects of upstream operations, including operations management, production surveillance, and production automation.
Initial findings of the project point to a number of benefits, including:
Enhanced reservoir insight
Faster feedback between well production equipment and the reservoir model plus more detailed history matching can lead to more accurate reservoir simulations.
Improved asset performance
Increased operational reliability and asset insight allows for more informed decisions about secondary and tertiary recovery
Optimized analytics for E&P big data enable management by exception
Improved well integrity
Shared workflows and predictive analytics help manage safety and asset integrity
Schneider Electric believes strongly in IoT and its power to bring innovation to every level of the oil and gas industry, from field to enterprise level. This collaboration with Landmark is indicative of Schneider Electric’s commitment to developing new, connected solutions together with customers.
Source: World Oil