Zyfra Group, a Finnish-Russian AI and IIoT solutions developer for industries, has successfully tested a software unit designed to enhance oil well production by 1.5 per cent with no additional capital investment.
The electrical submersible pump (ESP) software unit has been operational now for more than three months on 500 oil wells across western Siberia in Russia which claim an additional profit of two million dollars and 1.5 per cent growth in production.
"The digitalisation of oil and gas industry will help simplify extraction of hard-to-recover oil while at the same time extending the lifespan of the oilfield by more than one decade," said Zyfra's AI team leader Dmitry Krikunov in a statement.
The company plans to reach a target of 50 million dollars in India-related deals by 2021, up from three million dollars currently.
It has launched 17 pilot projects with partners like Spudweb, Parivartan Automation, Abcon Group, Wimera Systems and OJB Engineering from defence, aerospace, petrochemicals, metallurgy and mining fields.
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