eLynx Technologies has launched a suite of predictive maintenance software products called Predictive Analytics as a Service (PAaaS) to help the oil and gas industry by forecasting a range of oilfield problems.
Image: eLynx introduces predictive analytics software for oil and gas industry. Photo courtesy of David Castillo Dominici at FreeDigitalPhotos.net.
The fruit of nearly two years of work by an expanding team of elite data scientists, PAaaS promises to save companies enormous amounts of capital, boost reserves, dramatically reduce costly waste, enhance safety and protect the environment.
Now, instead of just reacting to daily parades of disruptive oilfield challenges, many of which cause wells to stop producing, eLynx empowers oilfield professionals to fix problems before they emerge.
eLynx founder and CEO Steve Jackson said: “Big Data is transforming our industry in positive ways. We are the fortuitous beneficiary of almost 20 years of industry knowledge gained from monitoring over 40,000 wells for hundreds of customers in all major U.S. drilling basins.
“We now are leveraging that knowledge and putting it into the most relevant hands — those of our customers. The quality of our data is key — no other organization in the industry enjoys our wealth of reliable, strong data. But it takes powerful minds to turn data into valuable products, and we have built one of the most potent data analytics teams in the United States. Science partnerships with the University of Tulsa Tandy School of Computer Science, Tulsa University Artificial Lift Project, and Microsoft, which selected us to be one of a few hundred commercial partners worldwide, have been vital collaborations.
“But PAaaS would not be happening without our customers — without them, we could never have created so many groundbreaking products. Finally, the bulk of the credit goes to our superb team of passionate employees, all of them obsessively focused on executing the work required to bring these transformative products to the industry.”
Starting today, industry leaders can leverage our new platform — the first innovation in oil and gas to combine predictive analytics as a service and SCADA — to achieve significant gains.
eLynx’s first plunger lift predictive maintenance product, for example, saved one producer $710 per month per well. For a 500-well field, that translates into $4.2 million in annual savings. This early experiment represents just a sliver of what eLynx will deliver to its customers.
eLynx chief product officer Samantha McPheter said: “Almost 20 years ago, eLynx introduced SCADA as a service to the industry.
“With these new technologies, we move to predictive analytics, a pivot that vaults data from something merely important to absolutely essential for companies seeking to be competitive in this new environment.
“Companies that are slow to adapt to this new reality will be consumed by competitors that are quick to embrace this data revolution.”
Source: Company Press Release