New oil production technology by Ambyint utilizes the Industrial Internet of Things (IIoT) to provide oil producers with big data analytics.
The Calgary startup was established in 2015 and has released an out-out-of-the-box solution priced under $1,000 that it claims increases oil production efficiency while also improving the durability of pumping equipment.
“The propriety platform combines and leverages the latest innovations in lightweight sensors, wireless communications and predictive data analytics,” said Nav Dhunay, CEO of Ambyint. “[It] enables oil producers to autonomously optimize their well assets, increasing production and efficiency while reducing costs (both operational and maintenance) and ultimately achieve a higher profitability.”
The most attractive feature of this technology might be its competitive price. Dhunay said that most current solutions for well optimization are complex and expensive.
“Our ability to drive down the cost of the product came from leveraging advanced technologies that were ubiquitous in other industries but had not been utilized in the oil and gas industry,” said Dhunay.
The IIoT vision was important in developing the product, as it provides a solution that can be installed by anyone, anywhere. The IIoT structure creates simplicity and the ability to grow with client needs by using additional wireless sensors without changing the infrastructure.
In the future, Ambyint sees the technology having implications outside the oil industry.
“Dealing with challenges of ensuring reliability and uptime of equipment straddles many other industries. As does the need to learn from our operations and become more efficient, focusing on continuous improvement,” says Dhunay. “We do have plans to introduce our solution to the gas industry as well as other industries such as wastewater management, mining and agriculture.”