Wood teams up with software firm for technical and digital services
UK’s oilfield services provider Wood has joined forces with a Norwegian software company specialising in the energy sector, FutureOn, to provide an integrated technical and digital service to operators to tackle the main net-zero challenges for minimum impact on the environment while building a sustainable economic recovery from existing producing fields and extending their productive life.
FutureOn reported on Monday that it has formed a strategic collaboration with Wood to provide an enhanced service to its client base of global asset operators. The two companies are committed to supporting the world’s asset operators’ efforts to build a sustainable economic recovery from their existing infrastructure, optimising asset performance and extending productive field life whilst accelerating the move towards net-zero.
Darrell Knight, FutureOn’s Executive Vice President of Strategy and Partnerships, remarked: “The collaboration is the perfect fit as we place the same importance on bringing innovation to the fore to solve the most critical challenges, including the improved communication and increased collaboration necessary to achieve the shortest possible path to energy generation, the best returns over the life of any asset, and minimising the impact on the environment.”
The company further explained that Wood’s technical services specialising in the early field development studies for subsea and ocean-based energy systems, will integrate with FutureOn’s unique field design applications, and proven API-centric collaboration platforms, resulting in significant efficiency gains across the design phase.
Following a trial of FutureOn’s technology in 2019, Wood opted to ink the latest deal to provide technical and integration services to operators using FutureOn’s software. The company will also offer the software as part of its suite of technical services to new and existing customers across the world.
FutureOn is the creator of the SaaS field design applications, FieldTwin Design and its API-centric collaboration platform, FieldTwin. As a cloud-based digital platform, FieldTwin Design provides rapid visual workflows for early-stage subsea engineering work.
In addition, multiple data streams from geography to bathymetry, topography, existing infrastructure and other physical constraints can be combined with proprietary information such as reservoirs, wells and drilling to create an information-rich 3D visualization of any potential project location.
On the other hand, FieldTwin provides a visual representation of the entire life cycle of a field by creating and maintaining a digital twin — an exact digital copy of an oil and gas company’s physical asset — which enables producers to maximize asset performance and value.
FutureOn’s open and collaborative approach to field design is based on data-rich 2D and 3D visualisations and the inclusion of metadata on assets and costs will enable reliable early-stage production and financial forecasts.
Furthermore, it also provides a real-time visual blueprint of a field development allowing project teams and contractors to collaborate remotely, development of options at pace and a shared project workspace for timely delivery.
Matt Kirk, Senior Vice President, Specialist Engineering and Consulting at Wood, commented: “Asset operators everywhere are recognising the need to completely transform their existing infrastructure as part of the shift towards a net-zero future. Together, Wood and FutureOn will harness its collective expertise to help them make it happen. The opportunities to influence project economics and optimise the CAPEX on energy developments remain highest at the conceptual and early phases of a project.”
The agreement will allow the two companies to combine the power of FutureOn’s FieldTwin technology for the streamlined design of renewable energy systems with Wood’s Automated Design product for pipeline systems that address key aspects of the global net-zero challenge.
FutureOn’s digital twins deliver a complete asset visualization and integrated data model that unlocks value through increased efficiency, improved safety, reduced costs, risk mitigation, lower emissions and increased uptime, based on the company’s statement.