NEWS + BLOG
ITF supports Akselos to accelerate digital transformation in the oil and gas industry
The Industry Technology Facilitator (ITF) and Akselos S.A. have today announced they will work together to investigate the potential to revolutionise asset management in the oil and gas industry.
The initiative will bring a Joint Industry Project (JIP) to ITF member companies and beyond, that will prove the transformative impact of the use of a Digital Guardian for ageing offshore assets.
Akselos uses MIT-licenced technology to create the world’s most advanced engineering simulation technology – or digital twins. The tech is based on algorithms that are 1000 times faster than those typically used in conventional design technology, enabling detailed and accurate structural simulations of large-scale operational assets.
The company’s vision is to combine the simulation software with sensors and big data analytics to create an exact virtual replica of an asset in its current environment, which the company describes as a Digital Guardian. This will allow operators real-time access to the condition of their asset from anywhere at any time and allow a move towards predictive and preventative maintenance. It will also better inform the decision making process with Asset Life Extension, using data to reassure operators that assets are safe to continue operating beyond their design life.
Dr Patrick O’Brien, CEO of ITF, said: “The creation of a Digital Guardian or twin of an offshore asset is a huge step forward for the oil and gas industry and will reap long-term benefits to enhance operational and cost-efficiencies as well as significantly reduce risk. It will also advance information management and collaboration, where the experts and operators can work together, preventing costly mistakes and rework.”
The partnership with ITF will see the global technology facilitator leverage its considerable network and expertise from previous projects and activities to bring together forward-thinking operators to the JIP. ITF will play a significant project stewardship role throughout the two year project to not only maximise the benefits to the companies involved, but also to facilitate advancements in the industry as a whole.
Thomas Leurent, Akselos’ Chief Executive said: “It’s fantastic to be working with the industry at a time when there’s such a movement behind transformative technology. ITF has an outstanding track record of bringing frontier technology to the industry over the past 20 years and we’re delighted to be working with them. They have delivered tangible and meaningful results for the industry, and their role in addressing challenges with innovative technology has never been more important. We also have leading industry engineers on board from LICengineering in Denmark, who bring unrivalled oil and gas expertise to the table.
“Our vision for a Digital Guardian to protect assets and infrastructure would have been science fiction before the technology breakthrough in 2011, which we have patented and validated across industries. We’re conducting this particular JIP to obtain data that will help illustrate the impact to the oil and gas industry. It’s a huge opportunity to create efficiencies and slash operating expenditure.”
The $2million JIP has been partly funded by Eurostars and the Swiss Commission for Tech Innovation and will last two years. Akselos has partnered with leading design and engineering consultancy, LICengineering to deliver the project. In the first year of the JIP, members will receive a condition-based model of their selected assets, enabling them to analyse structural integrity with more accuracy and detail than ever before. In the second year, Akselos will combine this with sensor data to allow operators to monitor the health of their asset in real-time and predict its future condition.
Thomas Leurent commented: “While our technology is relevant at all stages in asset management, it has huge potential in Asset Life Extension (ALE). With over half of the platforms in the North Sea operating beyond their design life, a Digital Guardian will allow operators to understand the remaining structural capacity of the asset and make informed decisions about ALE.”
One supermajor operating in the North Sea has already signed up to the two year JIP. ITF is now actively seeking other operators from both its international membership and project participants to take advantage of this leveraged funding.
Dr O’Brien continued: “The JIP is an exciting opportunity for pioneering players in the sector to learn and share solutions. Ultimately, it is a chance to be part of an initiative which will revolutionise the industry and bring it on par with the medical, automotive and aerospace industries.”
Since its formation in 1999, ITF has strived to support and fund game-changing technologies across the global energy industry, through a strategic process in close collaboration with its members.
Eurostars is a billion dollar fund aimed at supporting international projects that develop rapidly marketable innovative products and services to improve the daily lives of people around the world. It is funded by the European Union’s Horizon2020 fund and individual participating states’ national budgets.
Image Credits: Kelly Drinnen/Flower Garden Banks National Marine Sanctuary
Akselos is a digital technology company headquartered in Switzerland, with operations in Europe, the USA and South East Asia. The company has created the world’s fastest and most advanced engineering simulation technology, to protect the world’s critical infrastructure today and tomorrow.The technology has the power to revolutionise how we build and manage our critical infrastructure, and pushes the boundaries of what modern engineering and data analytics can achieve. Developed by some of the world’s best minds, the MIT-licensed technology builds something far beyond the capability of a conventional digital twin that allows operators to not only monitor an asset’s condition in real time, but helps them to see the future.
Akselos’ is based at EPFL’s Innovation Park in Lausanne, Switzerland. The Innovation Park hosts technology driven start-ups and established companies in an inspiring environment, with access to cutting-edge research and a large network of dynamic entrepreneurs. Integrated into EPFL, a leading technical university and research institute, the Innovation Park is connected to one of the world’s most exciting scientific communities.
ITF is a member driven organisation solving the global oil and gas challenges prioritised by operators. Through collaborative investment in new technologies, ITF supports industry to unlock oil and gas reserves and improve efficiencies.
More than £77 million has been invested in over 215 joint industry projects. With a vast international network of technology providers who rapidly respond to calls for proposals, ITF secures funding to test, prove and implement innovations that deliver direct cost benefits to industry. The ‘Fullwave GameChanger’ seismic technology project has influenced 100 well placement decisions with operators realising $500 million in value from that single project alone.
LICengineering is a leading design and consultancy company, working within the offshore and marine energy sector. The company offers solutions within Oil and Gas Energy, Renewable Energy and Marine Civil Engineering. Combined with a strong effort towards R&D, LICengineering contributes to future standards of high quality for our industry. LICengineering offers a wide range of services in all phases of a project ranging from conceptual design, detailed drawings, fabrication & installation, on-site inspection and in-service operations until decommissioning.