Halliburton Co. has been awarded a contract from Kuwait Oil Company (KOC) on Feb. 3 to collaborate on their digital transformation journey through the maintenance and expansion of digital solutions for their North Kuwait asset.
It will allow KOC to accelerate their data-to-decisions cycle by designing and operating digital twins of the field to automate work processes, supported by DecisionSpace 365, a cloud-based subscription service for E&P applications.
Built on an open architecture, DecisionSpace 365 will help KOC engineers’ model, optimize and deploy intelligent work processes to plan, forecast and optimize production and asset operations. The open architecture integrates Halliburton and third-party technologies to enhance operational performance and increase ultimate recovery.
“We are excited to collaborate with KOC on their digital transformation initiatives and build on our previous work to increase reservoir recovery and production,” Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting, said. “By using cloud computing, IoT and real-time technologies to drive new ways of working, we can improve production planning, scheduling and enable virtual and autonomous reservoir optimization.”
As regulatory requirements and ESG reporting and transparency increase to address gas flaring, “clean fracs” could be one solution for upstream oil and gas companies towards an energy transition.
Global investment in energy transition technologies needs to more than double over the next few decades to significantly reduce the cost of renewables, which are set to provide around 60% of the world's energy needs by 2050, industry officials said on May 13.
The entity will focus on companies including those involved in hydrogen, charging infrastructure, carbon capture and sequestration and biofuels, a memo stated.