mCloud Technologies Corp., a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence and analytics, said June 24 it had signed a mutual reseller and a global service agreement with nybl, an innovative technology company delivering AI solutions to industries that include process industries such as oil and gas.
Included in this agreement is cooperation with nybl to deliver a joint solution that will connect and optimize an initial 2,000 oil wells in North America and Kuwait. Cooperation on this solution is now underway.
mCloud and nybl have partnered to deliver complete asset optimization solutions to oil and gas operators worldwide, initially targeting over one million oil and gas wells employing artificial lift technology such as electric submersible pumps, and plunger lifts in Western Canada, the United States, and the Middle East. nybl's lift.ai and mCloud's AssetCare platform will together provide oil and gas well operators with an integrated capability that uses AI to eliminate unplanned outages and continuously monitor the lift equipment at every connected well.
Through the arrangement, mCloud will have the exclusive licensing rights to nybl's lift.ai technology in North America, where these capabilities will become part of the company’s AssetCare solution suite for connected industry. In addition, nybl will package and sell AssetCare to its customers, primarily in the Middle East, as a complement to its current offerings.
“By combining forces, mCloud and nybl will be able to assist oil and gas customers all around the world,” Noor Alnahas, CEO of nybl, said. “Our joint solution will enable operators to see benefits in excess of $200,000 per connected well annually.”
Amended agreements allow the company to move reduced volumes of Permian crude on existing pipelines.
Japanese trading house Sumitomo bought a 30% stake in the project in 2010 from Rex Energy Corp., which went bankrupt in 2018. The project is now 70% owned and operated by PennEnergy Resources.
The remainder of the year’s deals will likely involve gas assets (while prices are good) and could come to include the low cost supply areas in the Texas and Louisiana Haynesville. Barring a miraculous rally, oil looks likely to remain the New Coke of commodities.