Switzerland-based digital firm Akselos has announced it has recieved Oil and Gas Technology Centre (OGTC) funding to develop its digital twin technology.
The firm claim that its digital twin “solution” has the potential to increase production “by up to £157 million per year”.
Akselos also believe the technology could see a reduction in inspection and maintenance costs, as well as a 25% reduction in equipment downtime.
Rebecca Allison, asset integrity solution centre manager for OGTC, said: “We are delighted to support Akselos with the development of this technology. Digital twin software will speed up data analysis, testing “what if” scenarios to optimise future inspection programmes and allow for improved shut down planning.
“This approach ties in perfectly with the focus on robotics and automation, harnessing the power of data and technology to improve overall asset efficiency.”
The OGTC confirmed the project is due to begin straight away with data and outcomes made available when the project finishes in June.
John Bell, vice president of Akselos said: “The OGTC is of crucial importance to the future of the UKCS.
“This partnership will consolidate our efforts to bring value to the UK oil and gas industry with world-class emerging digital technology.
“We look forward to collaborating with the asset integrity team at the OGTC to address these significant challenges for operators.”