Geosteering Technologies has become a part of the Zyfra group of companies, the Finnish-Russian digital solutions provider. Geonaft, the key product of Geosteering Technologies, will complement the Zyfra line of innovations for the oil and gas industry and help implement developer’s plans to enter new markets.
Geonaft provides comprehensive engineering support for directional and horizontal drilling through optimal positioning of the well bore within the target horizon. The solution determines the well’s stratigraphic position while drilling and forecasts changes in the structure formation.
Demand for Geonaft is expected to grow to maintain profitability of horizontal wells. The software systems can help to increase oil well productivity and to reduce construction times by half, while mitigating production and process risks. The economic impact of drilling with Geonaft could be as much as 1.5 million dollars per year in a single well.
Over 4,000 horizontal and directional wells have already been drilled using software products from Geosteering Technologies by clients including Gazpromneft, Rosneft, Slavneft, Bashneft, Lukoil and others.
“Digitalization is one of the most promising sectors of the hi-tech market in oil production. The age of simple vertical drilling at conventional fields is coming to an end, while the future belongs to technologies that help us maintain efficiency, even when developing complex reserves. By the end of 2020 we plan to enter the traditional oil production markets, in particular the countries of the Persian Gulf and South East Asia,” Igor Bogachev, CEO of Zyfra, said.
Zyfra is a Finland-based company with an R&D center in Russia, which provides IoT and AI-based solutions for the industrial sectors such as machinery, metallurgy, mining, oil & gas and chemistry. The company has operations in Finland, Russia, China, India, Singapore, Bulgaria, Romania and Peru.