Dubai, 15 October, 2024 : Space42 and nybl unveil revolutionary AI solution to boost efficiency and productivity in oil and gas industry
The launch follows the successful implementation on 27 oil wells using an oil and gas specific AI module
Dubai, UAE, 15 October 2024: UAE technological leaders nybl, the science-based artificial intelligence (AI) pioneer, and Space42, the UAE's first AI-powered SpaceTech company with a global reach, today revealed the first-of-its-kind satellite-enabled AI solution for oil and gas (O&G) companies that will optimise oil wells' efficiency and productivity.
The new solution, the first outcome of the partnership between nybl and Space42's satellite mobility arm Thuraya, under the Yahsat Space Services business division, is focused on developing AI-powered Satellite Communications (SatComs) solutions. This collaboration also allows Thuraya to deliver these capabilities to its customers through the nybl AI platform, n.lift. The agreement supports nybl's strategic growth plan while aligning with Space42's vision to leverage SpaceTech to enable industries by utilising advanced geospatial and satellite technologies and AI to drive innovation and efficiency across various sectors.
The certification, conducted over a six-month period on 27 oil wells using the Thuraya satellite network, successfully implemented a specialised AI module for the oil and gas sector. This groundbreaking Thuraya AI-powered solution can accurately predict potential failures of Electrical Submersible Pumps (ESP), allowing oil and gas companies to address issues before they occur, reducing production downtime. Based on the Proof of Concept (POC), the solution provided real-time intelligence that can lower operational costs, extend the lifespan of pumps by 20 30%, increase production delivery of oil wells by 5% and run the operating wells more efficiently, predicting imminent, non-trending failures. It also improves efficient reservoir, energy and production management.
Sulaiman Al Ali, CEO of Thuraya, said: We are proud to be at the forefront of developing AI-powered SatCom solutions that can help oil and gas players make informed decisions to enhance operational efficiencies. As we embark on the next phase of our journey as Space42, we will continue to offer access to accurate, reliable communication solutions to allow seamless connectivity, and real-time data transmission that will streamline operations for customers around the world.
Noor Alnahhas, Co-founder and CEO of nybl, said, We are pleased to see this innovative solution certified and implemented through the successful integration of the nybl AI platform with Thuraya's AI-powered SatCom solutions. It is a clear testament to the opportunities this agreement with Thuraya brings, allowing us to leverage the strengths, synergies and core capabilities from both entities, creating a unique offering of transformative AI-powered solutions and global ambitions to across various industries. Our vision is to further advance UAE technological capabilities, in line with our long-term commitment to increasing local value and contribute to the economic and technological development of the region.
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Dubai, 15 October, 2024 : Space42 and nybl unveil revolutionary AI solution to boost efficiency and productivity in oil and gas industry
