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Petroleum industry

iVision Software Increases Production and Reduces Costs in Oil and Gas Industry

Strategic Insights

— 1 min read

PanCanadian Petroleum Limited and ABB have formed a joint venture, Smartcore Systems Inc., to develop and market innovative software solutions that increase production and reduce upstream oil and gas operating costs. The company's first product, iVision, allows oil and gas companies to remotely and efficiently convert large volumes of data into useful information, enabling engineers and operators to make decisions that result in significant operating cost savings.

Key Takeaways:

  • iVision software allows oil and gas companies to remotely and efficiently convert large volumes of data into useful information, enabling engineers and operators to make decisions that result in significant operating cost savings.
  • The software integrates with ABB's automated systems, enabling collaborative work on real-time information from remote locations.
  • iVision-based upstream production optimization and information system delivers significant savings compared to traditional SCADA systems, with costs starting at $10,000 to automate a gas well.
  • Lower operating cost: less than 50% of traditional SCADA systems.
  • Increased production: typically two to four percent for a given field through increased uptime and optimization.
  • The software allows field operators to remotely open and close well valves, adjust compressor speeds, monitor plant alarms, and download new gas compositions to remote terminal units.
  • Smartcore provides round-the-clock software and support services.
  • ABB's relationship with PanCanadian brings together field experience, business systems technology, proven applications expertise, knowledge of e-business solutions, project execution, and on-going support services.
  • PanCanadian is one of Canada's largest producers and marketers of crude oil, natural gas, and natural gas liquids, with extensive exploration and production activities in Canada and international interests.

Statistics:

  • iVision-based upstream production optimization and information system delivers significant savings compared to traditional SCADA systems, with costs starting at $10,000 to automate a gas well.
  • Lower operating cost: less than 50% of traditional SCADA systems.
  • Increased production: typically two to four percent for a given field through increased uptime and optimization.
  • PanCanadian is one of Canada's largest producers and marketers of crude oil, natural gas, and natural gas liquids, with annual revenues exceeding $X billion (not specified in the article).
  • ABB Group reported revenues of $25 billion in 1999.
  • Canadian operations employ about 2,500 people at some 40 facilities from coast to coast.

Sources:

  • PanCanadian Petroleum Limited
  • ABB Inc.
  • Nancy Laird, Senior Vice President Marketing and Information Technology, PanCanadian Petroleum Limited
  • A.S. (Sandy) Taylor, Vice President, Petroleum Business Unit, ABB

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