In the upstream Oil & Gas industry, after a well is completed, the asset enters its production operations life-cycle. One way to think about an individual well is to model it as a chemical manufacturing process or ‘assembly line’ producing hydrocarbons. Companies can have hundreds of these ‘assembly lines’ supporting the hydrocarbon ‘manufacturing process’ scattered over thousands of square miles. “There is also a need to gain visibility into the lifecycle and operating conditions of a widely distributed asset base consisting of wells, lift-assist mechanisms, tanks, compressors, separators and other assets throughout the upstream gathering system,” states James Freeman, CTO and president of New Ventures at Zedi. Zedi has implemented nearly 1.5 million sensors that generate almost 50 million data points daily, providing a complete picture of the health of the underlying equipment as well as the production volume and type of hydrocarbons produced.
Zedi’s IIoT sensors collect a wide range of time-series plots of temperature, pressure, and volumetric flow of hydrocarbon fluids, and, depending on the equipment present, battery voltages, vibration, RPM, and power consumption of equipment may also be reported. Data aggregated from these points are processed in a predefined workflow in Zedi’s platform.
The value of reducing costs and increasing output in an environment with distributed assets that support a production process can be replicated to other similar industries
Freeman notes that the virtue of Zedi’s technology lies in the fact that their customers can learn about a potential problem faster, diagnose quickly, and assemble appropriate resources at the well site to mitigate issues and prevent downtime. By automating the supervision of wells and reducing on-site manpower, Zedi significantly reduces the operating cost per barrel for customers.
“The value of reducing costs and increasing output in an environment with distributed assets that support a production process can be replicated to other similar industries,” says Freeman. As Zedi intends to enter new industries and geographies, Freeman notes that the corporate perseverance and resilience Zedi has in continuing to sell to the Oil & Gas industry despite the most recent down-turn, is key to pivoting into new industries like Agriculture, Food Services, and Renewable Energy, all of which also have distributed asset bases supporting a manufacturing process.