FutureOn, the global energy software company and creator of the award-winning, SaaS field design applications, FieldTwin Design and its API-centric collaboration platform, FieldTwin, has been named as a finalist at the OGUK Awards 2021.
The company has been shortlisted in the Business Innovation category in recognition of its pioneering design and planning tools, which have been adopted by the world’s major asset operators to maximise project efficiencies from the earliest concept stage, through to construction and operations, and into decommissioning.
The shortlisted entry focuses on the company's innovative FieldTwin Design software (previously known as FieldAP) in particular, which has been honed at the cutting edge of oil and gas development by world-leading operators in the most challenging of conditions – both environmental and economic.
The digital twin technology can include well placement, field layouts and installation details, as well as crucial bathymetry data and costing tools, and facilitate accurate projections of both technical and investment requirements. Ultimately, the solution supports crucial time and money-saving decisions at the earliest possible stage based on actual project parameters.
Specifically, FutureOn's technology enables a reduced degree of variability, thereby maximising the impact of the capital deployed and speeding the time to first oil. The transfer of information can then be streamlined in real-time across a shared, traceable digital twin platform, where layouts and schematics are produced directly in FieldTwin rather than third-party systems. This cuts the timeline by 30%, and significantly reduces the period necessary to evaluate development options thanks to an iterative, responsive and user-friendly approach to 3D visualisation.
Typically, the tool delivers pre-FEED time savings of approximately 50% and allows asset operators to export the full range of information required to prepare ITT packages for the supply chain – another crucial step in an anticipated acceleration, from discovery to first oil, of between one and two years, which helps to optimise the economics of the project and meet policy demands such as emission reduction.
Organised by the leading trade body for the UK offshore oil and gas industry, Oil & Gas UK (OGUK), the winners will be announced at a physical black-tie awards ceremony to be held at the P&J Live on 8 December 2021.
Jostein Lien, Senior Vice President of Products at FutureOn, commented:
“The OGUK Awards are held in the highest regard in the energy events calendar each year, and it is an honour to have FutureOn and our game-changing digital twin technology recognised. FieldTwin Design demonstrates true digital twin capability, designed – crucially – to work with third party and in-house systems. It provides a direct route to the next generation of field development, offering the ability to make better and faster decisions, providing the shortest path to first oil and the best lifetime returns, with minimal impacts on the environment.
“Events such as these are crucial if we are to share new innovations and successes on a global stage which can bring significant improvements to the industry as a whole. It’s highly encouraging that the OGUK Awards ceremony will bring industry together to reward key achievements and talent during these challenges times. We are looking forward to the ceremony and building on this achievement in the future.”
Experts in data visualization, FutureOn emerged from Xvision in 2016 to become a standalone provider of state-of-the-art visual engineering for the global energy sector. The company transforms the performance of complex capital projects with our cutting-edge visualization technology.
FutureOn is proud to offer its global customer base industry-leading software solutions to create digital twins that deliver a complete asset visualization and integrated data model that unlocks value through increased efficiency, improved safety, reduced costs, risk mitigation, lower emissions and increased uptime.
FutureOn technology includes:
FieldTwin Design, a cloud-based digital platform that provides rapid visual workflows for early-stage subsea engineering work. Multiple data streams from geography to bathymetry, topography, existing infrastructure and other physical constraints can be combined with proprietary information such as reservoirs, wells and drilling to create an information-rich 3D visualization of any potential project location.
FieldTwin provides a visual representation of the entire life cycle of a field by creating and maintaining a digital twin — an exact digital copy of an oil and gas company’s physical asset — which enables producers to maximize asset performance and value.