Abuja — The Society of Petroleum Engineers (SPE) has picked Shell, CypherCrescent and Chevron winners of its award for smart exhibitions at the just concluded 2019 edition of its Nigeria Annual International Conference and Exhibitions (SPE NAICE).
A statement from the SPE stated that the trio were picked from an evaluation exercise done by PricewaterhouseCoppers (PWC) shortly after the conference ended in Lagos.
It explained that the Anglo-Dutch oil giant-Shell was adjudged the best overall exhibitor, while CypherCrescent bagged double awards as the second overall best exhibitor and best Nigerian Company - a position that has not been won by a Nigerian technology and service provider since inception of the awards.
Also, on the victory train at the award night was the American multinational - Chevron who emerged as second runner up, as well as Tenaris, that won the best first timer exhibitor for the year 2019.
The SPE noted that the theme of 2019 conference was 'Artificial Intelligence, Big Data and Mobile Technology: Changing the Future of the Energy Industry' and that exploration and production (E&P) companies showcased the adoption of advanced technologies to enhance their operations and strategic projects, while the service providers displayed their new solutions geared towards improvement of operational efficiency in the industry.
Of particular interest and attraction to many attendees, the statement added, was how CypherCrescent Limited, a wholly Nigerian applied research, mathematical modelling and digital transformation consulting company, demonstrated their breakthrough set of solutions aimed at improving efficiency across oil the wells, reservoir and facility management (WRFM) ecosystem, as well as optimising asset value through digital transformation.
"CypherCrescent's exhibition was focused on leveraging existing well, reservoir and facility data, mathematical modelling, digitalisation technology, WRFM analytics and machine learning techniques to gain improved insight into oil and gas assets for improved operational efficiency and asset value optimization," said the statement.
It added that: "On display and demonstration at the CypherCrescent technology exhibition booth were the company's proprietary software- SEPAL Well, Reservoir and Facility Management solution (SEPAL WRFM); SEPAL Business Forecasting Solution (SEPAL BFS); SEPAL Drilling Sequence Planner (SEPAL DSP) and SEPAL PVT Reports Management Solution (SEPAL PVT RMS).
"Also presented were their novel services including WRFM Data Digitalisation and Democratisation, Asset Management Consultancy, Well Intervention Project Management Consulting, and Information Technology Service Management."
Quoting the SPE International president, Mr. Sami Al-Nuaim, the statement said he commended the outstanding initiatives of CypherCrescent in the application of artificial intelligence (AI), machine learning (ML) and analytics to solving petroleum engineering problems.
Al-Nuaim, stated that the era of very high oil price was gone, hence, the need to leverage advanced technologies to improve production from oil and gas assets.
According to the Technical Director of CypherCrescent, Mr. ThankGod Egbe, the SEPAL WRFM software was the first-of-its-kind in the global WRFM space.