GeoSplit goes with a virtual roadshow organized by TUS Holdings and China Association for Science and Technology
GeoSplit, a Skolkovo based technological start-up, has been invited to participate in the virtual roadshow that will take place in China on November 23 as part of the China-Russia Digital Economy Pilot Program. The roadshow is jointly organized by TUS Holdings and China Association for Science and Technology (CAST)as a series of meetings between large Chinese enterprises and innovative technological start-ups from both China and Russia. Digital transition, AI, big data are main themes of the event.
Digital transformation has become a determining factor for progress and development of any industry or company. However, it poses many challenges and transition to digital economy is a long bumpy road. McKinsey research claims only 26% success rate for digital transformation of high-tech industries, and in conservative traditional industries such as upstream Oil&Gas it can be as low as 4%.
GeoSplit’s mainstream product that won significant recognition and success for the company is marker diagnostic of horizontal oil&gas wells. Once Geosplit marker-reporters® are placed in the borehole, sampling at the surface can be done at any time, therefore the technology contributes to a continuous stream of reliable data on the downhole conditions. To increase the accuracy of samples analysis and interpretation GeoSplit first introduced advanced digital tools, such as random forest and isolation forest machine learning algorithms.
The marker diagnostic method for studying the productivity of wells and reservoirs provides large amount of actual data, this big data can be used for processing and training of neural networks. GeoSplit has now developed an approach to structure actual well productivity data sets with machine learning algorithms to provide operators and asset owners with more than just synthetic geological and hydrodynamic models. The new digital platform of GeoSplit creates digital twins of reservoirs with actual information about reservoir processes and recommendations that will significantly improve the quality of reservoir development and management decisions and result in significant increase of production efficiency, which is vital in times of low hydrocarbon prices.
Anna Belova, VP of International Business development at GeoSplit, believes that the insights that digital reservoir twins provide will help customers to convert bytes of information into barrels of oil and make a significant contribution towards digital maturity of upstream Oil&Gas industry.
“GeoSplit has been on our radar for the past three years, we’ve witnessed an impressive growth of the company from a local R&D start-up to a company with international presence. The company has proved that it can turn ideas into actual products and services. We believe players of the Oil&Gas industry in China will benefit from integration of GeoSplit technology into their operations, therefore we’ve invited GeoSplit to take part in the virtual roadshow” – says Mr. Hubert Liu, Investment Director of TUS Holdings Group.
“The organization of the event is outstanding. Thanks to the large network of CAST and TUS we are now meeting with the decision makers and key stake holders of several subdivisions within National Oil&Gas Corporations and research institutes that have oilfield digitalization as the core of their activities, something that would not be able to achieve ourselves in such a short time,” says Anna Belova, – “It is very encouraging to see how high-level political agreements are converted into real actions with positive implications for small independent players.”
Chen Rui, Vice Director of National Communication Center for Science and Technology, CAST,- comments on the reasons for the roadshow: “we are dedicated to promoting the development of the digital economies and the real economies of China and Russia through application of research results, technology transfer and industrialization, and push forward scientific and technological innovation cooperation between two countries to achieve more new results”.
China-Russia Digital Economy Pilot Program is one practical example of the implementation of a memorandum of understanding (MOU) on further strengthening cooperation and information exchange in the scientific and humanitarian spheres signed between the China Association for Science and Technology (CAST) and the Russian Union of Scientific and Engineering Associations (RUSEA) in St-Petersburg, Russia on September 17, 2019 during the 24th regular meeting between Chinese and Russian heads of government, with the witness of Chinese Premier Li Keqiang and his Russian counterpart Dmitry Medvedev.