[Business Korea] EHG & POSCO ICT to Develop Digital Oil Field System for Overseas Resource Development

POSCO ICT announced on Nov. 13 that it is planning to develop a “digital oil field (DoF)” system for overseas resource development projects, such as oil and gas development, with Energy Holdings Group, a Seoul-based company specializing in energy development.

The newly developed DoF system will be first applied to the Golden mining field in Alberta, Canada, operated by Harvest Corp., a subsidiary of state-run Korea National Oil Corp, to confirm its functions in the field until the first half of next year.

The system will be gradually applied to nearby mines operated by Harvest Corp. before full-scale application to mines operated by Korean private companies in China, Southeast Asia, North America and the Middle East.

The digital oil field system identifies signs of equipment malfunction and provides notices in advance for maintenance and replacement. It can also analyze abnormalities by analyzing the big data collected through Internet of Things (IoT) sensors.

Artificial intelligence technology will also be applied to provide future forecasts of production volume, economic analysis, and simulation of reservoirs (layers where resources such as crude oil are buried).

In this way, it is possible to automatically control the pre-production process for optimal operation without a need for a resident operator, thereby reducing resource development costs while improving productivity. The company explained that the overall service is cloud-based, highly scalable, and less expensive to invest in infrastructure.

 

Reference: http://www.businesskorea.co.kr/news/articleView.html?idxno=26551