09/20/2021 | Press release | Distributed by Public on 09/20/2021 01:05
HOUSTON and LONDON ─ Sept. 20, 2021 ─LYTT, a provider of real-time, sensor-enabled software and analytics, has announced a new collaboration with leading energy technology company Baker Hughes. The collaboration agreement creates a new offering for customers by combining LYTT's fiber optic data analytics and cloud-based software with Baker Hughes' completions and well intervention hardware and service expertise.
The joint customer offering will help accelerate the digital transformation of the oil and gas sector by applying distributed sensor networks within the wellbore, producing actionable insights that optimize production from oil and gas fields. Digitization further enables remotely monitored operations that can reduce health, safety, and environmental risks.
The collaboration agreement also has transferable digital applications to other areas. While LYTT's collaboration with Baker Hughes will focus initially on servicing oil and gas markets, the team expects to extend enhanced technology solutions to customers for steam-assisted gravity drainage (SAGD), geothermal, and carbon capture, utilization and storage (CCUS).
'LYTT supports energy leaders in accelerating and reducing risk on their net-zero strategies through better use of data,' said Tommy Langnes, co-founder and chief business development officer at LYTT. 'Oil and energy companies know they need to transform to meet their challenges both now and in the future, and LYTT supports their ambitions by bridging the data gap and arming energy companies with critical insights to drive an operational step change. Our collaboration with Baker Hughes is an opportunity for both parties and for the energy sector to accelerate their digital journeys.'
'Baker Hughes' collaboration with LYTT further strengthens our existing digital capabilities to transform customers' operations by increasing the productivity, performance, and longevity of their oil and gas assets,' said Jim Sessions, vice president of completions and well interventions for Oilfield Services at Baker Hughes. 'We formed this collaboration with LYTT because of its unique capability to integrate its software technology with our hardware and services to accelerate our customers' digital transformation journeys.'
LYTT offers proprietary algorithm-enabled monitoring solutions, using Distributed Fiber Optic Sensing (DFOS) and other time-series data, to the oil & energy industry and beyond. Acoustic, temperature and pressure data captured by fiber-optic cables several kilometers into the subsurface are being transformed into multiple value-driven wells and reservoir performance applications. You can read more about LYTT here: https://www.lytt.com/
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at www.bakerhughes.com
Baker Hughes Media Contact:
John A. Barnes