Norwegian start-up FutureOn has received financial backing from the Bentley Acceleration Fund for Oil and Gas Digitalization. FutureOn’s cloud-based FieldTwin provides oil and gas engineers a single source of data truth for offshore field planning, installation and operations. The company argues that traditional ‘digitalization’ approaches threaten companies’ long-term viability as they start slow abd involve significant upfront expenditure. IoT devices, smart sensors and robotics are expensive and their ROI is difficult to assess.
FieldTwin is claimed to be a more efficient and immediate digitalization strategy for oil and gas companies, providing data-driven solutions to improve work processes, increase data accessibility, and usability. The solution is currently deployed operationally in real-world fields and is claimed to have cut pre-FEED* field planning by ‘at least 60%’. FieldTwin leverages ‘comprehensive security measures’ developed by Google, Microsoft and Amazon. The cloud eases data integration and breaks down legacy systems’ barriers.
The company has secured an investment from the Bentley Acceleration Fund and established a strategic partnership with Bentley Systems to ‘accelerate the digitalization of the oil and gas industry’. FieldTwin is to combine with Bentley’s iTwin platform. The combo will deliver a ‘next-generation’ digital twin for upstream project design. The use by both partners of open web standards is said to facilitate complex integration and customization.
Oslo headquartered FutureOn was spun out of Xvision, part of EXP group. The project received funding from the European Union’s Horizon 2020 research and innovation program under grant agreement No 876696, a.k.a Field Twin, the ‘first centralized data platform for efficient and collaborative development of offshore energy projects’.
Bentley Systems’ Acceleration Fund was founded in 2020 to invest in new and incremental participants in open ecosystems to advance infrastructure digital twins. The Fund is chartered to ‘accelerate the creation and curation of digital twins’ with minority investments and acquiring and expanding digital integrators. Bentley’s ‘Chief Acceleration Officer’ Santanu Das welcomes queries from potential ecosystem participants on the Fund home page.
* Front-end engineering design.
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