May 29, 2020
Stake Acquired in the Norwegian Digital Solution Company Exebenus AS
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) has acquired a stake in Exebenus AS (Head Office: Norway; hereinafter, “Exebenus”), a company that provides a software solution introducing a new era of digitalized information exchange between planning and execution for drilling and completion (D&C) operation in the oil and gas (O&G) fields.
While the oil price seems to stay low, the development costs remain high as the D&C operation gets progressively more complex. Since the root-cause of non-productive time in D&C operation has markedly been dominated by human-related error, replacing human intervention with a digital solution will bring significant safety and cost benefits for the O&G companies. Thus, the players are in need of further investment in digital solutions.
Exebenus bridges the footprint of past and current operations by providing digital operating procedure (DOP) in both human and machine-readable formats, which is essential to realize future autonomous drilling operations. The application incorporates approved technology options and standardized activities, well information and best practices in planning and execution. Exebenus’s cloud-native software digitalizes the information exchange between office and rig, providing all parties with real-time insight and full-time confidence. In addition, by utilizing real-time data, machine learning and data analytics, the software recognizes and validates activity execution and flags each point of operation criteria, act on deviation from plan in real-time, and predict potential hazardous situations.
As many aspects of D&C operations take place in remote areas or in extreme environments they are still highly dependent on the individual’s knowledgebase. Exebenus’s software solution is able to standardize a client’s work processes and way-of-working, and then unlock this value for the users. By collaborating with Sumitomo Corporation’s subsidiaries (e.g. Sekal, a Norwegian software solution provider for drilling optimization and automation), Exebenus embraces and enforces the vision of creating the future of autonomous drilling. Sumitomo Corporation accelerates contribution to safer and more cost-effective D&C operations in the O&G industry by introducing state-of-art digital technology.
■ Profile of Exebenus
■Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “Achieving Harmony with the Global Environment” and “Contributes to the Development of Local Communities and Industries” .