AspenTech, a global asset management software leader, doubled in size this year due to a transaction with Emerson, which now owns 55 per cent of AspenTech.
According to Ron Beck, Solution Marketing Director at Aspen technology, the transaction boosted AspenTech’s annual revenues to a little over $1billion due to two software groups that were acquired from Emerson as part of the transaction.
The first is OSI Digital Grid Management software for electric utility networks and gas utility networks, and the second is Aspen Subsurface Science and Engineering Cloud-based Solution (Aspen SSE) a technology specifically attuned to the oil and gas explo-ration and production industry.
The OSI tool has been used in Abu Dhabi significantly to manage some of the power distribution within the Abu Dhabi area.
The SSE suite of software is an end-to-end solution that connects subsurface to surface for complete ability to optimise oil, gas, mineral, geothermal productions and carbon storage by creating the digital twin of oil and gas companies field at the surface.
“The crucial value of the SSE technology is that it allows companies to predict what might happen and understand the insights. Therefore, it becomes a decision support tool that allows them to improve operations and make business choices. And also it aids them to keep things safe and support asset integrity,” Beck tells Abdulaziz Khattak of OGN energy magazine.
Beck comments the region has a potential for carbon capture as a source of economic growth.
He also believes the region can improve energy efficiency across all assets in the region ny 10-25 per cent using digital technolo-gy.
Beck adds the region can also be a leader in asset performance management, and applying artificial intelligence and data analyt-ics to avoid unexpected downtime.
Meanwhile, deploying advanced digital grids solution will allow regional utilities to make the best possible use of the solar grids through their integration with industrial facilities and power consumers, and utilising zero carbon power sources to satisfy energy needs while minimising the use of backup power plants.
AspenTech signed a major partnership agreement with a leading NOC in the GCC at Adipec about commer-cialising a carbon capture software the NOC has developed internally.