mCloud Technologies Corp (CVE:MCLD) (OTCQB:MCLDF) said Wednesday that it is teaming up with tech group nybl in a bid to help oil and gas producers worldwide optimize their well output.
"The tie-up could enable operators to benefit by over US$200,000 per connected well per year," said Noor Alnahas, the CEO at nybl, a machine-learning focused tech group, in a statement.
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The two companies are already working on a joint solution, combining nybl's lift.ai platform with mCloud's AssetCare, to connect and optimize an initial 2,000 oil wells in North America and Kuwait.
mCloud and nybl have partnered to deliver complete asset optimization solutions to oil and gas operators worldwide, initially targeting over one million oil and gas wells employing artificial lift technology such as Electric Submersible Pumps, or ESPs, and plunger lifts in Western Canada, the United States, and the Middle East, said mCloud.
The company said nybl's lift.ai and mCloud's AssetCare platform will together provide oil and gas well operators with an "integrated capability" that uses AI to "eliminate unplanned outages and continuously monitor the lift equipment" at every connected well.
mCloud will have exclusive licensing rights to nybl's lift.ai technology in North America, where these capabilities will become part of its AssetCare solution suite for 'connected industry'.
In addition, nybl will package and sell AssetCare to its customers, primarily in the Middle East, as a complement to its current offerings.
"Our companies complement each other on all fronts, and our teams are already engaging with additional customers to bring our joint capabilities to specifically targeted oil wells all across North America, with connections to commence in the second half of 2020," said mCloud's chief growth and revenue officer Costantino Lanza.
Through its artificial intelligence (AI) powered AssetCare platform, Vancouver-based mCloud offers complete asset management solutions in five distinct segments: commercial buildings, renewable energy, healthcare, heavy industry, and connected workers.
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