LYTT and Baker Hughes collaborate to accelerate digital transformation in the oil and gas sector
LYTT, a company that provides real-time, sensor software and analysis, announced a new collaboration with leading energy technology company Baker Hughes. The cooperation agreement creates a new product for customers by combining LYTT's fiber optic data analysis and cloud-based software with Baker Hughes' complete and well-intervened hardware and service expertise.
By applying distributed sensor networks in the wellbore, joint customer products will help accelerate the digital transformation of the oil and gas industry, generate actionable insights, and optimize oil and gas field production. Digitization further enables remote monitoring operations to reduce health, safety and environmental risks.
The cooperation agreement will also transfer digital applications to other areas. Although the collaboration between LYTT and Baker Hughes will initially focus on serving the oil and gas market, the team hopes to expand the enhanced technology solutions to steam assisted gravity drainage (SAGD), geothermal and carbon capture, utilization and storage (CCUS) customer.
Tommy Langnes, co-founder and chief business development officer of LYTT, said: "LYTT supports energy leaders in accelerating and reducing the risk of net-zero strategies by making better use of data. Oil and energy companies respond to current and future challenges. LYTT bridges data Gap, arm energy companies with key insights to promote changes in operational steps and support their ambitions. Our cooperation with Baker Hughes will greatly promote the energy and digital transformation of both parties.
Jim Sessions, Vice President of Baker Hughes Oilfield Services Completion and Well Intervention, said: "The cooperation between Baker Hughes and LYTT further strengthens our existing digital capabilities and transforms our customers' operations by improving the productivity, performance and life of our customers' oil and gas assets. The reason why we cooperate with LYTT is that LYTT has a unique ability to combine its software technology with our hardware and services to accelerate the digital transformation journey of our customers."