Hiber partners with WTS Energy on well integrity monitoring
Hiber has developed HiberHilo, an end-to-end IoT solution that makes well monitoring more data-driven and safe. Using satellite technology, HiberHilo allows oil and gas companies to measure real-time well temperature and pressure for up to 250 wellheads in a radius of 10km in remote and offshore locations.
WTS Energy will help Hiber address the oil and gas market. With offices and 1,250 consultants in 18 countries across the world, WTS supports its oil and gas customers in their digital transformation. WTS aims to deliver the latest technological solutions to its customers, and partnered with Hiber to provide HiberHilo across the industry.
Coen Janssen, Chief Strategy Officer and Hiber co-founder, said: “We are excited to launch this joint venture with one of the major international standard bearers in oil and gas. An oil or gas well blowout can be a disaster in terms of safety, environmental impact and commercial impact. Wellhead monitoring can be complex, time-consuming, and expensive.”
“But using our global satellite network. HiberHilo is an out-of-the-box solution which provides an innovative and affordable subscription service to ensure continuous wellhead monitoring, even in the remotest locations on Earth,” he added.
Frederik Rengers, CEO at WTS Energy, said: it works in many remote locations and well integrity monitoring comes with many logistical challenges. "We are all in the middle of the Energy Transition and it is super important to keep the oil and gas industry safe and protect the environment during this time. Technology like satellite-enabled well Integrity monitoring of remote wells is a key to keeping the existing wells environmentally safe. What you measure improves!”
HiberHilo was founded in 2016 and employs more than 60 people in offices in Amsterdam and Delft in the Netherlands, and Maryland in the US. Its services also include HiberEasypulse, which provides satellite tracking of any asset for a $12.50 flat-rate monthly fee. WTS Energy, founded in 2000, has 21 offices globally.
The global IIoT market size is expected to grow from $76.7 billion in 2021 to $106.1 billion by 2026 according to MarketsandMarkets data.
McKinsey highlights four key considerations before embarking on an IIoT transformation:
- Understanding your own starting point Machinery and equipment players fall into one of four categories along the dimensions of technological maturity on the one hand and strategic and organizational maturity on the other hand
- Identifying use cases Assessing a use case’s potential value, determining which monetization logic is most appropriate, and defining its technical and organizational requirements help establish its priority over other potential use cases.
- Determining an IIoT platform’s value Industrial equipment and machinery players will need to evaluate how much a platform offers regarding data ownership and contractual freedom, as well as how much growth and scale it can accommodate. The platform’s technological capabilities along the entire stack and its overall operational performance must also be assessed.
- Choosing a monetization strategy For “new revenue” use cases, such as software as a service (SaaS), industrial equipment and machinery players will need to develop competitive pricing models and implement mechanisms that facilitate payment. 'Revenue-enabling' use cases support the revenue generation of businesses, new or existing, via up-selling, cross-selling, or efficiency gains.