– Full digitalisation is central to the success of energy firms’ decarbonisation goals
– LYTT provides critical portfolio-wide insights to inform immediate asset optimisation and long-term planning to support business transformation
London, 10th March 2021 – Energy firms striving to meet ambitious decarbonisation goals must look beyond newly acquired clean assets and pursue innovative technologies that ensure the efficiency and productivity of their entire, diverse asset portfolio. This is according to LYTT, a software company that provides energy firms with real-time visibility over asset performance and guides the progression of their digital and net zero strategies.
Oil and gas majors are diversifying their portfolios, with a number of record clean-energy deals already in motion. February’s Crown Estate Round 4 auction was dominated by historically O&G names looking to stake their claim to a broader asset base, with more than 8 GW of offshore capacity awarded. It will prove critical to the achievement of these firms’ net zero goals that their investments are not stand-alone, but are part of a journey towards a full, digitally enabled energy transformation.
Partnering with established renewables players is proving a popular route for previously O&G-only firms to access clean energy expertise. However, as comparatively new asset owners, these firms should leverage software and analytics innovations tested in the oilfield to fully understand their new assets and shake off a reputation as slow movers. By bringing together data-driven insights from across their oil, gas, and now renewables portfolios, energy firms will accelerate their net zero strategies and take control of their operational margins through optimized operations and highly targeted new development.
Tommy Langnes, Co-Founder, LYTT, said: “Drawing on advances in AI, machine learning and cloud-based computing, LYTT’s software applications analyse high-fidelity sensor data to provide engineers with a thorough understanding of exactly what is happening across each asset in real time. These insights enable the effective deployment of teams and budgets to address issues and take advantage of opportunities to minimise waste, cut risk, increase production and boost reliability.”
“Yet these insights also support portfolio-wide, long-term decision making. Whether O&G or renewables, energy can no longer be about short-term volume alone and, in reflection of this, energy firms are in the process of refining their net zero plans. Many are divesting from carbon-heavy and non-profitable assets as we speak, and taking a strategic, data-based approach to each newly diversified portfolio will be critical to their long-term success. Net zero is much more than a clean asset acquisition strategy, it is a complete, transformative business plan.”
Tommy continued, “While our technology began its life in O&G, LYTT’s solutions are designed to speak to every aspect of the energy transition. For example, LYTT is working to help firms lock in their net zero future by developing next generation digital twins for their assets – the purpose of this is not only to tell the owner what is happening across that asset right now, but to precisely predict potential scenarios and test their decision-making to cut risk, guaranteeing that their chosen strategy pays out, fast.”
