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    Date submitted
  • 07-Feb-2018

Far Technologies LLC (FAR-Tech)

Abstract

Far Technologies LLC (FAR-Tech) is an oil and gas startup with the objective of making oil and gas exploration and production operations leaner, cheaper and cleaner. FAR-Tech’s patented technology, "Integrated Geoscience, Microbiology and Intelligent (I-GMI) Methodologies", combines microbiology, petroleum engineering and geosciences via machine learning/artificial intelligence to identify optimal exploratory drill locations (sweet spots) in green (new) fields and infill (new) drill locations in mature (brown) fields. In addition, I-GMI can improve accuracy of reserve estimation as well as economically identify optimal hydraulic fracture (frack) locations, compared to existing technologies, thereby, providing multi-billion-dollar potential benefits.

Additional Questions

Who is your customer?

Our potential customers or market segments are: 1.) Oil and Gas Exploration and Production (E&P) Companies 2.) E&P Service Companies 3.) Investment Banks, Private Equities and other financial institutions with an energy focus

What problem does this idea/product solve or what market need does it serve?

FAR-Tech's I-GMI improves accuracy of reserves and risk evaluation in the exploration phase. It identifies optimal drill locations or "sweet-spots" with higher precision. It can be used for both conventional and unconventional resources. Current hydraulic fracturing techniques, have limited and inconsistent success. I-GMI would greatly enhance the success rate of such drilling operations. With a combination of much fewer required drilled wells, and more oil extracted, the economics significantly improves while far less negative environmental impact is realized. Current low oil price environment makes an ideal time to launch this product to give a competitive edge to oil and gas producers.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

I-GMI being an amalgamation of several areas of research, will enable engineers to find economically recoverable assets in a more accurate and faster manner. Integrating microbial data to petroleum engineering and geoscience gives a strong data stream that will provide additional insight for exploration and production operations. Such a multi-disciplinary data source, coupled with artificial intelligence and machine learning for data analysis, will give high quality information of the reservoir with lower uncertainty. This enables the best development strategy of an oilfield with minimized CAPEX and OPEX, while ensuring reduced environmental footprint that is in line to the company’s “E-cubed” philosophy (Energy, Economics, Environment).

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

We are an extremely motivated team of petroleum engineers and an industry pioneer, who are driven to develop next generation technologies to push our “E-cubed” philosophy for the oil and gas industry, and facilitate sustainable energy development for the future. We have initiated collaboration with research centers at USC to conduct relevant experiments to prove our patented idea. Our team combines technical acumen and access to USC’s scientific infrastructure, ensuring the successful development of this revolutionary technology that has multi-billion-dollar potential benefits with relatively minimal expenditure as compared to existing technologies.