Name: Far Technologies
Legal Name: Far Technologies LLC
Location: Los Angeles, California
Social Media: 12 followers on LinkedIn
Industry: Global Oil Market
Size: $1.7T in 2016 (Source: Oilprice.com)
Far Tech offers cloud-based AI and edge computing solutions that help improve the maintenance of artificial lift systems in oil fields through predictive technology. It also seeks to optimize the performance of these lifts, to deliver maximum ROI. Additionally, they collect production data and use it to reduce operating costs and produce fuel in greater volumes.
The platform has an interactive web-based app/dashboard interface. It plays the role of an intelligent assistant to the engineers and operators, who manage the rigs, and helps address the issues faced by them.
Easy to integrate with existing data collection and management systems (DBMS), Far Tech automates the real-time monitoring of artificial lift systems, 24×7. Insights thus collected are made accessible to the engineers via internet-connected end-user devices.
Far Tech also builds bespoke AI models, specific to each lift operation. It even predicts (downhole and surface) issues in advance in order to reduce downtime and optimize maintenance budgets.
And if the platform detects that the lift is not working at its full potential, it automatically offers suggestions to alter the lift’s settings.
Origin and Founding Team
According to F6S, both co-founders Anuj Suhag and Rahul Ranjith hold master’s degrees in Petroleum Engineering from the University of Southern California.
Suhag, the CTO at Far Tech, has a wealth of experience in the application of AI for upstream O&G operations. And Ranjith, the COO of Far Tech, has previously worked as a researcher and business development associate for an energy research center at the university.
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