Oil and Gas Innovation Center selects Virtual Life Management as one of the most promising technologies.
Brentwood, TN, July 29, 2009 – The Oil and Gas Innovation Center has selected VEXTEC’s Virtual Life Management (VLM®) Service as one of the most promising new crossover technologies for the Energy Industry. The O&G Innovation Center is a valuable resource utilized by the energy community to access the latest technologies by the most promising businesses in the U.S. and beyond. O&G’s focus is exclusively on outside technologies having relevancy in the energy community and to facilitate linking these technologies with the companies seeking quick turn-around, cost-effective solutions.
With no end in sight to increasing construction and maintenance costs, the industry clearly has a need to find technologies that will extend the life of assets, reduce maintenance costs, automate processes and address increasingly stringent environmental regulations. O&G identified VEXTEC’s VLM technology as having the capability to provide fast answers and real solutions to address these issues. The O&G Innovation Center counts the industry’s largest firms as its clients, and provides them with detailed information about new technologies developed in other industries but which have applicability in the petroleum industry.
In the United States southern gulf area alone, production facilities extract, process, and transport more than 3 million barrels of oil and natural gas per day. Unscheduled downtime due to equipment failure can cost producers $10 to $20 million in loss of net margin per day. “The Oil & Gas Innovation Center has clearly helped in our opening up discussions with some of the largest Oil & Gas producers in the world,” said Loren Nasser, President & CEO of VEXTEC. “All of the expertise VEXTEC has gained using the VLM technology in the industrial equipment, automotive, and aerospace sectors is now directly applicable to similar issues faced by Oil & Gas companies. By using VLM to anticipate problems before they ever happen, VEXTEC enables its new Oil & Gas industry clients to add net margin, gain market-share and competitive advantage.”