Central regions | Materials, extraction | Technology & innovation
Russian downhole telemetry for oil drilling nominated for business award
28 Oct '15
Axel, a Russian start-up developing special telemetry to monitor drilling for oil or other hydrocarbons, announced that it has been nominated for Best Startup by RBC, one of the majors in Russia’s media market.
The RBC award annually marks “the launch of a new business that showed impressive financial results in the first year of operation.” Set up in 2012, Axel has now been nominated “for the cultivation of a market niche for inexpensive and high-quality telemetry equipment.”
The Axel MWD telemetry system is said to be built on innovative algorithms for data transmission between a downhole area and the surface on a real time basis. The system is reported to be able to switch on a computer with the so-called downhole modules connected to it; the latter are designed to transmit data from sensors up to the surface. Then special proprietary software analyzes the data obtained from the well, thus giving its user a clear understanding of geophysical processes that occur in the drilling area.
In 2014, the start-up sold 27 surface devices and six downhole modules. Its business model calls for international expansion.