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Top 6 Aspentech Competitors in Oil & Gas Industry – Tested by Experts

Thouheed Abdul Gaffoor

7 minutes
Last Updated:
June 22, 2023

Table of Contents

“Global energy consumption and energy-related carbon dioxide emissions will increase through 2050 as a result of population and economic growth,” according to the International Energy Outlook study in 2021. “Adding a lot more renewable power and less coal to the mix will significantly lower the emissions associated with an expected 50% increase in energy demand”, says Stephen Rassenfoss from the Journal of Petroleum Technology.

Apart from this, technology can play a crucial role in emission reduction. Process engineers are always looking for ways to reduce emissions, and costs and improve process efficiency without the need for heavy investment. Modern optimization tools have become a necessity, and AspenTech has emerged as the leading software company, which provides design modification and optimization solutions.

Still, AspenTech's products have drawbacks, including the need for theoretical knowledge, highly trained employees, lack of real-time monitoring/ AI technology, and high expenses, leading customers to seek alternatives. In this article, our experts have tested 6 different process optimization tools that help process engineers and data scientists efficiently with decarbonization and reducing emissions.

Comparison Criteria

When evaluating a process optimization tool, it's important to consider your plant's needs. The following are some key criteria to look for:

  1. Integration. The software should seamlessly integrate with existing systems and common on-site data sources. For example: MS Excel, Oracle ERP etc.
  2. User Accessibility. The interface should be easy to navigate and should possess user-friendly features such as auto-suggestion pop-ups in Simulink.
  3. Scalability. The tool should be capable of handling growing data volumes without compromising performance and data safety, such as Whatsapp.
  4. Innovation. The tool should be able to adapt to the latest advancements in data analytics and machine learning.
  5. Cost-Effectiveness. The software should not require costly hardware or infrastructure and should produce the required results for minimal price.

By considering these criteria, your business can choose an optimization tool that aligns with your needs, enhances efficiency, and maximizes revenue.

Top 6 Aspentech Competitors in the Oil & Gas Industry

1. Basetwo - Revolutionizing process optimization technology

basetwo interface
Figure 1: Basetwo's Fast and User-friendly interface.

Basetwo is an innovative web-based platform designed to tackle the optimization challenges faced by the process industry.

Basetwo revolutionizes how customers operate, collaborate, and optimize their operations. Our approach combines process engineering with data science, utilizing physics-informed/hybrid machine learning to deliver powerful insights while incorporating live simulation analysis and automation to further enhance efficiency and productivity.

Collaboration and data integration are key principles embedded in Basetwo's philosophy. By bridging the gap between traditional engineering and modern data science, Basetwo empowers customers to unlock hidden process knowledge and achieve tangible results. Refer to this guide for a peek into the inner workings of Basetwo.

Features

  • Easy data ingestion and cleaning from commonly used sources.
  • User-friendly drag-and-drop interfaces for creating AI models.
  • Rigorous testing and validation of models for reliable deployment.
  • Customer empowerment to set control setpoints and  conduct virtual experiments.

Pros

  • Ready-to-use templates for quick and easy modelling.
  • Advanced options to seamlessly integrate data from various sources.
  • Hybrid modelling capabilities that combine data-driven insights with mechanistic modeling.

Cons

  • Requires initial training and familiarization with the platform. However, Basetwo provides comprehensive user support and technical resources to ensure a smooth onboarding process.

2. Kongsberg Digital Twin

kongsberg digital twin interface
Figure 2: Kongsberg Digital Twin Interface.

Kongsberg Digital Twin, developed by Kongsberg Digital A.S., is a user-friendly software solution designed for oil and gas assets such as oil wells, refineries, and maritime projects. It brings the concept of a simulation to life by providing a virtual model of physical assets.

Features

  • Real-time monitoring and optimization of operations
  • Asset performance monitoring
  • Predictive maintenance
  • Scenario simulation
  • K-Spice for steady-state simulations
  • D-Spice for dynamic simulations

Pros

  • Improved operational efficiency
  • Reduced downtime
  • Enhanced safety through proactive maintenance
  • User-friendly and customizable interface
  • Incorporates real-time data for optimized decision-making

Cons

  • Complex processes with intricate integration may lead to unreliable results due to data inaccuracies
  • Requires dedicated resources including trained personnel (data engineers and computation experts) and high-specification infrastructure

3. Cognite

cognite interface
Figure 3: Cognite's Data Transformation Plugin.

Cognite Data Fusion (CDF) technology is a powerful software solution, similar to Kongsberg Digital Twin, with a versatile edge. It extends its reach beyond the oil and gas sector, covering manufacturing, power generation, and renewable resources.

CDF’s success is largely due to partnerships with leading Norwegian O&G operators and investments from global sources in countries like Japan, the U.S., and Saudi Arabia.

Features

  • Efficiently gathers and organizes data from various sources, including process simulation software, data historians, PLCs, ERP & CMMS systems, and written records.
  • Transforms data into customized dashboards, visual representations, and detailed reports aligned with specific customer needs and goals.
  • Developed using Python, offering easy data access without requiring advanced coding skills.
  • Data-Driven Product Optimization enables increased productivity.

Pros

  • Effortless data accessibility without requiring advanced coding skills.
  • Broad analysis capabilities with a hybrid AI approach.
  • Attractive interface.

Cons

  • Implementation process demands a substantial investment of effort and resources from both the customer and Cognite.
  • Requires dedicated time, technical staff, and financial resources for proper configuration and deployment.

4. AVEVA /PRO II

aveva pro interface
Figure 4: AVEVA PRO II Interface.

AVEVA Group, now part of Schneider Electric Group, is a standout player in the oil and gas market, offering a diverse range of software applications. They specialize in robust physics-based model solvers, just like AspenTech's Aspen PLUS and HYSYS.

Features

  • AVEVA's Pro II excels in designing new processes, evaluating plant configurations, modernizing existing plants, troubleshooting, and debottlenecking.
  • AVEVA's engineering software portfolio enables intelligent P&ID development, instrumentation database population, equipment sizing, and 3D modelling.
  • AVEVA's dynamic simulation module, DYNSIM, supports operator training systems (OTS) for enhanced operational proficiency.
  • Simple interface with customizable template options for data imports.

Pros

  • AVEVA adopts a project-based approach, making Pro II suitable for plant design from conception to startup.
  • Extensive component databases and thermodynamic models provide freedom for process techniques.
  • AVEVA supports operator training systems, enhancing operational efficiency.

Cons

  • Pro II's physics-based models limit real-time data optimization capabilities.
  • The software does not excel in implementing artificial intelligence (AI).
  • Data integration is limited.

5. Siemens PSE

siemens pse interface
Figure 5: gPROM's versatile combinations.

Siemens PSE (Process Systems Enterprise) is a known name in the manufacturing division, offering advanced software solutions for plant optimization and design modifications.

Features

  • The gPROMS model utilizes equation-based models and fast converging algorithms for efficient simulations.
  • Integration of Computational Fluid Dynamics (CFD) enhances accuracy by considering 2-D and 3-D models.
  • Steady-state and dynamic simulations: Supports various stages of process development, design, and optimization.
  • Integration with gPROMS Digital Applications Platform (gDAP) allows for  implementation within the automation system.

Pros

  • Strong reputation and expertise in the industry.
  • High-end support for process development, design, and optimization.
  • Advanced process and material modelling capabilities with molecular structure.

Cons

  • Lack of data-based AI/ML models.
  • Does not support real-time optimization problems.

6. Seeq

Seeq interface
Figure 6: Seeq's Advanced Data Analytics.

Seeq is a leading US-based software firm offering advanced data analytics and process optimization solutions across multiple industries, including oil and gas and manufacturing.

Features

  • Browser-based software for efficient data processing and analysis.
  • Compatibility with popular data historians such as OSIsoft's PI system, Honeywell's Uniformance PHD, and AspenTech IP.21.
  • Seeq Workbench application with tools for data visualization, modelling, and interactive analytics.
  • Support for diagnostic, monitoring, predictive, and descriptive analytics.
  • Advanced analytics algorithms and machine learning capabilities for uncovering patterns and anomalies in data.

Pros

  • Seamless integration with existing data infrastructure for analysis and optimization.
  • Empowers users to explore and analyze data effectively.
  • Enables proactive identification of process inefficiencies and optimization opportunities.
  • Enhances operational performance and cost savings through predictive maintenance.

Cons

  • Dependence on data historians limits the software's scope to time series data analysis.
  • AI pattern recognition focus may restrict equation-oriented modelling capabilities.

Conclusion:

When evaluating the competitors in the process optimization landscape for the oil and gas sector, Basetwo stands out as the superior choice. With its advanced AI model creation, rigorous validation, and live simulation analysis, Basetwo delivers unmatched accuracy and invaluable insights for decision-making and process optimization.

By addressing the limitations found in AspenTech products and surpassing top-tier competitors like Kongsberg and Cognite in terms of performance, Basetwo has established itself as the leading solution in the market.

Its innovative approach, robust features, and unwavering commitment to customer success position it as the ideal platform to drive productivity, efficiency, and technology competitiveness. With Basetwo, organizations can confidently optimize their processes and stay at the forefront of the evolving oil and gas landscape.

Choose Basetwo and unlock unmatched accuracy and invaluable insights. Contact us today for a demo and start reliably optimizing your operations.

FAQs
Who are AspenTech competitors?

AspenTech operates in a competitive landscape with notable alternatives such as Basetwo, Siemens Digital Industries Software, Seeq, Kongsberg, and Cognite. These industry players offer various solutions for process optimization in the oil and gas sector. AspenTech stands out with its comprehensive software suite that encompasses process modeling, simulation, and optimization, but it lags in terms of artificial intelligence and machine learning, where its competitors find their strength.

What industry is AspenTech?

AspenTech is a key player in the software solutions market, specifically focusing on providing solutions for process optimization in various sectors, including oil and gas, chemicals, engineering, and other process-intensive industries. Their software suite is designed to help companies improve their operational performance, increase productivity, reduce costs, and optimize their processes for better outcomes.

Who acquired Aspen Technology?

Recently, on May 16, 2022, Emerson Electric Company and Aspen Technology completed an $11 billion merger. This merger combines Emerson's industrial software businesses with AspenTech, creating a new global industrial software provider. Emerson now owns 55% of the new AspenTech, while AspenTech shareholders hold the remaining 45%. The merged company employs over 3,700 people in 62 offices across 41 countries.

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