BP Invests in Technology to Help Upstream Business
BP Ventures invested $5 million in Belmont Technology to enhance BP’s upstream artificial intelligence (AI) capabilities, the company announced Monday.
Belmont, a Houston tech startup, developed a cloud-based geoscience platform using AI in which BP experts feed the platform geology, geophysics, reservoir and historic project information. The platform then links the information together and creates knowledge BP experts can use.
“This AI-based platform, which we’ve nicknamed Sandy, is expected to unlock critical data for our subsurface engineers at a much-accelerated pace,” David Eyton, BP’s group head of technology, said in a written statement. “Our experts will ask it questions about our reservoirs like, ‘What factors control production in the Chirag field?’ Sandy will then interpret our data, including mapping out many more scenarios than are currently constructed, helping us make faster, better informed upstream decisions.”
BP expects Sandy to exhibit a 90 percent reduction time in data collection, interpretation and simulation.
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