BP Invests $5 Million In AI Technology
BP Ventures invested $5 million in Belmont Technology’s Series A based on Houston’s artificial intelligence (AI) start-up. The company plans to develop its artificial intelligence and digital capabilities in upstream business.
Belmont Technology has developed a cloud-based geoscience platform aimed at 90% time reduction in data collection, interpretation and simulation. The technology links together platform geology, geophysics, reservoir and historic project data, finds new connections and workflows, and creates a knowledge-graph of BP’s subsurface assets.
“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. “Sandy will then interpret our data, including mapping out many more scenarios than are currently constructed, helping us make faster, better informed upstream decisions.”
This investment advancing Sandy’s development and implementation follows BP’s previous projects in cognitive computing, including $20 million funding for Beyond Limits’ Series B.
As major O&G companies invest in innovations and start-ups to promote technological progress, the Oil and Gas Automation and Digitalization Congress AUTOMA 2021 will include a special session of 10 short presentations from start up companies. The Congress will gather the key players from Upstream, Midstream and Downstream market, investors, system integrators and end users in Milan, Italy on 19-20 April.