Oil and gas giant BP鈥檚 specialist venture capital fund BP Ventures has made an investment in a series A round for Belmont Technology, a Houston-based artificial intelligence start-up.
The Houston technology start-up has developed a cloud-based geoscience platform using AI.
BP experts feed the platform geology, geophysics, reservoir and historic project information.
It intuitively links that information together, identifying new connections and workflows, and creating a robust knowledge-graph of BP鈥檚 subsurface assets.
Much like data searches available in the consumer domain, BP experts can then interrogate the data, asking the powerful knowledge-graph specific questions in natural language.
The technology then uses AI neural networks to interpret results and perform rapid simulations.
鈥淭his AI-based platform, which we鈥檝e nicknamed Sandy, is expected to unlock critical data for our subsurface engineers at a much accelerated pace,鈥� said David Eyton, BP鈥檚 group head of technology.
鈥淥ur experts will ask it questions about our reservoirs like, 鈥榃hat factors control production in the Chirag field?鈥�.
鈥淪andy will then interpret our data, including mapping out many more scenarios than are currently constructed, helping us make faster, better informed upstream decisions.鈥�
鈥淭his investment helps drive forward our digital strategy and further underpins our upstream operations with cutting edge technology.鈥�
BP鈥檚 investment will enable Belmont Technology to expand its workforce, extend Sandy鈥檚 capabilities and accelerate the deployment of its product.
BP has invested more than $450 million in technology companies across more than 40 entities with more than 200 co-investors.
鈥淲e are extremely honored to welcome BP as an investor as it is a validation of our approach and technology,鈥� said Belmont Technology鈥檚 chief executive, Jean-Marie Laigle.
鈥淲e are excited by the prospect of deploying a cutting-edge cognitive AI solution within BP.
鈥淥ur technology enables real-time thinking for subsurface engineers, helping transform the way teams work, analyse data, understand situations and generate novel ideas.鈥�