BP, a London-based oil company has made an announcement that its Venture capital division pumped in $5M in an AI firm. The move by the company will help it to strengthen its digital capabilities across the oil and natural gas exploration.
BP’s venture capital division was established in 2004. In its current funding process, it completed a series A round for Belmont technology, an AI startup in the US.
BP is looking to utilize ML and cognitive computing in its oil and gas business which is spread across the world. The company is primarily focusing on its upstream work, which mainly focuses on oil and natural gas exploration, field development and production.
Belmont technology has created a cloud-based AI platform for their employees whocan cater them with the reservoir, historic project information, geology,and geophysics. The platform can connect the data and inputs together to produce a summary of BP’s “subsurface assets”.
BP’s projects can now conduct stimulations by using neural networks which are utilized by the platform. The company aims to find new methods to boost its projects time frames, from the exploration of sites to designing of reservoirs.
As per chief executive of Belmont Technology, the company is thrilled by the prospect of bringing in a high tech AI solution within the London-based company. The company’s technology allows subsurface engineers to carry out real-time thinking, paving a way for them to enhance performance within the company, analyze data, understand situations and produce new ideas.