BP has invested $5m into US-based AI startup Belmont Technology to strengthen and support its "digital capabilities" efforts to integrate machine learning and cognitive computing in oil and gas exploration.
The investment will allow the UK oil and gas giant to leverage Belmont Technology's AI cloud-based geoscience platform which aims to accelerate lifecycle projections, from exploration to reservoir modelling. In a statement, BP noted that the technology would target "a 90% time reduction in data collection, interpretation and simulation".
Additionally, the investment will support the development of BP's own AI platform and accelerate the deployment of Belmont Technology's AI platform named "Sandy".
BP's AI-based platform Sandy will aim to accelerate oil and gas exploration efforts
BP group head of technology David Eyton said: "This AI-based platform, which we've nicknamed Sandy, is expected to unlock critical data for our subsurface engineers at a much-accelerated pace. Our experts will ask it questions about our reservoirs like, "What factors control production in the Chirag field?"
Eyton added: "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 claimed that its latest venture into AI development would play a role in the company's strategy to tackle the "dual challenge of meeting the world's need for more energy, while at the same time reducing carbon emissions".