BP has made a substantial investment of £3.8 million in a Houston-based AI start-up.
This strategic move aims to enhance BP’s technological capabilities in geoscience and upstream operations.
Investment in Belmont Technology
BP’s venture capital fund, BP Ventures, has participated in a Series A funding round for Belmont Technology, a firm specialising in artificial intelligence. Belmont Technology has developed a cloud-based platform designed to revolutionise geoscience data analysis.
The platform is fed with geological, geophysical, reservoir, and historical project data by BP experts. It links this data intuitively, identifying new connections and workflows, thus creating a comprehensive knowledge graph of BP’s subsurface assets.
Capabilities of the AI Platform
Much like consumer data search engines, BP experts can query this robust knowledge graph in natural language. The platform, known informally as Sandy, uses AI neural networks to interpret these queries and perform rapid simulations.
David Eyton, BP’s group head of technology, explains, “This AI-based platform is expected to unlock critical data for our subsurface engineers at a much accelerated pace.” Sandy is capable of mapping out numerous scenarios that help in making quicker, better-informed upstream decisions.
Enhancing Decision-Making
Sandy interprets data and maps out many more scenarios than are currently constructed.
This capability assists BP in making faster, better-informed upstream decisions.
David Eyton added, “Our experts will ask it questions about our reservoirs like, ‘What factors control production in the Chirag field?’”
Driving Digital Strategy Forward
This investment is aligned with BP’s digital strategy, which aims to underpin its upstream operations with cutting-edge technology. BP’s financial commitment will enable Belmont Technology to expand its workforce and extend the capabilities of Sandy.
Moreover, the investment will accelerate the deployment of Belmont Technology’s AI product, further embedding cognitive solutions in BP’s operations.
Historical Investments in Technology
BP’s investment in Belmont Technology is part of a broader strategy. To date, BP Ventures has invested over $450 million in various technology companies.
These investments span more than 40 entities and include collaborations with over 200 co-investors.
Industry Validation
Jean-Marie Laigle, Belmont Technology’s chief executive, expressed enthusiasm about the partnership. He stated, “We are extremely honoured to welcome BP as an investor as it is a validation of our approach and technology.”
Laigle also highlighted the potential of deploying Belmont’s cutting-edge AI solutions within BP’s operations.
Transforming Subsurface Engineering
Laigle noted, “Our technology enables real-time thinking for subsurface engineers.”
This transformation impacts how teams work, analyse data, understand situations, and generate ideas.
The implementation of these AI solutions will significantly enhance BP’s operational efficiency and innovation.
In summary, BP’s £3.8 million investment in Belmont Technology signifies a major step towards integrating advanced AI in geoscience.
This strategic move not only supports BP’s digital strategy but also enhances its capability to make informed, rapid decisions in upstream operations.