BP invests US$5m in upstream AI tech start-up
29 January, 2019
BP Ventures has announced an investment of US$5m (£3.8m) in Belmont Technology’s Series A financing to boost BP’s artificial intelligence (AI) and digital capabilities in the upstream sector.
Belmont, a Houston tech start-up, developed its cloud-based geoscience platform with AI, into which BP subsurface engineers will feed geology, geophysics, reservoir and historic project information.
The platform will then link the information together that experts can use to make faster and more informed decisions.
Nicknamed ‘Sandy’, the software is expected to reduce data collection, interpretation and simulation time by 90%.