- A few weeks ago, energy supermajor BP made a US$5 million investment in Belmont Technology, a Houston-based artificial intelligence (AI) start-up.
- In the investment in Belmont Technology, BP is hoping to apply its AI cloud-based geoscience platform for more accurate lifecycle projections in exploration and reservoir modelling.
- All across the world, data science-focused start-ups like VROC AI and Element AI are popping up – leveraging neural networks and artificial intelligence technology to offer novel and innovative predictive solutions to the oil industry, from more accurate reservoir management to remapping entire geological formations.
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