IBM and Flotek Industries, Inc. will develop a cognitive reservoir performance system using IBM Watson Explorer technology to analyze Flotek's oilfield chemistry research, oil and gas client-contributed data and publicly reported sources from completion and production.
The companies said the solution will be able to reveal insights and identify new approaches to improve well performance throughout their life-cycle.
"The digital age has brought a massive amount of insight-rich industry data related to well-depths and rock formations," Luq Niazi, global managing director, Chemical & Petroleum Industries, IBM Consulting, said in a statement. "With IBM Watson Explorer, our clients will gain insights that can be interpreted quickly to understand exactly what is happening at a client's well and deliver value to the core of the business."
Flotek's Reservoir Cognitive Consultant (RC2) will enable better decisions using machine learning to maximize reservoir performance through the Watson platform, Flotek said in a press release. The service will allow the company’s data scientists and chemists to search and analyze troves of historical and experiential data from thousands of client wells in real-time and apply their technical expertise to discover critical trends and insights.
"For years, our clients have communicated the need for predictive data related to well performance rather than reactive, backward-looking information available in the energy industry," said John Chisholm, chairman of the board, chief executive officer and president of Houston-based Flotek. "Reservoir Cognitive Consultant will bring greater transparency to the oilfield by identifying specific challenges facing our clients through prescriptive chemistry technology designed to deliver measurable, transformative results."