Belmont Secures Repsol Investment In New Artificial Intelligence Technology
HOUSTON, Nov. 20, 2019 /PRNewswire/ -- Repsol has acquired a stake in Belmont Technology, incorporating it as part of the participated strategic companies of their Corporate Venturing portfolio. The investment supports Repsol's initiatives to leverage artificial intelligence for its global energy business.
Belmont Technology is developing the cloud-based Sandy(TM)? platform for the Upstream Oil & Gas industry. Sandy(TM)? offers unique knowledge management capabilities, continuously ingesting and structuring all types of industry data and making it consumption-ready for analytics and seamless queries in natural language. Sandy(TM)? also features a breakthrough innovation; enabling real time, AI-based, simulation of subsurface scenarios from exploration risk assessment to oilfield development plans.
The technology is perfectly aligned with the industry needs. It provides a step change in efficiency, allows better informed decisions and can enable field management automation in the long run. This investment will enable Belmont Technology to expand and accelerate the deployment of its platform.
Belmont Technology's CEO, Jean-Marie Laigle, said: "We are very pleased to welcome Repsol as an investor. Repsol has been one of the very first clients of Belmont Technology and an early adopter of our innovation. We look forward to strengthening the relationship and building a long-term partnership. Besides, this investment is another validation of our technology and its fit to the current and future industry needs."
André Vayssaire, Geochemistry & Basin Modeling Sr. Manager at Repsol: "We have immediately seen that the Artificial Intelligence based platform developed by Belmont Technology will help us accelerate our project life cycles by reducing the data search, extraction and classification and by replacing long and CPU demanding simulations by instant predictions. Our first tests of this technology confirmed that we get value out of our data in a much shorter timeframe, which opens the door to more comprehensive evaluations and ultimately, better decisions."
About Belmont Technology
Belmont Technology is an award-winning startup based in Houston, TX, which aims at revolutionizing E&P by using Artificial Intelligence (AI) to enable unlimited, real-time, economically constrained subsurface scenarios. The technology has been presented recently in various industry conferences for exploration and reservoir simulation. Belmont Technology has engaged successfully with a dozen of oil and gas companies through its consortium and proof-of-concept program. https://www.b15y.io
About Repsol:
Repsol is a global energy company present throughout the whole energy value chain. The company employs more than 25,000 people and its products are sold in more than 90 countries, reaching 10 million customers. Repsol produces over 700,000 barrels of oil equivalent per day and has one of the most efficient refining systems in Europe. The company operates low-emissions electricity generation assets and develops photovoltaic and offshore wind power projects. Repsol is pioneering development of mobility initiatives to create new solutions and energy sources for transportation.
About Repsol's Corporate Venturing investment fund:
Repsol's Corporate Venturing investment fund is endowed with 85 million euros for the 2016-2020 period. It aims to capture technological innovation, already close to its commercial deployment, that can be tested quickly to assess its potential. The fund's strategy is based on open innovation to complement the company's internal R&D capabilities and accelerate the incorporation of technology and innovative models to the business units. It has participations in 16 companies and has analyzed more than 1,000 investment opportunities since its creation. The six technological areas that the fund focuses on are: operational reliability, circular economy, advanced mobility, energy diversification, advanced materials and new technologies applied to exploration and production (E&P).
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SOURCE Belmont Technology Inc.
