Technology agreement will offer solutions to optimize reservoir management
HOUSTON, Texas--(BUSINESS WIRE)--Emerson (NYSE: EMR) and Quantum Reservoir Impact (QRI) announced today they have teamed up to develop and market next-generation applications for artificial intelligence (AI)-based analytics and decision-making tools customized for oil and gas exploration and production (E&P). Together, the two E&P software industry leaders will help oil and gas customers embrace digital transformation technologies and harness vast amounts of data to optimize their reservoir management strategies.
The collaboration combines the power of Emerson’s global reach and the world’s largest independent E&P software portfolio with QRI’s leading industry expertise in applying augmented AI, machine learning and advanced analytics for asset and reservoir management.
“The combination of our technologies and deep E&P expertise in offshore, unconventional and mature fields results in a robust offering that can give customers a significant advantage in the marketplace,” said Steve Santy, president for E&P software at Emerson. “Collaborating with QRI enhances our capabilities to give customers meaningful analytics to maximize production and capital efficiency and for better reserve assessment.”
As part of the ongoing collaboration, the companies will apply advanced computational technologies to help geoscientists and engineers make actionable and reliable field development decisions quickly, mitigating risks and leading to higher productivity and better performance.
“People, process and data are as important as technology to the success of the solution. Our partnership with Emerson makes for a very powerful team to ensure that our offerings will become a prominent choice in the market,” said Dr. Nansen Saleri, QRI’s chairman, CEO and co-founder. “As our industry continues to transform, we share Emerson’s vision of applying state-of-the-art deep learning tools to automate next-generation workflows and offer our customers a rapid means of generating value.”
For more information, visit www.Emerson.com/EPSoftware.
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information visit Emerson.com.
Quantum Reservoir Impact (QRI) was founded in 2007 with a goal to help clients increase production, reserves and capital efficiency using a metrics-based approach. Today, QRI is leading the industry as a value creation advisory company and an artificial intelligence (AI) solutions provider reinventing the way asset teams manage their oil and gas portfolios. Applying Augmented AI and Advanced Analytics to automate complex workflows, SpeedWise® technologies give clients the ability to harness vast amounts of data and optimize reservoir management and CapEx/OpEx strategies. For more information visit QRIGroup.com.