Flotek And IBM Begin Development Of Cognitive Reservoir Performance System For Upstream Oil & Gas Industry
Application of IBM Watson Explorer to maximize insights from Flotek’s prescriptive oilfield chemistry solutions data
HOUSTON & ARMONK, N.Y. – April 25, 2017: IBM (NYSE: IBM) and Flotek Industries, Inc. (NYSE: FTK) today announced a global agreement to develop a cognitive reservoir performance system for the oil and gas industry. The new system uses IBM Watson Explorer technology to analyze Flotek’s proprietary oilfield chemistry research, oil & gas client-contributed data and publicly reported sources from completion and production to reveal insights and identify new approaches to enhance the performance of wells throughout their entire life-cycle. For example, this solution will enhance oilfields by enabling decision making using machine learning for better production performance to improve oil recovery.
“The digital age has brought a massive amount of insight-rich industry data related to well-depths and rock formations,” said Luq Niazi, Global Managing Director, Chemical & Petroleum Industries, IBM Consulting. “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 TM (RC2 TM) will enable better decisions using machine learning to maximize reservoir performance through the Watson platform. The service will allow Flotek 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 unique technical expertise to discover critical trends and insights.
“We are committed to maximizing reservoir performance, ultimate recovery and client investments. 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, CEO and president of 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.”
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek's inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit Flotek's web site at www.flotekind.com.