LONDON, UK – 25 January 2021 – Geoteric, a leading software and services provider, has reported a dramatic uptake of its on-premise Collaborative AI since the commercialisation of this technology in September 2020. This increase comes during a year that included a global pandemic, oil market crash and increased interest in the changing energy landscape.
To date, over 30 E&P companies have adopted Geoteric on-premise Collaborative AI. The wide-scale adoption is attributed to the data-driven, rapid results that support effective new ways of working and its ability to minimise production costs and free up cash flow quickly.
Owen Lee, SVP Global Sales commented: “E&P companies are seeing the benefit of Geoteric’s AI-driven fault interpretation which is central to subsurface understanding. Its enhanced results are changing operators field development plans and improving safety in well planning, as well as having an immediate impact on project timeframes. In some cases, compressing projects from years to weeks.”
Adding; “Adoption was underway with our AI fault service offering, allowing organisations to benchmark Geoteric results in advance of the software release. Following the success of our webinar training series after the launch of Collaborative AI, users and companies quickly saw the low training threshold required and were quick to adopt.”
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Geoteric is a leading AI software and services provider with tools designed to maximise subsurface knowledge. Together with its traditional best-in-class seismic attribute and interpretation workflows, Geoteric is redefining subsurface understanding through a data-driven, AI-powered workflow.
Moving beyond the confines of traditional techniques, Geoteric has reimagined interpretation. Automating monotonous and labour-intensive tasks to take advantage of every data point within the seismic cube, Geoteric’s AI technology can generate a detailed representation of the structural history and fault network in a fraction of the usual time, with a greater level of accuracy.