Weatherford International has signed a Joint Initiative Agreement (JIA) with IBM to collaborate on the development of new products and services for oil and gas producers
These products leverage IBM's advanced analytics and Internet of Things (IoT) capabilities on the IBM Cloud and strengthen Weatherford's production optimisation technologies.
Through the joint initiative Weatherford and IBM will develop new analytics solutions, all available via IBM Cloud, that are based on Weatherford’s extensive production optimisation and engineering software platform, its supervisory control and data acquisition (SCADA), and its sensors and controllers.
The jointly-developed solutions will be part of the company’s new Reservoir Solutions global business unit.
Reservoir Solutions vice president Oscar Rivera said, “As part of our commitment to helping operators get more out of their assets, Weatherford is expanding on our existing, industry-leading offerings with world-class analytics software and IoT infrastructure."
He added, “This unprecedented stack of integrated technologies has the potential to revolutionise production optimisation and places Weatherford in the best position to address the challenges oil and gas producers face.”
Global general manager for the chemicals and petroleum industries at IBM, John Brantley said, “As oil and gas producers look for more cost-effective solutions, there is an increasing need for more advanced analytics that enable better decision-making. The combination of Weatherford’s engineering software and IBM’s data analytics software in IBM’s cloud will enable the next evolution of production optimisation.”