Technology, especially in the areas of artificial intelligence and software that detect and predict oil has gone a long way in advancing oil extraction. It has reduced the environmental impact of blind drilling to more proficient methods by which companies can extract oil with more accuracy. However, it has the potential to do a lot more.
One such Artificial Intelligence petroleum geoscience software provider, Earth Science Analytics (Norway), recently raised funding for its Series A from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco.
Commenting on the future plans with the funding, Eirik Larsen, CEO of Earth Science Analytics, said, “Now we take in extra capital to speed up product development and sales to take advantage of our head start to be the leading global solution provider within artificial intelligence and geoscience. The investment is a significant validator that we are on the right track and we really look forward to working with SAEV”.
With a focus on developing the next generation of its AI enabled EarthNET software, Earth Science Analytics looks to provide a faster, more cost-effective and accurate prediction of rock and fluid properties in our planet’s subsurface. This will then enable oil and gas exploration and production to be done with higher success rates and more profitability than ever achieved before by traditional software.
Read more about Earth Science Analytics and the investment here.