According to Weatherford, the company signed on July 26, 2016 a joint initiative agreement with IBM to collaborate on developing new products and services for oil and gas producers that leverage IBM advanced analytics and Internet of Things capabilities on the IBM Cloud.
The collaboration will combine IBM’s analytics and Internet of Things (IoT) capabilities on the IBM Cloud and strengthen Weatherford's production optimisation technologies.
IBM´s chemicals and petroleum industries global general manager 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.»
Under the agreement, the companies will jointly develop new analytics solutions.
The solutions are based on Weatherford's production optimisation and engineering software platform, supervisory control and data acquisition (SCADA) along with sensors and controllers, will be part of the company’s new Reservoir Solutions global business unit launched early this year.
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. 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.»