Earth Science Analytics are utilizing the potential of efficient analytical techniques. This way, petroleum geo science teams can work more efficiently, with greater precision and at lower cost during hydrocarbon exploration and production. The machine use all relevant data to develop novel data analysis methods, leveraging artificial intelligence and machine learning technology. Thereby it delivers much more precise predictions, and support more profitable investment decisions.
One key advantage of artificial intelligence is the technology’s ability to handle large volumes of multidimensional data efficiently. This is time and cost saving, and allowing human resources to work with other more creative tasks. Another advantage is the machines ability to detect complex patterns that are not readily visible to humans. We aim to solve the data under-utilization problem by implementing artificial intelligence systems in petroleum geo science. By doing so, they aim to provide more reliable and efficient methods for data analytics, and ultimately reduce the number of costly, unsuccessful wells.
– Since moving in at Nyskapingsparken Incubator, the company has had a tremendous development far beyond the technical, which has resulted in a substantial customer portfolio, says Owe Hagesæther, CEO at GCE Subsea and head of the jury.
The award Subsea Upcoming Company of the Year is given for further development of projects in the company. The prize consists of 80,000 NOK, granted by GCE Subsea, Sparebanken Vest and the Underwater Technology Foundation.
Earth Science Analytics started in Norway, but the company has already expanded to other countries such as the UK and Germany. Going forward the company is working on expanding across the Middle East and in South East Asia.
The founders took part in ACCEL Subsea accelerator led by BTO, and the company is now a member of Nyskapingsparken Incubator. Earth Science Analytics has received commercialization funding from Innovation Norway and a 7 million NOK grant from the Research Council of Norway (Petromaks2) to further research artificial -applications for seismic data analysis.