Application of IBM Watson Explorer to maximize insights from
Flotek's prescriptive oilfield chemistry solutions data
HOUSTON and ARMONK, New
York, April 25, 2017
/PRNewswire/ -- IBM (NYSE: IBM) and Flotek Industries, Inc.
(NYSE: FTK) today announced a global agreement to develop a
cognitive reservoir performance system for the oil and gas
industry. The new system uses IBM Watson Explorer technology to
analyze Flotek's proprietary oilfield chemistry research, oil &
gas client-contributed data and publicly reported sources from
completion and production to reveal insights and identify new
approaches to enhance the performance of wells throughout their
entire life-cycle. For example, this solution will enhance
oilfields by enabling decision making using machine learning for
better production performance to improve oil recovery.
"The digital age has brought a massive amount of insight-rich
industry data related to well-depths and rock formations," said
Luq Niazi, Global Managing Director,
Chemical & Petroleum Industries, IBM Consulting. "With IBM
Watson Explorer, our clients will gain insights that can be
interpreted quickly to understand exactly what is happening at a
client's well and deliver value to the core of the business."
Flotek's Reservoir Cognitive Consultant TM
(RC2 TM) will enable better decisions using
machine learning to maximize reservoir performance through the
Watson platform. The service will
allow Flotek data scientists and chemists to search and analyze
troves of historical and experiential data from thousands of client
wells in real-time and apply their unique technical expertise to
discover critical trends and insights.
"We are committed to maximizing reservoir performance, ultimate
recovery and client investments. For years, our clients have
communicated the need for predictive data related to well
performance rather than reactive, backward-looking information
available in the energy industry," said John Chisholm, chairman of the board, CEO and
president of Flotek. "Reservoir Cognitive Consultant will bring
greater transparency to the oilfield by identifying specific
challenges facing our clients through prescriptive chemistry
technology designed to deliver measurable, transformative
results."
About Flotek Industries, Inc.
Flotek develops and
delivers prescriptive chemistry-based technology, including
specialty chemicals, to clients in the energy, consumer industrials
and food & beverage industries. Flotek's inspired chemists draw
from the power of bio-derived solvents to deliver solutions that
enhance energy production, cleaning products, foods & beverages
and fragrances. In the oil and gas sector, Flotek serves major and
independent energy producers and oilfield service companies, both
domestic and international. Flotek Industries, Inc. is a publicly
traded company headquartered in Houston,
Texas, and its common shares are traded on the New York
Stock Exchange under the ticker symbol "FTK." For additional
information, please visit Flotek's web site at
www.flotekind.com.
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