HOUSTON and ARMONK, N.Y.,
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.
Jeannine Kilbride
IBM Media Relations
1 (860) 997-6277
jkilbri@us.ibm.com
Roxanna Salas
(713) 970-2104
Roxanna.Salas@Edelman.com
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SOURCE IBM