Energy entrepreneurs gathered at the Rice University Shell Auditorium on Sept. 15 to pitch inventive ideas on how to improve both business practices and ESG practices within the energy sector. Pictured is the entrance to Rice University in Houston. (Source: JHVEPhoto / Shutterstock.com)
HOUSTON—On a day full of innovation and technological advancement, data mining and artificial intelligence (AI) were front and center at the recently held 19th Annual Rice Alliance Energy Tech Venture Forum.
Energy entrepreneurs gathered at the Rice University Shell Auditorium on Sept. 15 to pitch inventive ideas on how to improve both business practices and ESG practices within the energy sector. Ideas ranged from a metaverse training tool that uses headsets, virtual reality and augmented reality, to hyperspectral satellites that can detect methane leaks both above and below ground.
Low emissions and carbon capture look to be the future of the oil and gas sector and AI and real-time analytics look to be paving the way for that. Many of the offerings at the event are looking to eliminate issues by streamlining whatever data analytics processes the energy company uses and lessening emissions.
Arolytics sought to create a “QuickBooks for emissions,” according to president and co-founder Liz O’Connell. With their new AroViz software, they’ve created a methane forecasting tool that is able to aggregate and analyze the data on a centralized platform and deliver real-time progress on a company’s emissions goals.
AttackIQ tackled cybersecurity with its Security Optimization Platform. The platform aims to prevent problems before they even arise, as 80% of successful enterprise breaches should have been prevented by existing controls.
“Imagine a world where you can be confident in your security program,” said Brett Galloway, CEO of AttackIQ. “You could validate your defenses against specific threats. You could answer the questions to the board and the business about readiness and you could leverage technology to automate all of this in production.”
The common denominator between each company’s new software is their approach to data analytics.
Each product was designed to be accessible no matter where the user was. They were also designed to analyze and display the collected data in an easily understandable fashion. Many of these products, such as Craytive Technologies’ Baselinez and RnB Technology Group’s “virtual data scientist” Ari, were also subscription-based.
RnB Technology Group’s Ari is a cloud-based SaaS subscription license product that allows users to analyze large amounts of data from operations and “improve it, fix it, prevent it from failing.”
“What we do is we adjust the data,” said George Hernandez, director at RnB Technology Group. “We determine what’s related to what we built, data-driven models. And then based upon those models, we provide abnormalities or recommendations about what to do in build.”
The other subscription-based product, Baselinez by Craytive Technologies, allows geoscientists to gain subsea insights and share that information across the metaverse.
“Using an app platform, customers gain subsurface insights, access digital twins that explain complex concepts to stakeholders, train and simply showcase technology innovation,” said Jide Ayangande, partner at Craytive Technologies.
Recommended Reading
Hess Corp. Reports Fangtooth SE-1 Find, Sets 2023 Capex Budget at $3.7 Billion
2023-01-24 - New York-based Hess Corp. announced a new discovery offshore Guyana and set its 2023 E&P capital and exploratory budget at $3.7 billion, of which more than 80% will be allocated to the Bakken and Guyana’s Stabroek Block.
Britain’s Windfall Tax Risks North Sea Cash Flight, Output Drop
2022-11-23 - Energy giants Shell Plc and Equinor ASA said they were evaluating their investment plans after last week’s decision to raise tax to 35% from 25% to help plug Britain’s fiscal hole.
Chevron Can Resume Key Role in Venezuela’s Oil Output, Exports
2022-11-26 - The U.S. authorization “brings added transparency to the Venezuelan oil sector” and allows Chevron to benefit from sales of “oil that is currently being produced” by its joint ventures with PDVSA, the California-based company said in a statement.
UK Oil Sector Faces $24 Billion Bill to Plug Old Wells: Report
2022-11-22 - The cost burden for plugging wells and removing platforms, in what is known as decommissioning, is set to rise sharply over the next three to four years as more fields stop production, Offshore Energies UK (OEUK) warned in a report.
Equinor, Partners to Invest $1.44 Billion in Arctic Gas Field
2022-11-22 - The water depth of around 1,300 m (4,300 ft) makes Irpa, previously known as Asterix, one of the deepest finds to be developed offshore Norway and the country’s fourth producing petroleum field north of the Arctic circle.