Equinor and Shell have signed a memorandum of understanding on digital collaboration to develop solutions and methods together through the exchange of expertise within areas like data science, artificial intelligence and 3D printing.
The collaboration, signed on March 5, is expected to entail co-innovation across the whole value chain, such as maintenance, production optimization and supply chain management.
“We are already collaborating closely in the Open Subsurface Data Universe initiative and see many mutual benefits as both companies have applied cloud-based digital solutions as an approach to our industry’s digital transformation. Such collaborations are increasingly important to strengthen safety, reduce carbon emissions and realize value by applying digital technologies,” Torbjørn F. Folgerø, chief digital officer at Equinor ASA, said.
The agreement will be further detailed on a project basis. It will enable the companies an agile foundation to explore specific digital initiatives and projects.
Equinor recently increased its 2025 improvement ambition by 50%, from $2-to-$3 billion mainly due to scaling digital solutions across our global portfolio faster than expected contributing to increased production as well as reducing maintenance, drilling and facility cost.
The speed of implementation of new digital solutions has already delivered a cashflow impact of more than $400 million in 2019, mainly due to earlier start-up of Johan Sverdrup and increased uptime on assets connected to our integrated operations center.
2023-08-09 - Coterra Energy has started to see relief in well costs on big-ticket items like steel, sand and frac crews, the E&P reported in second-quarter earnings.
2023-07-30 - Operational performance improved compared to 2022’s second quarter results, and the company is “one upgrade” away from being investment grade.
2023-07-22 - Liberty Energy saw a reduction in North American frac activity during the second quarter, a trend expected to continue in the back half of the year.
2023-09-18 - Rig counts are falling—a reflection of higher interest rates and labor costs that now affect drilling costs, moving break-even prices even higher out in the price curve.
2023-07-26 - Range Resources is allocating its free cash flow towards debt reduction and maintaining flat production, the Marcellus E&P reported in second-quarter earnings.