Oil majors Equinor and Shell have signed a memorandum of understanding on digital collaboration to develop solutions and methods in areas of data science, artificial intelligence, and 3D printing.
Equinor said on Thursday that the collaboration was expected to entail co-innovation across the whole value chain, such as maintenance, production optimization, and supply chain management.
Torbjørn F. Folgerø, chief digital officer in Equinor, said: “We are already collaborating closely in the Open Subsurface Data Universe (OSDU) 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.”
According to Equinor, the agreement will be further detailed on a project basis with the capability to explore specific digital initiatives and projects.
Alexander Boekhorst, VP for digitalization and computer science in Shell, added: “Open Innovation is key to accelerating digital innovation across the energy industry. Collaborating and building on others’ strengths is critical to delivering competitive and affordable technology.”
Equinor recently increased its 2025 improvement ambition by 50 percent, from $2 billion to $3 billion mainly due to scaling digital solutions across its 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 2019, mainly due to the earlier start-up of Johan Sverdrup and increased uptime on assets connected to Equinor’s integrated operations center.
Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.
Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.