Baker Hughes enters into deal to boost oil field artificial intelligence
https://www.chron.com/business/energy/article/Baker-Hughes-enters-into-deal-to-boost-oil-field-14033574.php June 24, 2019
Houston oilfield service company Baker Hughes has entered into a deal to boost artificial intelligence in the oil and natural gas industry.
Baker Hughes entered into a joint venture agreement where it bought a minority stake in the Redwood City, California-based artificial intelligence company C3.ai.
Under the agreement, the two companies have also launched a joint venture that seeks to boost artificial intelligence in the oil field by combining C3.ai's technical savvy with Baker Hughes' industry experience.
"This agreement is a mutual recognition of the technology leadership we each bring to the table and a willingness to work in new ways that deliver the best possible outcomes for our customers," Baker Hughes CEO Lorenzo Simonelli said in a statement. "Integrating our strong digital capabilities and oil and gas industry expertise with C3.ai's unique AI solutions, we will accelerate the overall digital transformation of this industry."
Artificial intelligence software will be used to improve productivity and efficiency at oil and natural gas operations by ingesting massive quantities of data and predicting problems before they occur.
Under the joint venture agreement, Baker Hughes now has a seat on C3.ai's board of directors....
