Shell Collaborates With AI Technology Firm To Reduce Exploration Days: Report

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  • Shell PLC SHEL has reportedly collaborated with big-data analytics firm SparkCognition to use AI technology in deep-sea exploration.
  • The company will use SparkCognition capabilities to identify new oil reservoirs by analyzing vast seismic data, reported Reuters.
  • The technology is expected to boost operational efficiency and production via reducing explorations to below nine days from nine months.
  • "We are committed to finding new and innovative ways to reinvent our exploration ways of working," the report quoted Gabriel Guerra, Shell's of innovation and performance.
  • This month, Shell reported strong Q1 2023 results, with adjusted EBITDA of $21.4 billion, higher than $19.0 billion a year ago, on solid operational performance, a decline in underlying operating expenditure and improved performance in Chemicals & Products.
  • Price Action: SHEL shares are trading higher by 0.55% at $60.24 premarket on the last check Wednesday.
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