KBC, a Yokogawa Company, Adopts the BHC3 AI Suite to Develop Enterprise AI Solutions for Oil and Gas

Rhea-AI Summary

Baker Hughes (NYSE: BKR) and C3 AI (NYSE: AI) announced that KBC will deploy AI technology to enhance its software for oil and gas simulation, supply chain optimization, and energy management. KBC aims to leverage BHC3 technology to improve operational efficiency, with potential economic value exceeding $0.65 per barrel. The integration will boost process planning accuracy and productivity. This collaboration underscores Baker Hughes' commitment to investing in digital transformation within the energy sector.

Positive

• KBC estimates that improved operations from AI technology will generate more than $0.65 in value per barrel.
• The partnership aims to enhance KBC's process simulation software, leading to improved operational efficiency.

Negative

• None.

Baker Hughes (NYSE: BKR) and C3 AI (NYSE: AI) today announced that KBC, a wholly-owned subsidiary of Yokogawa Electric Corporation, will deploy artificial intelligence (AI) technology from the BakerHughesC3.ai (BHC3) alliance to enhance KBC’s existing software portfolio for oil and gas process simulation, supply chain optimization, and energy management.

KBC is a leading consultancy and software provider for energy, chemical, and offshore oil and gas operations. The company’s process simulation software is widely adopted across hydrocarbon processing facilities, playing a critical role in helping operators meet production goals and maximize profitability.

KBC will leverage BHC3 technology across KBC’s oil and gas portfolio, adding enterprise AI capabilities to their existing digital transformation software. Petro-SIM, KBC's leading process simulation software and optimization platform for driving excellence in facility performance and organizational productivity, has demonstrated bi-directional interoperability with the BHC3 AI Suite. By augmenting KBC’s simulation software with capabilities from BHC3, KBC will further help oil and gas assets improve process planning accuracy, deliver operational agility, and significantly reduce processing time.

These robust enterprise AI solutions will provide continuous automated updates to physics-based simulations through a flexible, extensible model that scales to any industrial configuration and environment, with benefits extending into the supply chain. KBC anticipates the enterprise AI-enabled solutions will generate significant annual economic value for customers, estimating that improved operations will yield more than $0.65 per barrel.

Yokogawa previously announced its adoption of the C3 AI^® Suite to enhance enterprise AI applications across its vertical industries, including power generation, renewables, mining and metals, and chemicals.

“Integration of enterprise AI capabilities into our current software will enable us to further and rapidly drive digital transformation for our customers,” said Shigeyoshi Uehara, KBC chief executive officer. “Working with domain experts for oil and gas specific applications will enable the people, process, and technology changes necessary for more efficient and productive operations.”

“KBC is a leader in digital solutions that transform processes for their customers, and the integration of our industry-leading enterprise AI solutions will continue to create greater efficiencies and productivity for those users,” said Uwem Ukpong, executive vice president of regions, alliances and enterprise sales at Baker Hughes. “BHC3’s scalable AI capabilities for the energy industry will augment KBC’s existing software and enable future application development. These solutions are focused on energy and highly engineered products, demonstrating further momentum for the BakerHughesC3.ai alliance as Baker Hughes continues to invest for growth in industrial digitization.”

“KBC’s use of the flexible, scalable enterprise AI technology from BHC3 will infuse AI capabilities into an already leading portfolio of simulation software for the oil and gas industry,” said Thomas M. Siebel, chairman and CEO of C3 AI. “The transformation of energy requires new approaches, including the constant evolution of existing solutions on the market today. This agreement represents an exciting combination of visionary and market-leading companies working together to digitally-transform the oil and gas industry.”

About KBC

KBC, a wholly owned subsidiary of Yokogawa Electric Corporation, is all about excellence in the Energy and Chemical industry. We make excellence real for our customers through the actions of our people fused with our technology and best practices. We provide leading software and expert services, powered by the cloud, to assure process operations achieve their full potential. Our customers achieve operating performance that surpasses ordinary standards, now and into the future. For more information, visit www.kbc.global.

About Baker Hughes:

Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

About C3.ai, Inc.

C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company that accelerates digital transformation for organizations globally. C3 AI delivers a family of fully integrated products: C3 AI^® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at www.c3.ai.

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FAQ

What impact will the Baker Hughes and C3 AI partnership have on KBC?

The partnership is expected to enhance KBC's software portfolio, improving operational efficiency and potentially generating significant economic value.

What is the estimated economic value from the AI technology integration for KBC?

KBC estimates that the integration of AI technology will yield more than $0.65 per barrel in improved operations.

When was the partnership between Baker Hughes and C3 AI announced?

The partnership was announced on June 8, 2021.

What are the stock symbols for Baker Hughes and C3 AI?

Baker Hughes is traded under the symbol BKR, and C3 AI is traded under AI.