SLB Announces Collaboration with Geminus AI

Rhea-AI Summary

SLB (NYSE: SLB) announced an investment and technology partnership agreement with Geminus AI to deploy the first physics-informed artificial intelligence (AI) model builder for oil and gas operations. The Geminus model builder fuses physics-based approaches with process data to produce highly accurate AI models that can be deployed at scale, far faster and at much less cost than traditional AI approaches. This partnership aims to unlock value for the energy sector by delivering significant efficiency and productivity increases for customers.

Positive

• Exclusive access to deploy the first physics-informed AI model builder for oil and gas operations
• Highly accurate AI models can be deployed at scale, far faster and at much less cost than traditional AI approaches
• Empower customers to quickly and easily create hybrid models of their operating assets that can be optimized in real time against numerous outcomes

Negative

• None.

Energy Sector Analyst

The partnership between SLB and Geminus AI marks a significant development in the oil and gas industry's ongoing digital transformation. By integrating physics-informed AI with traditional operational models, SLB is positioned to offer its customers a powerful tool for optimizing various aspects of their operations. This technology promises to enhance decision-making processes by providing operators with the ability to quickly assess and adjust to operational changes, potentially leading to reduced operational expenses (opex), increased productivity and minimized carbon emissions.

Such advancements are likely to impact the competitive landscape, as companies that effectively leverage these AI-driven tools can achieve greater efficiency and sustainability—a key differentiator in today's market. Furthermore, the ability to create and deploy AI models at a reduced cost and with higher accuracy could disrupt traditional methods, potentially leading to a reallocation of resources within the industry. The emphasis on reducing carbon emissions aligns with global environmental goals and could have regulatory and reputational implications for SLB and its clients.

Environmental Technology Analyst

The introduction of Geminus AI's physics-informed models represents a noteworthy leap forward in environmental technology within the energy sector. By enabling the real-time optimization of operations with a focus on reducing carbon emissions, SLB is not only enhancing economic performance but also contributing to environmental sustainability. The capacity to evaluate a vast number of scenarios in a fraction of a second allows for a highly responsive approach to managing emissions and adhering to increasingly stringent environmental regulations.

This technological advance could serve as a catalyst for broader adoption of AI in environmental management practices across the industry. It also exemplifies how digital innovation can align economic incentives with ecological responsibility, potentially influencing investor sentiment and consumer perception, both of which are increasingly focused on environmental, social and governance (ESG) criteria.

Data Science Expert

The Geminus platform's ability to produce accurate models with sparse data is a testament to the advances in data science and machine learning specific to industrial applications. The concept of 'physics-informed AI' refers to the integration of domain knowledge—in this case, the laws of physics—into AI algorithms, which can lead to more reliable and interpretable models. This is particularly valuable in industries like oil and gas where the cost of incorrect predictions can be extremely high.

The mention of the platform's compatibility with SLB's Symmetry process simulation software highlights the importance of interoperability in data science applications. The ability for data scientists and modeling engineers to rapidly update models with new data points emphasizes the move towards agile and adaptive AI systems. This could set a new standard for predictive maintenance, system optimization and real-time decision-making in complex industrial environments.

First AI models built using physics-based simulation for optimization of oil and gas operations

HOUSTON--(BUSINESS WIRE)-- SLB (NYSE: SLB) today announced an investment and technology partnership agreement with Geminus AI that will give SLB exclusive access to deploy the first physics-informed artificial intelligence (AI) model builder for oil and gas operations. The Geminus model builder fuses physics-based approaches with process data to produce highly accurate AI models that can be deployed at scale, far faster and at much less cost than traditional AI approaches.

“The investment made by SLB in its partnership with Geminus AI produces a step-change in operational performance for customers, from production pipelines to facilities,“ said Rakesh Jaggi, president, Digital and Integration, SLB. “Geminus’ capability to fuse AI methods with physics-based simulation data will empower customers to quickly and easily create hybrid models of their operating assets that can be optimized in real time against numerous outcomes, such as opex reduction, increased productivity, and carbon emissions minimization.”

The Geminus platform uses novel, physics-informed AI computing to translate constraints of the physical world inside digital models. It requires only sparse data, and models are easily updated with the infusion of new data points. Data scientists and modeling engineers can use the platform to predict the behavior of complex systems and make informed real-time decisions.

“We see our partnership with SLB as invaluable to helping us unlock value for the energy sector,” said Greg Fallon, CEO, Geminus AI. “With thousands of oil and gas processing facilities and complex well networks held by hundreds of different customers, SLB’s relationships and reach will help us deliver significant efficiency and productivity increases for customers.”

In a customer use case, SLB delivered a Geminus hybrid AI-driven application to optimize economic performance while reducing carbon emissions at a natural gas plant. The application, created by Geminus’ physics-informed AI solution, was trained by data from SLB’s Symmetry™ process simulation software. It took just days to create, including the underlying hybrid AI model, and has the capability to evaluate 20,000 complex scenarios in under a tenth of a second. The application enables operators to interactively explore the impact of changing process settings on the plant’s carbon footprint and yield. In other use cases, the technology has vastly improved the efficiency of fluid catalytic crackers—the heart of an oil refinery—and improved the performance of electric submersible pumps and industrial wellsite chokes.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About Geminus AI

Born to pave the way for AI into the physical world, Geminus uses cutting-edge AI techniques to drive innovative modeling for optimizing and automating industrial systems in real-time. Learn more at www.geminus.ai.

Cautionary Statement Regarding Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, SLB’s new technologies and partnerships; statements about goals, plans and projections with respect to sustainability and environmental matters; forecasts or expectations regarding energy transition and global climate change; and improvements in operating procedures and technology. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of SLB’s strategies, initiatives or partnerships; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in SLB’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240109995553/en/

Media

Moira Duff - Director of External Communications

Tel: +1 (713) 375-3407

Email: media@slb.com

Investors

James R. McDonald – SVP of Investor Relations and Industry Affairs

Joy V. Domingo - Director of Investor Relations

Tel: +1 (713) 375-3535

Email: investor-relations@slb.com

Source: SLB

FAQ

What is the partnership agreement announced by SLB (NYSE: SLB)?

SLB announced an investment and technology partnership agreement with Geminus AI to deploy the first physics-informed artificial intelligence (AI) model builder for oil and gas operations.

What does the Geminus model builder do?

The Geminus model builder fuses physics-based approaches with process data to produce highly accurate AI models that can be deployed at scale, far faster and at much less cost than traditional AI approaches.

What is the aim of the partnership between SLB and Geminus AI?

The partnership aims to unlock value for the energy sector by delivering significant efficiency and productivity increases for customers.

What are some use cases of the technology?

The technology has vastly improved the efficiency of fluid catalytic crackers, improved the performance of electric submersible pumps, and industrial wellsite chokes.