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BP, GE team up on oilfield data technology

Published 11/15/2016, 02:28 PM
BP, GE team up on oilfield data technology
BP
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GE
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  • BP (LON:BP) (BP +1.4%) signs a deal to use a new digital solution by General Electric (GE -0.5%) to improve the efficiency and safety of its offshore oil platforms by predicting equipment breakdowns before they occur; financial terms were not disclosed.
  • BP says GE's Plant Operations Advisor software, which will gather data from various pieces of oilfield equipment and process it through GE's Predix software, should help it save more than $200M/year from its deployment at up to 33 platforms globally, and estimates the program will boost its efficiency by 2%-4%.
  • GE hopes the BP partnership will set up future opportunities across the oil industry, especially ahead of the merger of its oil and gas division with Baker Hughes.

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