Baker Hughes, Repsol to Develop Next Generation Digital Capabilities Through Leucipa™

Rhea-AI Summary

Baker Hughes (NASDAQ: BKR) and Repsol have announced a new agreement to develop and deploy next-generation artificial intelligence capabilities through the Leucipa™ automated field production solution. This collaboration aims to implement AI-powered automation workflows across Repsol's global assets to enhance operational capabilities, optimize production, improve efficiency, and reduce emissions.

The partnership will leverage shared knowledge and expertise to accelerate the energy industry's digital evolution. Repsol, which has been using Leucipa since its introduction, will deepen its relationship with Baker Hughes, reinforcing its position as an industry leader and creating new commercial opportunities for Leucipa.

Leucipa focuses on achieving specific operator outcomes by harnessing data to drive intelligent operations. By automating production processes, it aims to reduce inefficiency, ensure more environmentally sound operations, and enable the recovery of millions of barrels that would otherwise remain in the ground.

Positive

• Strategic collaboration to develop AI-powered automation workflows
• Potential for improved operational efficiency and production optimization
• Opportunity to reduce carbon emissions in oil and gas operations
• Creation of new commercial opportunities for Leucipa solution

Negative

• None.

Insights

Tech Expert

Baker Hughes' collaboration with Repsol to develop AI-powered automation workflows through Leucipa™ is a significant move in the oil and gas industry's digital transformation. This partnership aims to optimize production, improve efficiency and reduce emissions across Repsol's global assets.

The key benefits of this collaboration include:

• Enhanced operational capabilities through AI-powered automation
• Improved resource recovery, potentially unlocking millions of barrels of oil
• Reduced carbon emissions and more environmentally sound operations
• Knowledge sharing to accelerate industry-wide digital evolution

For Baker Hughes, this agreement strengthens Leucipa's position as a leading digital production software in the industry. It also opens up new commercial opportunities for the Leucipa platform. The collaboration validates Baker Hughes' technology leadership in the energy sector and could lead to increased adoption of their AI solutions by other oil and gas companies.

While the immediate financial impact may be , the long-term potential for Baker Hughes is significant as the industry continues to embrace digital technologies for operational optimization and sustainability improvements.

Energy Industry Analyst

This collaboration between Baker Hughes and Repsol represents a significant step forward in the digitalization of the oil and gas industry. The development of AI-powered processes through Leucipa™ has several important implications:

• Operational Efficiency: By automating production processes, companies can significantly reduce inefficiencies, leading to cost savings and improved profitability.
• Resource Optimization: The ability to recover more oil from existing assets without additional drilling is important in an era of resource constraints and environmental concerns.
• Emissions Reduction: The focus on reducing carbon emissions aligns with the industry's growing emphasis on sustainability and ESG goals.
• Competitive Advantage: Early adopters of advanced AI technologies like Leucipa™ may gain a significant edge in the market.

For Baker Hughes, this partnership could lead to increased market share in the digital oilfield solutions sector. It also positions the company as a key player in the industry's transition towards more sustainable and efficient operations. Investors should monitor the adoption rate of Leucipa™ and its impact on Baker Hughes' revenue streams in the coming quarters.

• Companies will develop new AI-powered processes and workflows to achieve further optimization in oil and gas production
  
• Knowledge sharing will enhance Leucipa’s capabilities

HOUSTON and LONDON, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, and Repsol, a global multi-energy company, announced Monday a new agreement to collaboratively develop and deploy next-generation artificial intelligence capabilities through the Leucipa™ automated field production solution.

Through this strategic collaboration, AI-powered automation workflows will be developed and implemented throughout Repsol’s assets around the globe to unlock new operational capabilities. This collaboration will leverage the shared knowledge, best practices and technical expertise of both companies to optimize production, improve efficiency and reduce emissions.

“Artificial intelligence is revolutionizing energy production, and Leucipa enables companies to operate more efficiently to recover more from their assets,” said Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes. “Repsol has long been a trusted collaborator, and their support has helped Leucipa develop into the industry’s most innovative and effective digital production software. We are excited to work together to accelerate the energy industry’s digital evolution.”

Repsol has leveraged Leucipa across their operations since the introduction of the solution, helping to optimize their digital infrastructure and operational capabilities. The memorandum of understanding signed Oct. 11, 2024, will deepen that relationship while also reinforcing Repsol’s position as an industry leader and creating new commercial opportunities for Leucipa.

The Leucipa automated field production solution helps oil and gas operators proactively manage production and reduce carbon emissions. Leucipa focuses first on the specific outcome an operator wants to achieve, harnessing and leveraging data to drive intelligent operations. By automating production processes, Leucipa will reduce inefficiency, ensure more environmentally sound operations, and enable customers to help recover the millions of barrels that would have otherwise remained in the ground.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business 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.

For more information, please contact:

Media Relations

Brian Reynolds
+1 346-315-6663
brian.reynolds@bakerhughes.com

Investor Relations:

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

FAQ

What is the purpose of the collaboration between Baker Hughes (BKR) and Repsol?

The collaboration aims to develop and deploy next-generation artificial intelligence capabilities through the Leucipa™ automated field production solution, implementing AI-powered automation workflows across Repsol's global assets to enhance operational capabilities, optimize production, improve efficiency, and reduce emissions.

How will the Leucipa solution benefit oil and gas operators?

Leucipa helps oil and gas operators proactively manage production and reduce carbon emissions by automating production processes, reducing inefficiency, ensuring more environmentally sound operations, and enabling the recovery of millions of barrels that would otherwise remain in the ground.

When was the memorandum of understanding between Baker Hughes (BKR) and Repsol signed?

The memorandum of understanding between Baker Hughes and Repsol was signed on October 11, 2024.

What are the expected outcomes of implementing Leucipa in Repsol's operations?

Implementing Leucipa in Repsol's operations is expected to optimize their digital infrastructure, enhance operational capabilities, improve production efficiency, and contribute to reducing carbon emissions in their global assets.