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Weatherford International plc announced that it has signed a Joint Initiative Agreement (JIA) with IBM to collaborate on the development of new products and services for oil and gas producers that leverage IBM advanced analytics and Internet of Things (IoT) capabilities on the IBM Cloud and further strengthen Weatherford's production optimization technologies.
Through the joint initiative Weatherford and IBM will develop new analytics solutions, all available via IBM Cloud, that are based on Weatherford's extensive production optimization and engineering software platform, its supervisory control and data acquisition (SCADA), and its sensors and controllers.
The jointly-developed solutions will be part of the company's new Reservoir Solutions global business unit, which was launched in early 2016 and is dedicated to providing integrated offerings that help its clients lower their operating costs and increase production.
Keywords: Advanced Analytics, Internet of Things (IoT), IBM Cloud, Production Optimization, ARC Advisory Group.