Norway's Aker BP signed a ventures cooperation agreement with BP to explore possible areas of cooperation in the development and deployment of advanced technologies in their businesses, Aker BP announced on Wednesday.
According to the announcement, through their planned strategic alliance, BP and Aker BP, an oil exploration and development company focusing on petroleum resources on the Norwegian Continental Shelf, intend to explore potential venture capital investments targeting technology and innovation improvements, including developments in digital twins, advanced seismic techniques and processing, and subsea and robot technology.
"The alliance is also expected to include identifying and evaluating innovations which could improve the environmental performance of offshore oil and gas production," according to Aker BP.
"Working together with Aker BP, our alliance will be focused on identifying technologies that could be transformational in the upstream sector, enabling the digital transformation of subsurface characterization and workflows. Our alliance will help both companies identify and invest in innovation that will help secure and advance our industry’s future," said Steve Cook, BP Technology’s chief commercial officer.
BP Ventures, a venture capital firm, identifies and invests in private, high growth, potentially game-changing technology companies. It aims to accelerate cutting-edge innovations across the entire energy spectrum.
Since 2006, BP Ventures has invested over $400 million in corporate venturing and has 42 active investments in its current portfolio.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr