BCG acquires stake in Solution Seeker
Boston Consulting Group strengthens its investment in AI and optimization within the upstream oil and gas sector by joining the Oslo-based AI company.
- Author
- Solution Seeker
- Publish date
- · 3 min read
2021
September 7, Oslo
Boston Consulting Group (BCG) announces its partnership with Solution Seeker, the foremost developer of AI solutions in upstream oil and gas with an international roster of fuel industry partners. This unique joint offering aims to deliver an optimal AI solution using Big Data and machine learning to production teams and operators around the world seeking to leverage the power of AI to increase production and excel in operations.
BCG and Solution Seeker’s newly launched integrated offering is unique in the market. Solution Seeker brings to the partnership its patented data feed and proven use cases enabled by AI models. BCG brings its globally acknowledged pool of subject matter experts, data scientists, IT architects, and other specialists, as well as its relentless focus on value, client enablement, change management, and resource upskilling, to enable digital to be rolled out at scale to clients and fully capitalized upon.
«Leveraging new technology is just as much about new ways of working in a value-focused workflow as it is getting the technology itself right. Combining our technology with BCGs bespoke delivery model will ensure a fast and successful digital transformation for the production teams that we serve together»
Vidar Gunnerud
Solution Seeker CEO
According to a recent BCG study, the COVID-19 pandemic increased the urgency of investing in digital transformation. Despite the past year’s challenges, the oil and gas industry has clarified its thinking on the need for accelerating digitization, and on how and where it needs to happen.
100B$
Solution Seeker offers a data-driven approach to production optimization that addresses a $100 billion global annual optimization opportunity. The company’s software platform, ProductionCompass AI, ingests tens of thousands of live data streams directly from each asset and automatically processes and prepares the data for specific optimization opportunities and use cases. Today, these datasets include more than 100 billion data points, and allow cross-well learning from more than 1,000 wells for better models and predictability.
«Digital transformation is an end-to-end transformation of the way the work is done. It requires customization and a delivery model based on high engagement with the client. Our partnership with Solution Seeker is adding a critical building block to support our clients in the production space»
Sylvain Santamarta
BCG managing director, senior partner, and global lead for digital in oil and gas
Solution Seeker remains independent and actively controlled by the employees of the company. To arrange an interview with BCG, please contact Tommy Nodland at 958 96 804 or nodland.tommy@bcg.com
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.
Solution Seeker is a deep-tech spin-off company from the University of Science and Technology in Norway (NTNU). The company was established in 2013, and has invested 200 FTE in niche software and technology for production optimization use cases. Solution Seeker has developed a portfolio of eight patent families covering production data mining, cross-well learning, and production optimization.
At Solution Seeker, we are highly passionate about leveraging data to deliver insights to our users and production team partners. Our software solution, ProductionCompass AI, is the world’s first dedicated solution for data-driven production optimization, and is to date connected to 15 assets and 2,000 wells. Our team has unparalleled experience in oil and gas production optimization, with a strong scientific focus and output of more than 50 publications on the subject.