Oil & Gas. Texas’ bread and butter. Between exploration, production, and refinement, oil and gas touches, and funds, almost everything inside this great state. However, an industry so staggeringly broad and interwoven with the fabric of our society is in danger of stagnating, becoming complacent, and collapsing under its own weight. Lucky for us, innovators in Texas and beyond are changing the field by applying new ideas and technologies to traditional industry puzzles. Here’s a look at some of the most innovative startups in Oil and Gas.
Andrew Bruce and the team at Data Gumbo are turning the industry on its head by using blockchain technology to bridge the day-contract divide between production and drilling companies. They analyze dozens of KPIs to reduce rig costs at least 25%, and measure those analytics against performance to provide incentivized day-contracts backed by a blockchain crypto-secured system.
Another Houston-based group, Belmont looks to utilize AI to highlight patterns and relationships in geoscience data sets. The team is currently building a tool, what the call a “Cognitive System,” to bolster human intelligence during production and exploration, intending to reduce risk and decision making time.
Like a number of startups, the Calgary team has mastered one specific area very well. Pursuit developed an evaluation tool for multi-stage completions that works to reduce water production while increasing oil production in horizontal wells. More oil, less water.
Based in Houston, DeepCast.ai develops tools to evaluate everything from well locations to production forecasting, using the power of big-data consulting to provide their clients with data-dicing customized platforms and modules. In their own words, DeepCast looks to “automate manual tasks and streamline your data pipeline so you can focus on business critical decisions.”
This Houston group works hand in hand with NASA. Triad developed an “aerospace-derived optical multiphase flow meter” for producers. In plain English, Triad works on aerospace technology, developed a tool to measure flow and pressure, and are working to make that product commercially viable in the oil and gas industry. Triad is expecting their space tech to work just as well on the ground.