Chevron (CVX), Eliis Form AI-powered Seismic Modeling Venture
Chevron Corporation CVX and Eliis SAS have joined forces to develop and commercialize cutting-edge artificial intelligence (AI) for seismic interpretation. This collaboration aims to improve efficiency and accuracy in the oil and gas exploration process.
What is Seismic Interpretation and How Does AI Help?
Seismic interpretation involves analyzing seismic data to understand the structure and properties of rocks beneath the Earth's surface. This data is crucial for identifying potential oil and gas reservoirs. Traditionally, this interpretation is done by geoscientists, a time-consuming and complex process.
Chevron brings expertise in AI algorithms for automated fault detection, while Eliis offers its advanced seismic interpretation platform, PaleoScan. By combining these strengths, the collaboration aims to —
Reduce interpretation time: Chevron’s AI can automate fault detection, freeing up geoscientists to focus on more complex tasks. This could potentially reduce the interpretation time by a significant margin.
Increase accuracy: AI algorithms can analyze vast amounts of data with unmatched detail, leading to more accurate geological models.
Enhanced Workflows: Eliis's PaleoScan platform integrates seamlessly with Chevron's AI, offering a user-friendly and efficient workflow for geoscientists.
Benefits Beyond Oil and Gas
This AI-powered seismic interpretation has applications beyond traditional oil and gas exploration. For instance, it can be crucial for carbon capture and storage projects. Accurate fault identification ensures secure storage sites for captured carbon dioxide, minimizing the risk of leakage.
A Win-Win Partnership
This collaboration benefits both Chevron and Eliis. Chevron Integrates its advanced AI technology into a leading interpretation platform, gaining valuable market exposure. On the other hand, Eliis Offers customers a unique advantage by combining Chevron's AI with its existing expertise.
A Commitment to Innovation
Both Chevron and Eliis are committed to pushing the boundaries of innovation in geoscience. This collaboration signifies their belief in the power of AI to revolutionize the industry.
In conclusion, the collaboration between Chevron and Eliis represents a milestone in the journey toward leveraging AI for seismic interpretation and subsurface modeling. By using the combined expertise of two industry leaders, this partnership not only drives innovation but also addresses emerging challenges, paving the way for a more sustainable and efficient future in oil and gas exploration.
Zacks Rank and Key Picks
Currently, CVX carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Murphy USA Inc. MUSA, Archrock, Inc. AROC and Sunoco LP SUN, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at around $8.63 billion. In the past year, the company’s shares have surged 65.2%.
MUSA markets retail motor fuel products and convenience merchandise, operating retail stores under the brands Murphy USA, Murphy Express and QuickChek.
Archrock is valued at $3.03 billion. The company currently pays a dividend of 66 cents per share, or 3.4%, on an annual basis.
AROC, together with its subsidiaries, works as an energy infrastructure company in the United States. The company operates in two segments — Contract Operations and Aftermarket Services.
Sunoco is valued at $6.16 billion. It is a major wholesale motor fuel distributor in the United States, distributing over ten fuel brands through long-term contracts with more than 10,000 convenience stores, ensuring consistent cash flows.
SUN’s extensive distribution network across 40 states provides a robust and reliable source of income, and the Brownsville terminal expansion will add to its revenue diversification.
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