NewMed Energy Integrates AI to Accelerate Gas Exploration and Production
NewMed Energy is implementing artificial intelligence into its gas exploration and production operations through a new partnership with GeoIntelX. The collaboration involves integrating GeoIntelX's GIX platform to process and analyze NewMed's extensive databases, making them more accessible to exploration teams. Initially, the system has been deployed on data from two of NewMed's projects, encompassing years of subsurface, production, environmental, and regulatory information.
The AI platform aims to reorganize vast amounts of scattered data and provide a dynamic, geospatial information layer. GeoIntelX utilizes machine learning algorithms to process, classify, and enrich this data. NewMed's teams can now perform geospatial searches and interact with an AI-powered conversational interface to ask complex geological and commercial questions, receiving answers derived from the system's aggregated information.
NewMed previously evaluated other AI solutions and found GeoIntelX's platform to be significantly superior. Cole Kartz, NewMed's VP of Exploration, stated that the solution's ability to centralize and provide access to all data allows for new insights from both current and historical information. He highlighted that the system enables teams to get answers to complex geological questions in minutes, a drastic improvement from the previous timeframe of days or weeks.
Beyond time savings, NewMed anticipates that the AI will improve decision-making by incorporating previously inaccessible historical data, thereby reducing the risk of overlooking valuable accumulated knowledge. This addresses a common challenge in the oil and gas industry where large volumes of diverse data are generated throughout a field's lifecycle. Gilad Choshen, co-founder and CEO of GeoIntelX, noted that this adoption exemplifies the industry's embrace of new tools, providing professionals with capabilities once considered science fiction and enabling faster, more resource-efficient insights.
This initiative aligns with NewMed's broader strategy to leverage data and AI technologies for optimizing exploration, production, and decision-making processes. Specific financial details of the agreement and the exact projects involved in the initial phase were not disclosed.
