FILE PHOTO: A plane comes in for a landing over an Exxon sign at a gas station in the Chicago suburb of Norridge, Illinois, usa, October 27, 2016. REUTERS/Jim Young/File Photo/File Photo
(Reuters) – Exxon Mobil Corp and Microsoft Corp have agreed to use of cloud technology in the US oil producer shale operations, they said on Friday, helping to boost profitability in the nation’s largest shale field.
The companies collect data from Exxon’s wells and other means of production in the Permian Basin of West Texas and New Mexico, where the world’s largest listed oil and gas company has 1.6 million hectares, and is immediately accessible for Exxon employees.
The value of the contract is not disclosed. But the cooperation is the industry’s biggest in cloud computing, Exxon said in a statement.
The technology would allow equipment leaks to be immediately detected to reduce repair time at remote locations and the application of artificial intelligence to analyze drilling and completions data, Exxon said.
Exxon has pledged to increase its Permian Basin production of 600,000 barrels of oil equivalent per day (boepd) in 2025. The company is in the fourth quarter Perm was the production of 300,000 barrels of oil and gas per day, up to 93 percent compared to a year ago.
The Perm, which produces around 3.85 million bpd, is forecast to generate 5.4 million bpd by 2023, more than a single member of the Organization of the petroleum Exporting Countries except Saudi Arabia, according to consulting firm IHS Markit.
In January at the Consumer Electronics Show in Las Vegas, Exxon announced an agreement with International Business Machines Corp. for the exploration of the possibilities for quantum computing in energy and production.
Reporting by Jennifer Hiller; Editing by Richard Chang