Repsol has acquired a stake in Belmont Technology, incorporating it as part of the participated strategic companies of their Corporate Venturing portfolio. The investment supports Repsol’s initiatives to leverage artificial intelligence for its global energy business.
Belmont Technology is developing the cloud-based Sandy platform for the Upstream Oil & Gas industry. Sandy offers unique knowledge management capabilities, continuously ingesting and structuring all types of industry data and making it consumption-ready for analytics and seamless queries in natural language. Sandy™️ also features a breakthrough innovation; enabling real time, AI-based, simulation of subsurface scenarios from exploration risk assessment to oilfield development plans.
The technology is perfectly aligned with the industry needs. It provides a step change in efficiency, allows better informed decisions and can enable field management automation in the long run. This investment will enable Belmont Technology to expand and accelerate the deployment of its platform.
Belmont Technology’s CEO, Jean-Marie Laigle, said: “We are very pleased to welcome Repsol as an investor. Repsol has been one of the very first clients of Belmont Technology and an early adopter of our innovation. We look forward to strengthening the relationship and building a long-term partnership. Besides, this investment is another validation of our technology and its fit to the current and future industry needs.”
André Vayssaire, Geochemistry & Basin Modeling Sr. Manager at Repsol: “We have immediately seen that the Artificial Intelligence based platform developed by Belmont Technology will help us accelerate our project life cycles by reducing the data search, extraction and classification and by replacing long and CPU demanding simulations by instant predictions. Our first tests of this technology confirmed that we get value out of our data in a much shorter timeframe, which opens the door to more comprehensive evaluations and ultimately, better decisions.”