4Paradigm Agrees Strategic Cooperation with SPT Energy Group
On June 6th , 4Paradigm and SPT Energy Group Co., Ltd. (hereinafter referred to as ‘SPT’) held a ‘Smart Oilfield Strategic Cooperation’ signing ceremony. Wang Guoqiang, Chairman of the Board of SPT and Dai Wenyuan, founder and CEO of the 4Paradigm and relevant leaders from Sinopec and Haidian State-Owned Properties Investment & Management Co., Ltd attended the event. Subsequent to the signing of the agreement, the two parties will carry out in-depth cooperation in the fields of oil and gas field exploration, development, and production technology, and jointly build a smart platform for oil and gas field exploration, development, and production operations.
SPT has leading technologies in the field of oilfield exploration and has operations in more than ten countries and regions in China and overseas. It is one of the few service companies in China that can provide integrated operations and management of oil and gas fields. China's energy transition has entered a critical period. At the same time as energy structure adjustment and management improvement, energy technology innovation has also become one of the important factors driving the successful transformation of the oil and gas industry.
4Paradigm said: "The two parties of this cooperation will jointly build the team, technology, equipment and service capabilities, expand domestic and foreign oilfield block development and operation turnkey business, establish an integrated intelligent oilfield service platform, and realize the smart upgrading of exploration, development and oil well construction to improve the effectiveness of upstream production management." Based on artificial intelligence technology, the two parties will complete the construction of a data governance system for energy companies, and establish a reliable and accurate forecasting system, as well as a real-time detection and early warning platform to carry out equipment operation systems and simulation prediction and intelligent management and control to improve the accuracy of oilfield exploration services."
In terms of implementing applications, Xia Bin said: “4Paradigm explores a single-well condition diagnostic model with a self-learning function, which can realize multi-factor integration of single-well condition diagnosis and abnormal warnings; in terms of petrochemical product price prediction, 4Paradigm helps customers establish a mid-to-long-term market-assisted decision-making system, and the forecast accuracy can reach up to 99.99% within 1 to 7 days."