Oil and gas firms have shifted their focus from monitoring and maintenance to real-time, data-driven action, resulting in a 40% increase in digital oilfield M&A activity between 2016 and 2017. Among the start-ups involved is RigNet, a supplier of communications services, applications and cybersecurity solutions. The oil industry has been slow to embrace new technologies such as artificial intelligence (AI) that can help it better understand its operations and improve efficiency. Meanwhile, RigUp, whose app matches firms such as Halliburton and Baker Hughes with operators, secured $15.8m in funding from backers including Quantum Energy Partners and the Founders Fund.
Oil and gas firms have shifted their focus from monitoring and maintenance to real-time, data-driven action, resulting in a 40% increase in digital oilfield M&A activity between 2016 and 2017. Among the start-ups involved is RigNet, a supplier of communications services, applications and cybersecurity solutions. In February, it acquired Brazilian firm Intelie, which offers real-time predictive analytics. Meanwhile, RigUp, whose app matches firms such as Halliburton and Baker Hughes with operators, secured $15.8m in funding from backers including Quantum Energy Partners and the Founders Fund.