BCG Acquires Stake in Solution Seeker—the Company Brings AI Optimization to Upstream Oil and Gas

Oslo—Boston Consulting Group (BCG) announces its partnership with Solution Seeker, the foremost developer of AI solutions in upstream oil and gas with an international roster of fuel industry partners. This unique joint offering aims to deliver an optimal AI solution using Big Data and machine learning to production teams and operators around the world seeking to leverage the power of AI to increase production and excel in operations.

BCG and Solution Seeker’s newly launched integrated offering is unique in the market. Solution Seeker brings to the partnership its patented data feed and proven use cases enabled by AI models. BCG brings its globally acknowledged pool of subject matter experts, data scientists, IT architects, and other specialists, as well as its relentless focus on value, client enablement, change management, and resource upskilling, to enable digital to be rolled out at scale to clients and fully capitalized upon.

According to a recent BCG study, the COVID-19 pandemic increased the urgency of investing in digital transformation. Despite the past year’s challenges, the oil and gas industry has clarified its thinking on the need for accelerating digitization, and on how and where it needs to happen.

Solution Seeker offers a data-driven approach to production optimization that addresses a $100 billion global annual optimization opportunity. The company’s software platform, ProductionCompass AI, ingests tens of thousands of live data streams directly from each asset and automatically processes and prepares the data for specific optimization opportunities and use cases. Today, these datasets include more than 100 billion data points, and allow cross-well learning from more than 1,000 wells for better models and predictability.

“Leveraging new technology is just as much about new ways of working in a value-focused workflow as it is getting the technology itself right. Combining our technology with BCGs bespoke delivery model will ensure a fast and successful digital transformation for the production teams that we serve together,” says Solution Seeker’s founder and CEO, Vidar Gunnerud.

“Digital transformation is an end-to-end transformation of the way the work is done. It requires customization and a delivery model based on high engagement with the client. Our partnership with Solution Seeker is adding a critical building block to support our clients in the production space,” says Sylvain Santamarta, managing director and senior partner and global lead for digital in oil and gas at BCG.

Solution Seeker remains independent and actively controlled by the employees of the company.

To arrange an interview with BCG, please contact Tommy Nodland at 958 96 804 or nodland.tommy@bcg.com

About Solution Seeker

Solution Seeker is a deep-tech spin-off company from the University of Science and Technology in Norway (NTNU). The company was established in 2013, and has invested 200 FTE in niche software and technology for production optimization use cases. Solution Seeker has developed a portfolio of eight patent families covering production data mining, cross-well learning, and production optimization.

At Solution Seeker, we are highly passionate about leveraging data to deliver insights to our users and production team partners. Our software solution, ProductionCompass AI, is the world’s first dedicated solution for data-driven production optimization, and is to date connected to 15 assets and 2,000 wells. Our team has unparalleled experience in oil and gas production optimization, with a strong scientific focus and output of more than 50 publications on the subject.