What is the product/service about?
We are currently deploying our in-house artificial intelligence platform, ProductionCompass AI, to develop and commercialize new Hybrid AI technologies for oil production optimization adapted to the Brazilian offshore reality.
Solution Seeker AS
Where did the project idea come from?
After several prospection visits since 2016, we were shortlisted in October 2019 by a major O&G consortium (Petrobras, Total, Shell, CNOOC and CNPC) to define and propose an R&D project scope. The scope has been refined based on discussions with the relevant customers & stakeholders and has been the basis for our VAP.
Why did you select that specific target country?
Brazil is on track to become the largest offshore market globally, followed by Norway, US (Gulf of Mexico) and the UK. Brazil has also devised strong R&D incentives within the energy sector. The Brazilian regulator, ANP, requires that oil producers invest at least 1% of gross revenues from so-called highly productive fields in R&D.
Who are your partners in the target country?
A Brazilian independent research institute (ISDB) and local legal & market advisors.
What is your long term vision for your company working in your chosen partner country?
We are currently establishing an office in Rio de Janeiro to manage the recently-awarded innovation project. From there we will carry out business development activities and provide services in coordination with our Oslo team, growing organically and making it our hub for the Americas.
What impact do you believe INNOWWIDE will have on your company?
INNOWWIDE has already brought about a major impact on our company: by providing funds and thus allowing for the necessary dedication & focus to pursue our main international lead in 2020, we were able to finally secure the contract we aimed for in Brazil ( https://www.linkedin.com/posts/solution-seeker_solution-seeker-and-isdb-secure-major-innovation-activity-6758312914085535745-DLgb )
Can you offer any advice or guidance to others looking to apply for INNOWWIDE grants?
The application process can be used as a further exercise to assess and structure your ambitions towards the target market. So put in the effort to undertake this internally within your company as a strategy exercise.