Energy giant, BP, recently announced the signing of a ventures cooperation agreement with Norway based oil exploration and development company Aker BP to explore the scope of cooperation for the companies to develop and deploy advanced technologies in their respective businesses.

According to an official press release, the planned strategic alliance is designed to explore venture capital investment opportunities related to innovation and technological improvements such as development in the field of advanced seismic techniques, digital twins, robot and subsea technology. The alliance identification and evaluation of innovations meant for the improvement of environmental performance of offshore oil and gas production technologies is also expected.

BP Technology chief commercial officer, Steve Cook, has been reported to say that BP has been building a robust track-record of investing in a wide range of sectors and technologies through BP Ventures. Cook said that while working with Aker BP, the company will be concentrating on the identification of technologies that can transform the upstream sector, empowering subsurface characterization and workflows to become digitally transformed. He added that the alliance will help both companies to invest and identify innovations that can assist in securing the advancement of the future of the oil exploration industry and deliver tangible value for both Aker BP and BP.   

For the record, the portfolio for BP Ventures is mainly focused in utilizing emerging technologies in oil and gas exploration and targets to nurture improved downstream conversion processes. It also concentrates on such key areas such as low carbon and bio products, advanced mobility, carbon management, power and storage and digital transformation.

Aker BP CEO, Karl Johnny Hersvik, has been quoted to express pleasure at the expansion of cooperation with BP. He said that AKER BP wants to expand its capacity to identify innovative technology companies by leveraging this alliance, a step that can help Aker BP to solve key challenges in the business. He added that Aker BP is attempting to become a favored partner for technology companies through several cooperation models which include equity investments.