Woodside, Australia's Largest Independent Oil and Gas Company, Uses IBM Watson to Enhance Decision Making and Increase Efficiencies
NEW YORK and MELBOURNE, Australia, May 27, 2015 /PRNewswire/ -- IBM (NYSE: IBM) and Woodside today announced they will use IBM Watson as part of the oil and gas company's next steps in data science.
The cognitive computing system will be trained by Woodside engineers, enabling users to surface evidence-weighted insights from large volumes of unstructured and historical data contained in project reports in seconds.
Watson is part of Woodside's strategy to use predictive data science to leverage more than 30 years of collective knowledge and experience as a leading liquefied natural gas operator, to maintain a strong competitive advantage.
Allowing a broad population of employees to leverage this knowledge will enhance Woodside's collective expertise in designing, fabricating and constructing major oil and gas facilities as well as managing major turnarounds.
Delivered via the cloud, the cognitive advisory service - 'Lesson Learned' – scales the knowledge of engineers making insights and information quickly accessible to a wide group, with the potential to lead to faster resolutions, improved process flow and operational outcomes. Lesson Learned will enable Woodside's engineering teams to ask complex questions in natural language.
Woodside Senior vice president strategy, science and technology Shaun Gregory said data science is the essential next chapter in knowledge management, enabling the company to unlock collective intelligence.
"We are bringing a new toolkit to the company in the form of evidence based predictive data science that will bring down costs and increase efficiencies across our organization," Gregory said.
"Data science, underpinned by an exponentially increasing volume and variety of data and the rapidly decreasing cost of computing, is likely to be a major disruptive technology in our industry over the next decade.
"Our plan is to turn all of this data into a predictive tool where every part of our organization will be able to make decisions based on informed and accurate insights."
"Here in Australia IBM Watson is transforming how banks, universities, government and now oil and gas companies capitalize on data, helping them discover completely new insights and deliver new value," said Kerry Purcell, managing director, IBM Australia and New Zealand.
"In any area where knowledge professionals are working with an ever-increasing volume of data, Watson is fundamentally changing how these organizations operate, make decisions, drive growth and gain competitive advantage."
About Woodside
Woodside is an Australian oil and gas company with a global presence, recognized for its world-class capabilities – as an explorer, a developer, a producer and a supplier.
Woodside's producing LNG assets in the north-west of Australia are among the world's best facilities.
Woodside's proven track record and distinctive capabilities are underpinned by 60 years of experience, including more than 30 years' experience as operator of the landmark Australian project, the North West Shelf.
The company's exploration portfolio includes emerging and frontier provinces in Australia and the Asia-Pacific region, the Atlantic margins and Latin America and Sub-Saharan Africa.
Woodside holds significant equity interests in high-quality development opportunities in Western Australia, Canada and Timor-Leste.
IBM Watson: Pioneering a New Era of Computing
Watson is the first commercially available cognitive computing capability representing a new era in computing. The system, delivered through the cloud, analyses high volumes of data, understands complex questions posed in natural language, and proposes evidence-based answers. Watson continuously learns, gaining in value and knowledge over time, from previous interactions. With the help of Watson, developers and partners are building apps and services that harness the power of cognitive computing to transform industries, help professionals do their jobs better, and solve important challenges.
IBM continues to build on its strengths in cognitive computing, analytics, security and cloud with IBM Watson Health and the Watson Health Cloud platform. This unit is helping improve the ability of doctors, researchers, health plans and individuals to innovate by surfacing new insights from the massive amounts of personal health data being created daily.
For more information on IBM Watson, visit: ibm.com/Watson and ibm.com/press/watson
Join the conversation at #ibmwatson. Follow Watson on Facebook and see Watson on YouTube and Flickr.
Contacts
Fiona Doherty, IBM External Relations
Tel: (914) 945-2319
Email: [email protected]
Sandra McMullan, IBM External Relations A/NZ
Mobile: + 61 416 049 409
Email: [email protected]
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SOURCE IBM
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