The company has also signed a secondary deal with General Electric’s Baker Hughes, to bundle the software into that company’s JewelSuite modeling application.
Cognitive Geology is the creator of specialised software for geoscientists in the energy sector, which improves the accuracy in finding, appraising and developing oil and gas reserves.
Founded by Luke Johnson in 2014, Cognitive Geology recently raised $2.7 million seed funding from Maven Capital Partners and Enzo Ventures to market its products globally and to further develop a range of product solutions for the energy industry. Headquartered in Edinburgh, with a US subsidiary and employees in the Netherlands, the company is planning further growth and hopes to disrupt the lucrative geoscience software industry.
The global geoscience software industry is currently estimated to be worth $4.5 billion annually, with this figure forecast to double over the next several years as legacy systems are replaced by next-generation technology.
Shell is noted as an early adopter of new technologies within the oilfield space, driving innovation and supporting disruptive companies. Shells early support for geoscience software such as Petrel enabled them to undercut competitors and helped the application achieve widespread adoption. Petrel is now estimated to generate around a billion dollars in revenue each year.
Luke Johnson, the founder has plans to take on industry giants including Schlumberger and Halliburton, telling DIGIT: “Much of the technology used currently by Geoscientists is antiquated and here in Scotland we have the talent and ambition to challenge this. Having one of the biggest corporations in the World; Shell, using one of our products simply confirms to us that as a start-up we can compete with the established behemoths in the industry.”