BP joins forces with Aker BP in technology venture pact

British oil major BP has signed a ventures cooperation agreement with Aker BP for the development and deployment of advanced technologies in their businesses.

BP said on Wednesday that the two companies intend to explore potential venture capital investments targeting technology and innovation improvements through their planned strategic alliance.

The company added that the developments would include digital twins, advanced seismic techniques and processing, and subsea and robot technology.

The alliance is also expected to include identifying and evaluating innovations which could improve the environmental performance of offshore oil and gas production.

Steve Cook, BP’s technology’s chief commercial officer, said: “BP has built a strong track-record of targeted investment through BP Ventures in a range of technologies and sectors.

“Working together with Aker BP, our alliance will be focused on identifying technologies that could be transformational in the upstream sector, enabling the digital transformation of subsurface characterization and workflows. Our alliance will help both companies identify and invest in innovation that will help secure and advance our industry’s future. We believe that working together can deliver real value for both BP and Aker BP.”

Karl Johnny Hersvik, the CEO of Aker BP, added: “Aker BP is very pleased to expand the cooperation with BP. We want to leverage this alliance to expand our capacity to identify innovative technology companies that can help us to solve our key business challenges. Aker BP targets to become a preferred partner for such companies through various cooperation models, including potential equity investments.”