BP Innovation Competitive Landscape
We were able to locate the requested information concerning BP and its recent technological innovations. The entire project is here.
We began our inquiry with BP’s website. We were able to acquire much of the information concerning the company from there. We were also able to obtain their latest annual report that provided details on their latest technological innovations.
BP Innovation Competitive Landscape
According to BP, as of December 31, 2018, they have $299 billion in revenue.
Founded in 1908, BP is a multinational oil and gas company that operates on both the land and offshore. The company operates in 78 countries and has 73,000 personnel. The company’s strategy relies on a balanced portfolio of oil and gas, a competitive downstream with a range of low carbon activities, and flexibility.
BP invested $5 million in FreeWire (a mobile rapid charging system) and $20 million in StoreDot (an ultra-fast charging technology). BP hopes to bring both of their products to the electric vehicle market. With BP’s acquisition of Chargemaster, the company has more than 6500 charging locations across the UK and projects that there will be 12 million electric vehicles on UK roads by 2040.
The company has introduced the following innovations into its operations: Wolfspar, robot inspectors, APEX, and the Plant Operations Advisor (POA). Wolfspar is an ultra-low frequency seismic imaging system that was initially created to solve the subsalt imaging layer challenge present in the Gulf of Mexico. BP has deployed robot inspectors alongside human workers at their Cherry Point refinery that use ultrasonic technology to reduce a task that required a planned shutdown of 23 work hours to one hour working alongside human engineers. APEX is a surveillance, simulation, and optimization toolkit that collects real-time data on every well in BP’s network; APEX has reduced full-field optimizations that took hours to minutes. Similar to APEX, POA is a cloud-based surveillance tool that daily collects and processes 140 million data points from ~1200 pieces of process equipment.
Points of Differentiation or Competitive Advantage
Wolfspar has allowed BP to collect ~1000 km of data over a period of 143 hours in the Gulf of Mexico. Combined with the development of an innovative land-based seismic recording system, the company has created a "nimble node" system that is the lightest, smallest, and lowest-cost system in the world. BP expects that this project will change the future of seismic data acquisition. BP’s robot inspectors have managed to transform an inspection process that required a planned maintenance shutdown of 23 hours into a process that collects the same amount of information in one hour. APEX has managed to recreate every element of BP’s well network in near real-time and can run simulations in seconds; APEX has reduced full-field optimizations into matters of minutes. And POA's extensive monitoring means that BP engineers can pinpoint anomalies and their underlying causes through manual diagnostics in minutes as opposed to hours.
Innovations’ Contribution to Company Success
BP's IIoT innovations have led to significant time savings, reducing necessary man-hours to solve problems. BP's APEX, POA, and robotics innovations resulted in measurable improvements to tasks that normally required large teams and lost production hours through planned shutdowns and stoppages for maintenance and diagnostics. Operations that were matters of hours are now matters of minutes. Wolfspar has decreased uncertainty about where to drill future wells, resulting in less inefficiency in future drilling. And BP expects this to improve over time as they continue to improve the technology.
We were able to locate the requested information on BP and its recent innovations. Wolfspar is an ultra-low frequency seismic imaging system being developed by BP into a new “nimble node” technology. BP’s robot inspectors utilize ultrasonic technology to perform a task that once required 23 hours of planned maintenance in one hour. APEX is a surveillance, simulation, and optimization toolkit that recreates every element of BP’s well network in near real-time. And POA is a cloud-based surveillance tool that daily collects and processes 140 million data points from ~1200 pieces of process equipment.