Exxon, Microsoft Join Forces to Increase Oil Output With Cloud Tech
Microsoft (Nasdaq: MSFT) and Exxon Mobil (NYSE: XOM) announced a groundbreaking pact late last month. Microsoft will use its Azure cloud computing product to collect data from Exxon’s wells in the Permian Basin, the nation’s largest shale field.
Exxon says the deal equates to the largest deployment of cloud technology in the oil space to date.
Microsoft’s cloud data, mobile apps and artificial intelligence (AI) algorithms will help Exxon detect leaks earlier, reduce repair times, make faster drilling decisions and monitor greenhouse gas emissions. They will also help Exxon meet its 2025 Permian production goal of 600,000 barrels of oil equivalent per day (a massive increase from its production of 190,000 bpd in the fourth quarter of 2018).
The partnership couldn’t have come at a better time for our readers. Just a few months ago, Emerging Trends Strategist Matthew Carr recommended dumping Facebook and Google… in favor of Microsoft.
Microsoft now controls 17% of the cloud market and is set to leap higher. Its flagship cloud product, Azure, saw a 76% sales increase last year.