NewMed Energy Partners with GeoIntelX to Accelerate Natural Gas E&P Using the GIX AI Platform
NewMed Energy and GeoIntelX have announced a collaboration aimed at enhancing NewMed's exploration and production of natural gas through GeoIntelX's geospatial intelligence platform, GIX. Under the agreement, GeoIntelX has deployed its AI-powered platform to process and enrich NewMed’s extensive database related to two of its flagship projects, which encompass a diverse array of technical and non-technical disciplines, including subsurface, production, facilities, environmental, and regulatory materials.
NewMed has reported improvements in both efficiency and depth of insight during the initial phase of the project. The full digitization, centralization, and structuring of the database have facilitated a significant shift in knowledge generation, enabling comprehensive use of historical and current data combined with advanced AI analytical technology.
Kul Karcz, Vice President of Exploration at NewMed Energy, stated, "GeoIntelX has proven itself to be significantly superior to alternative AI solutions we tested. We are unlocking new value in both recent and legacy data, through the sheer power of bringing it all together and making it accessible." He added that the capability to ask complex geological questions and obtain high-quality answers in a matter of minutes has accelerated analyses and streamlined decision-making processes within the organization.
GeoIntelX provides a geospatial AI platform that converts unstructured geological data into actionable intelligence for sectors including mining, energy, and renewables. The company aims to harness advanced AI, geospatial analytics, and domain knowledge to help organizations fully realize the potential of their data for improved exploration and investment decisions.
NewMed Energy (TASE: NWMD) is noted for its forward-looking approach to innovation in the energy sector. The company engages in the exploration, development, and production of natural gas in the Mediterranean and the Middle East, holding a 45.34% interest in the Leviathan gas reservoir and a 30% interest in the Aphrodite gas field off the coast of Cyprus.