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Big tech still loves the oil business

When Google earlier this year announced that it would stop making AI products for the oil and gas industry, prompted by a revelatory report by Greenpeace, it was a signal that, like banks, Big Tech may start distancing itself from the fossil fuel industry. But not everyone has been so suggestible: IBM just announced a partnership with Schlumberger in cloud computing.

Tech and oil may still have a future together, and that might be good for everyone, even Greenpeace. The IBM-Schlumberger partnership, which also includes Red Hat, is focused on cloud services and aims to accelerate the oil industry’s shift to a more digital mode of operation.

“The energy industry is transforming as organizations look for efficient new ways to power their operations, adopt digital technologies to create a competitive advantage, and innovate and integrate workflows to make faster and better decisions,” the chief executive of Red Hat said in the press release announcing the tie-up.

Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.