Shell Launches Open Innovation Studio to Reimagine the Futur

|Sep 14|magazine22 min read

AUSTIN, Texas, Sept. 14, 2020 /PRNewswire/ -- Studio X, a first-of-its-kind open innovation studio powered by Shell (NYSE: RDS), launched today with three initial products to help define the future of exploration. 

Starting with three products focused on exploration and discovery, Studio X will immediately offer software tools, on-demand work, prize-winning challenges, mentorship opportunities, and more to energy innovators.

  • Xeek is the home for crowdsourcing revolutionary geoscience ideas. We unite data scientists and geoscientists from all over the world in a community dedicated to tackling complex problems with brilliant solutions.
  • XCover is a global talent network for virtual exploration projects. We match specialized geoscience talent to a variety of rewarding exploration projects run from state-of-the-art virtual workstations, enabling you to execute projects from anywhere in the world at any time.
  • SixLab is a no-strings attached incubator, powered by Shell, that provides exploration entrepreneurs with access to world-class mentorship, resources, and facilities to help shape the future of energy.

"Studio X brings tech advances at a challenging time for exploration and the global economy," said Mauhan Zonoozy, Acting GM of Studio X. "The technology within will lead to better ways of working in the exploration field -- increasing collaboration and ultimately improving outcomes. Studio X will fuel big ideas, connect a network of global talent with remote work opportunities, empower and guide entrepreneurs and startups, and crowdsource bold solutions to make the ideas of today into the industry-leading tools of tomorrow."

While technology and innovation are constantly being introduced, the ways of working in the exploration space have generally remained the same until now. Studio X will break down silos, improve outcomes, and increase collaboration, using a flexible workforce.

"Studio X was developed by Shell to reimagine the future of work in exploration," said Marc Gerrits, Shell's Executive Vice President of Global Exploration. "To meet increasing global energy demand, oil and gas will remain an element of the energy mix for decades to come. By harnessing efficiencies, embracing new technologies, and deploying digital capabilities, Studio X will be at the forefront as the exploration profession evolves."

In launching Studio X, Shell (or potentially third-party project sponsors) offers real-world projects with data to an untapped worldwide network of scientists, entrepreneurs, and tech leaders - crowdsourcing ideas and nurturing companies to usher in a new chapter in exploration.

"Studio X couldn't come at a more important time in our industry - especially given the ongoing global pandemic," said Michael Tischer, exploration geoscientist and XCover Explorer-In-Residence. "In addition to its first physical studio located in Austin, TX Studio X offers remote work opportunities - eliminating geographic constraints. Scientists, researchers, and innovators can participate on their own terms, either between projects or as a full-time endeavor. That's especially appealing for those who have worked in this industry and are looking for new forums to share their ideas."

For more information on Studio X and its products, visit www.x.studio.  

About Shell 
Shell is a global group of energy and petrochemical companies with an average of 86,000 employees in more than 70 countries. Our strategy is to strengthen our position as a leading energy company by providing oil and gas and low-carbon energy as the world's energy system changes. Safety and social responsibility are at the heart of our approach. We believe that oil and gas will remain a vital part of the global energy mix for many decades to come. Our aim is to meet the world's growing need for more and cleaner energy solutions in ways that are economically, environmentally and socially responsible. For more information visit www.shell.com

About DV
BCG Digital Ventures (BCGDV) is the corporate innovation and digital business building arm of Boston Consulting Group. The organization invents, launches, scales, and invests in industry-changing new businesses with the world's most influential companies. BCGDV's diverse, multidisciplinary team of entrepreneurs, operators, and investors work cross-functionally, rapidly moving from idea to market in less than 12 months. Founded in 2014, the organization has 12 Innovation Centers and satellite locations around the world. www.bcgdv.com

Cautionary Note
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this press release "Shell", "Shell Group" and "Royal Dutch Shell" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this press release refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations", respectively.  Entities over which Shell has significant influence but neither control nor joint control are referred to as "associates". The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim", "ambition", ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''goals'', ''intend'', ''may'', ''objectives'', ''outlook'', ''plan'', ''probably'', ''project'', ''risks'', "schedule", ''seek'', ''should'', ''target'', ''will'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell's Form 20-F for the year ended December 31, 2019 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader.  Each forward-looking statement speaks only as of the date of this press release, September 14, 2020. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC.  Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.  

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SOURCE Shell Oil Company