Applying artificial intelligence (AI) to data from Industrial Internet of Things (IIoT) devices is a novel direction in geological studies. However, privacy and security concerns hinder the sharing of data, thus affecting the performance of current AI-based approaches. In this article, we propose a novel data management style to address the privacy and security issues in joint hydrocarbon explorations. Federated learning can facilitate the analysis of multiple datasets without the need to share them, protecting private information of different companies in a virtual joint venture. We use the inference of petroleum reservoirs in karst stratigraphy as a case study. A federated learning-based enterprise data management framework is proposed to virtually integrate the information from different organizations. Our key contributions are summarized as follows. 1) A method for karst identification and inference is proposed, which uses neural networks to recognize the size of petroleum reservoirs in different karst areas. 2) A federated learning algorithm is applied to virtually aggregate data samples from different companies. 3) The performance of the new privacy-preserving integration model is compared with those of the individual/local deep learning models. Our results show that the proposed approach can substantially improve the accuracy of petroleum reservoir explorations.