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The adoption of artificial intelligence has become a necessity for optimising operations in the oil and gas industry, as India navigates the complexities of global energy markets, the Union Petroleum and Natural Gas Minister Hardeep Puri said during the 15th edition of Global Energy Conclave- ENRich 2024 on Wednesday.
In his address, Union Minister noted that Indian public sector units (PSUs) in the oil and gas sector are increasingly adopting AI and machine learning technologies to enhance security, operational efficiency, and demand forecasting. "Indian PSU are also leveraging the benefits of AI and machine learning to increase security and operational efficiencies atations through demand forecasting. Custom pricing analytics AI has helped in enhancing the Indian customer experience as well," Puri said, pointing to the widespread adoption of advanced AI-driven mechanisms. "Indian upstream oil and gas sector companies can use AI-enabled mechanisms like deep learning to analyze complex seismic data to identify potential carbon reservoirs," Puri said, explaining that these technologies help detect patterns that traditional methods might miss. The minister further mentioned government's efforts to modernise the National Data Repository for upstream oil and gas exploration, upgrading it to an AI-based platform that enables instant access to seismic data. He added that this initiative is supported by a government investment of approximately 7,500 crore. On the economic front, the petroleum minister stated, "Generative AI could increase global GDP by seven to ten trillion dollars within the next three years," he said, adding that AI could bring about a major productivity boom. Minister Puri further asserted that the India's economy with its growing economy and vibrant startup ecosystem Puri also highlighted the remarcable growth of India's digital landscape, fueled by initiatives like Digital India, which have dramatically improved internet access across the country. "The total internet subscribers in the country have increased from 10.59 million to 954.20 million, with a compound annual growth rate of 14.26 percent," Puri noted, emphasising the role of connectivity in driving innovation. "India today ranks as the third-largest unicorn hub after the United States and China," Puri said, attributing this to the country's vibrant entrepreneurial spirit "Let us continue working together towards a brighter and more sustainable energy future for India and the world," Puri stated. (ANI)
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