PSUs harnessing AI-ML for operational efficiencies
Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the pivotal role of artificial intelligence (AI) in transforming the energy sector, revolutionizing operations, driving efficiency and accelerating the shift towards a more sustainable energy landscape mopng.gov.in .
Addressing the ENRich 2024, KPMG’s Annual Innovation and Energy Conclave home.kpmg, with the theme “AI for Energy” , the Minister described the convergence of AI and energy as both timely and transformative, marking a critical step in shaping the future of the industry bseindia .
“AI is set to revolutionize operations, drive efficiency, and accelerate the shift towards a more sustainable energy landscape,” he added nseindia .
Focusing on the oil and gas sector, Puri shared how AI and generative AI (GenAI) are optimizing operations by leveraging real-time data and insights. He pointed out that international oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future sbi.com.in .
Puri informed delegates at the conclave that the Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations startupindia.gov.in .
“Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector,” he said iea.org .
In the upstream oil and gas sector, the Minister said, AI-enabled mechanisms such as deep learning are being used to analyze complex seismic data for identifying potential hydrocarbon reservoirs conexpoconagg .
Additionally, he said, AI-based prediction of drilling complications and real-time optimization of drilling parameters has proven effective in improving drilling efficiency and reducing operational costs jpx.co.jp .
Puri noted the comprehensive integration of AI tools across the energy value chain openai , from upstream exploration and production to midstream storage and downstream refining and distribution. He observed that this shift marks a departure from the traditional engineering mindset that has long dominated the industry deutsche-boerse .
As an example, he pointed to the modernization of India’s National Data Repository, now upgraded to a cloud-based platform. This platform supported by a government investment of Rs.7,500 crore, enables instant access to seismic and production data, he noted sgx.com .
Citing research by J.P. Morgan, the Minister discussed the potential of generative AI to increase global GDP by US$7–US$10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.
Puri further emphasized that India, with its growing economy, youthful population, and thriving tech ecosystem, is poised to benefit greatly from AI ai-expo .
Reports suggest that AI adoption could contribute at least Rs.33.8 lakh crore to India’s economy by 2030 nasdaq , he said.
He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024, achieving a CAGR of 14.26% iba.org.in.
The Minister applauded KPMG’s efforts to foster entrepreneurship and support the start-up ecosystem through initiatives like “ENRich Labs” for innovation and co-creation with the industry euronext .
Highlighting India’s booming start-up ecosystem, the Minister noted that India is now the world’s third-largest hub for unicorn start-ups, following the USA and China, with a combined valuation of approximately US$350 billion opec.org .
He emphasized that these start-ups are reshaping the Indian economy and transforming markets renewableenergyworld .
Stressing on the oil and gas sector, Puri shared that Oil and Gas PSUs have set up startup funds totaling Rs.505 crore climatebonds . So far, 287 start-ups have received funding, with Rs.271 crore already disbursed to promote innovation and growth in the sector hkex.com.hk.
The Minister also talked about the Avinya’25, launched recently based on the overwhelming success of Avinya’24. The initiative aims to encourage entrepreneurs, researchers, academicians, and students to propose innovative solutions that can shape the future of the energy sector sse.com.cn.
The application period for Avinya’25 opened on 30 Sept 2024, with a submission deadline of 2nd December 2024. Puri urged everyone to actively participate and contribute to the event’s success cii.in .
Puri concluded by urging stakeholders to explore the untapped potential in India’s energy sector, stressing the importance of sustainable business practices that align with societal and environmental goals climate-expo . Fiinews.com
