British energy giant bp has entered into a new five-year strategic agreement with Palantir Technologies to incorporate advanced artificial intelligence (AI) capabilities through Palantir’s AIP software, says GlobalData.
The latest agreement builds upon a ten-year collaboration that has seen bp deploy Palantir’s technology in its oil and gas production.
Since 2014, Palantir's software has been used in bp's operations across various locations, including offshore oil platforms in the North Sea and the Gulf of Mexico as well as the Khazzan gas fields in Oman.
The software is said to have supported bp's digital transformation programme, thereby optimising the oil and gas production system.
A key component of that programme has been the creation of a model-based digital twin of bp's oil and gas production activities.
This digital twin integrates dynamic digital physical asset models with real-time data from over two million sensors, providing a unified operational view through Palantir's software.
Palantir's AIP software will now enable bp to utilise large language models (LLMs) to enhance and expedite human decision-making processes.
The software suggests actions based on automated data analysis, while ensuring the reliability of AI deployment and safeguarding against potential errors, commonly referred to as “hallucinations”.
Palantir head of energy and natural resources Matthew Babin said: “We are incredibly excited to continue our strategic relationship. Going forward, our objectives together remain the same: further enhancing the efficiency of bp’s operations while increasing data integration.
“Now, AIP offers the opportunity to help accelerate human decision-making on top of the robust digital twin and deep operational workflows already in place.”
bp SVP of digital delivery Sunjay Pandey said: “Our strategic relationship with Palantir will continue to play an important role in supporting the ongoing digital transformation of bp’s operations.
“The use of advanced digital twin simulations helps us to safely monitor and optimise various aspects of the production process to enhance operational performance. We look forward to building on the progress we have made over the years.”
In December 2023, bp entered into a multi-year engineering services partnership with L&T Technology Services (LTTS) from India.
This partnership aims to improve bp's operational performance in areas such as project engineering, technical writing, engineering data management, turnarounds, maintenance enhancements, and sustainability initiatives.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11092024/bp-extends-partnership-with-palantir-to-integrate-ai-capabilities/
Oilfield Technology is not responsible for the content of external internet sites.