Hardeep Puri Advocates AI Adoption as Essential for India's Oil and Gas Sector

ENA Sectors 2024-10-24 18:07:19 New Delhi, Oct 24 (KNN) In a significant address during the 15th edition of the Global Energy Conclave - ENRich 2024, Union Petroleum and Natural Gas Minister Hardeep Puri emphasised the critical role of artificial intelligence (AI) in optimizing operations within India's oil and gas sector. As India navigates the complexities of global energy markets, the minister underscored that embracing AI is no longer a choice but a necessity for Indian public sector units (PSUs) in the industry. Minister Puri noted that Indian PSUs are increasingly leveraging AI and machine learning technologies to enhance various aspects of their operations. These technologies are pivotal in increasing security, operational efficiency, and demand forecasting, he stated. By employing advanced AI-driven mechanisms, Indian oil and gas companies are not only improving operational effectiveness but also enriching the customer experience through custom pricing analytics. One of the promising applications of AI in the upstream sector, according to Puri, involves the use of deep learning to analyze complex seismic data. This innovative approach allows companies to identify potential carbon reservoirs and detect patterns that traditional methods might overlook. AI-enabled mechanisms are transforming how we explore and manage our natural resources, he explained. The minister also highlighted the government's commitment to modernising the National Data Repository for upstream oil and gas exploration. This upgrade to an AI-based platform aims to provide instant access to seismic data, significantly enhancing the efficiency of exploration activities. Supporting this initiative, the government has earmarked an investment of approximately Rs 7,500 crore. On a broader economic scale, Minister Puri asserted that generative AI has the potential to elevate global GDP by $7 to $10 trillion within the next three years. AI could usher in a major productivity boom, further enhancing India's economic growth, he noted. The minister also pointed to India's robust digital landscape, fueled by initiatives like Digital India, which have substantially improved internet access across the nation. Citing remarkable growth in internet subscriptions—from 10.59 million to 954.20 million—Puri stated, This connectivity is vital for driving innovation and supporting a vibrant startup ecosystem. He further mentioned that India ranks as the third-largest unicorn hub globally, following the United States and China, attributing this success to the country's entrepreneurial spirit. In conclusion, Puri called for continued collaboration towards a brighter and more sustainable energy future for India and the world, encapsulating the sentiment that AI is not just a technological advancement but a cornerstone for the countrys energy strategy moving forward. (KNN Bureau) 39700 https://knnindia.co.in/news/newsdetails/sectors/hardeep-puri-advocates-ai-adoption-as-essential-for-indias-oil-and-gas-sector 2024-10-24 18:07:19 knnindia.co.in Hardeep Puri Advocates AI Adoption as Essential for India's Oil and Gas Sector