AI Revolution in India’s Oil and Gas Industry
Introduction
Union Petroleum and Natural Gas Minister Hardeep Puri emphasized the importance of artificial intelligence (AI) in the oil and gas sector during the 15th Global Energy Conclave- ENRich 2024 in New Delhi.
AI Adoption in Oil and Gas
Minister Puri highlighted that Indian public sector units (PSUs) are increasingly using AI and machine learning to boost security, operational efficiency, and demand forecasting. AI-driven pricing analytics have also enhanced customer experiences.
Technological Advancements
AI technologies like deep learning are being used to analyze seismic data, identifying potential carbon reservoirs. The government is modernizing the National Data Repository with AI, supported by a 7,500 crore investment.
Economic Impact
Puri stated that generative AI could boost global GDP by seven to ten trillion dollars in the next three years, driving a productivity boom.
India’s Digital Growth
India’s digital landscape has grown significantly, with internet subscribers increasing from 10.59 million to 954.20 million. This growth supports innovation and positions India as the third-largest unicorn hub globally.
Conclusion
Minister Puri called for continued collaboration towards a sustainable energy future for India and the world.
Doubts Revealed
Hardeep Puri -: Hardeep Puri is an Indian politician who is the Union Minister for Petroleum and Natural Gas. He is responsible for overseeing India’s oil and gas industry.
AI -: AI stands for Artificial Intelligence. It is a technology that allows computers to perform tasks that usually require human intelligence, like understanding language or recognizing patterns.
Global Energy Conclave -: The Global Energy Conclave is a big meeting where experts and leaders discuss important topics about energy, like how to use it better and make it cleaner.
PSUs -: PSUs stand for Public Sector Undertakings. These are companies owned by the government of India, and they work in different industries like oil, gas, and electricity.
National Data Repository -: The National Data Repository is a place where important data related to India’s oil and gas resources is stored. It helps in planning and managing these resources effectively.
Unicorn hub -: A unicorn is a startup company valued at over $1 billion. Being the third-largest unicorn hub means India has many successful startups that are worth a lot of money.