Artificial Intelligence (AI) will play a pivotal role in transforming the energy sector, said Hardeep Singh Puri, the Union Minister of Petroleum and Natural Gas.
Addressing ENRich 2024, KPMG’s Annual Innovation and Energy Conclave, Puri said AI is set to revolutionize operations, drive efficiency, and accelerate the shift towards a more sustainable energy landscape.
Puri added that AI would be instrumental in realizing the Prime Minister’s vision of a “Viksit Bharat” by 2047. The minister added that reports suggest AI adoption could contribute at least Rs 33.8 lakh crore to India’s economy by 2030.
Indian Public Sector Undertakings (PSUs) in the energy domain are harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations, said Puri.
“Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector,” the minister added.
In the upstream oil and gas sector, AI-enabled mechanisms such as deep learning are being used to analyse complex seismic data for identifying potential hydrocarbon reservoirs, the minister 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, he added.
Puri said comprehensive integration of AI tools marks a departure from the traditional engineering mindset that has long dominated the energy industry.
The minister also pointed to the modernization of India’s National Data Repository, which is 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 added.
Citing research by J.P. Morgan, the minister said generative AI has the potential to increase global GDP by $7–10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.
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