PETRONAS harnesses AI for investor decisions


PETRONAS said MPM would be partnering with ESA to explore cutting-edge AI and ML geoscience technology. — Bloomberg

PETALING JAYA: PETRONAS, through Malaysia Petroleum Management, has partnered with Earth Science Analytics and Amazon Web Services to leverage advanced artificial intelligence (AI) and machine learning (ML) technologies to accelerate exploration efforts in the Malay Basin and enhance data capabilities of the PETRONAS myPROdata platform.

The national oil company said the web-based platform provides subscribers access to Malaysia’s exploration and production data. MPM senior vice-president Datuk Bacho Pilong said these collaborations are pivotal in reinforcing PETRONAS’ commitment to innovation as it gears up for the Malaysia Bid Round 2025.

“By leveraging advanced AI and ML capabilities, we aim to empower our investors and Petroleum Arrangement Contractors with richer data insights and more streamlined processes, driving smarter decision-making and ensuring a more efficient, impactful bid round for all participants,” he said in a statement.

The MBR is an annual licensing round offering diverse upstream opportunities to potential investors and it includes exploration acreages, discovered resource opportunities and late life-producing assets across Malaysia. The next MBR 2025 is scheduled to be held in early 2025 in Kuala Lumpur.

PETRONAS said MPM would be partnering with ESA to explore cutting-edge AI and ML geoscience technology.

This initiative would focus on developing AI-driven subsurface workflows using ESA’s EarthNET platform and Petronas myPROdata to boost subsurface data analytics and interpretation, leading to optimisation of hydrocarbon exploration in the mature Malay Basin, offshore Peninsular Malaysia.

PETRONAS said it would work with AWS to implement advanced AI and ML functionalities, improving user experience and streamlining data management processes.

The integration of this advanced AI and ML tool will significantly enhance the operational capabilities of the PETRONAS myPROdata platform, enabling potential investors to make better data-driven decisions in Malaysia’s E&P sector, it added. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Ringgit seen range-bound against US dollar next week on cautious sentiment
Toto lifts the lid on smart toilets
Transparency is the best policy in Batu Kawan project bid
ITMAX in Aim-Force smart parking solutions tie-up
Cypark, Terengganu Inc to develop a 500MW HHFS plant at Tasik Kenyir
Industry veterans to lead Resorts World Las Vegas
Lombok’s Luxurious suite spot
OSK Property buys Sungai Petani land for RM72mil
Asia can sidestep unsteady ground
Investing with ESG in mind

Others Also Read