Paradip Port prepares for Severe Cyclonic Storm (See 'Corp Brief') DPIIT forges alliance with HCL Software to herald India's startup revolution (See 'Corp Brief') NLC India enters into JVA with Rajasthan for Power Capacity Addition (See 'Corp Brief') Constitution of India- Article 21 of Constitution shall take precedence over Twin Test of PMLA and if Trial would take long, accused shall be entitled to Bail: HC (See 'Legal Desk') ITU Kaleidoscope-2024 concludes with eye on connectivity and inclusivity (See 'Corp Brief') Emerging technologies flourish at ITU-WTSA 2024's Innovation Xchange (See 'Corp Brief') Constitution of India- Existence of adequate effecacious alternative remedy is factor to be considered by writ court before exercising its writ jurisdiction: HC (See 'Legal Desk') Puri highlights role of AI in transformation of Energy Sector (See 'Corp Brief') Arbitration Act - One cannot claim Pandemic relaxation and take advantage of moratorium under Section 14 of IBC due to pending CIRP in respect of corporate debtor's company: HC (See 'Legal Desk') Janaushadhi Pariyojana: A Journey towards affordable healthcare (See 'Corp Brief') SEBI Act, 1992-Failure of company in obtaining shareholder approvals for material related party transactions is funadamentally flawed: SEBI (See 'Legal Desk') CCI approves proposed acquisition of Aavas Financiers by Aquilo House (See 'Corp Brief') IBC - When there is specific procedure provided for withdrawal of insolvency applications, then NCLAT cannot invoke its inherent powers: SC LB (See 'Legal Desk') CCI okays hike in shareholding of Bharti Airtel in Indus Towers (See 'Corp Brief') IBC - If debt entries exist in corporate debtor's balance sheet, then debtor could not deny its liability merely on ground that there were no specific entries of particular creditor in their balance sheet: SC (See 'Legal Desk') Safety and Welfare of Mineworkers must be top priority: G Kishan Reddy (See 'Corp Brief') IBC-Resolution plan,once ratified by Adjudicating Authority, must absolve corporate debtor of past liabilities: HC (See 'Legal Desk') Bharat Tex 2025 to focus on scale, sustainability and skills (See 'Corp Brief') PMLA-Jurisprudence for grant of bail is that petitioner cannot be deprived of his constitutional right of personal liberty especially when there is prospect of long incarceration without conclusion of trial: HC (See 'Legal Desk') Ministry of Coal organises Consultation on MDOs and Star Rating Awards (See 'Corp Brief') Constitution of India-Fundamental right enshrined under Article 21 cannot be arbitrarily subjugated to statutory bar in Section 45 of PMLA, 2002: HC (See 'Legal Desk') Govt issues mine closure certificate to Pathakhera area of M/s WCL (See 'Corp Brief') SEBI Act-Primary purpose of statutory enactments is to provide enactment environment conductive to increased participation and investment in securities market which is vital to growth of economy: SEBI (See 'Legal Desk') Green Hydrogen Fuel Cell Bus showcased by India to Bhutan PM (See 'Corp Brief') IBC-Connected persons to ineligible persons are not prohibited to participate as resolution applicant under Section 29A: IBBI (See 'Legal Desk') CAQM invokes Stage-II GRAP Action Plan Across NCR (See 'Corp Brief') Patents-Inventive contribution of patent should not only improve functionality of system but also achieve innovative technical advantage that is clearly distinct from ordinary operations expected of such systems: HC (See 'Legal Desk')

Print

Puri highlights role of AI in transformation of Energy Sector

Published: Oct 24, 2024

By TIOLCorplaws News Service

NEW DELHI, OCT 24, 2024: ADDRESSING the ENRich 2024, KPMG's Annual Innovation and Energy Conclave, Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the pivotal role of artificial intelligence (AI) in transforming the energy sector. With the theme "AI for Energy," the Minister described the convergence of AI and energy as both timely and transformative, marking a critical step in shaping the future of the industry. He emphasized that AI is set to revolutionize operations, drive efficiency, and accelerate the shift towards a more sustainable energy landscape.

The Minister highlighted how AI is rapidly being adopted across industries and will be instrumental in realizing the  Prime Minister's vision of a "Viksit Bharat" by 2047.

Focusing on the oil and gas sector, Puri shared how AI and generative AI (GenAI) are optimizing operations by leveraging real-time data and insights. He pointed out that international oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future.

Puri noted that the Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations. Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector.

In the upstream oil and gas sector, the Minister said, AI-enabled mechanisms such as deep learning are being used to analyze complex seismic data for identifying potential hydrocarbon reservoirs. Additionally, he 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.

Puri noted the comprehensive integration of AI tools across the energy value chain, from upstream exploration and production to midstream storage and downstream refining and distribution. He observed that this shift marks a departure from the traditional engineering mindset that has long dominated the industry.

As an example, he pointed to the modernization of India's National Data Repository, 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 noted.

Citing research by J.P. Morgan, the Minister discussed the potential of generative AI to increase global GDP by USD7-10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.

Puri further emphasized that India, with its growing economy, youthful population, and thriving tech ecosystem, is poised to benefit greatly from AI. Reports suggest that AI adoption could contribute at least Rs. 33.8 lakh crore to India's economy by 2030, he said.

He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024, achieving a CAGR of 14.26%.

The Minister applauded KPMG's efforts to foster entrepreneurship and support the start-up ecosystem through initiatives like "ENRich Labs" for innovation and co-creation with the industry.

Highlighting India's booming start-up ecosystem, the Minister noted that India is now the world's third-largest hub for unicorn start-ups, following the USA and China, with a combined valuation of approximately USD 350 billion. He emphasized that these start-ups are reshaping the Indian economy and transforming markets.

Stressing on the oil and gas sector, Puri shared that Oil and Gas PSUs have set up startup funds totaling Rs. 505 crore. So far, 287 start-ups have received funding, with Rs. 271 crore already disbursed to promote innovation and growth in the sector.

The Minister also talked about the Avinya'25, launched recently based on the overwhelming success of Avinya'24. The initiative aims to encourage entrepreneurs, researchers, academicians, and students to propose innovative solutions that can shape the future of the energy sector. The application period for Avinya'25 opened on 30th September 2024, with a submission deadline of 2 nd December 2024. Puri urged everyone to actively participate and contribute to the event's success

Puri concluded by urging stakeholders to explore the untapped potential in India's energy sector, stressing the importance of sustainable business practices that align with societal and environmental goals.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.