Petronas Carigali, the exploration and production arm of Malaysia’s national oil company Petronas, has broadened its partnership with AI-driven seismic interpretation software company Geoteric.
The expanded collaboration is aimed at enabling Petronas Carigali to leverage AI in identifying new hydrocarbon prospects in less time.
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The use of the new technology is also expected to increase drilling success rates and accelerate exploration activities.
Petronas Carigali plans to utilise Geoteric AI across its operational portfolio over the next three years and beyond. It will tap into the software’s proven capabilities throughout the exploration and production life cycle.
In a statement, Geoteric said that its AI software has been key in reducing project cycle times by up to 90%. This efficiency is achieved by combining human expertise with AI, enabling geoscientists to make quicker and more accurate decisions.
The partnership is set to enhance Petronas Carigali’s project execution productivity and standardisation, the software company added.
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By GlobalDataAdditionally, Petronas Carigali will be closely involved with Geoteric to develop new technologies and workflows.
Geoteric chairman Jan Grimnes said: “The enhanced agreement with Petronas Carigali, building on an existing strategic partnership, is a testament to Geoteric’s capabilities and wider adoption in the industry. This collaboration will not only transform Geoteric’s development direction and how projects are delivered, it also aligns innovation with Petronas’ strategic goals – making Geoteric a central driver of Petronas’ success.”
This collaboration aligns with Petronas Carigali’s digital transformation and strategy for exploration excellence.
In June, Petronas announced that it was considering the sale of its Canadian assets, potentially valued at between $6bn (RM25.23bn) and $7bn.
