Petronas Carigali, an exploration and production arm of Malaysia’s Petronas, has signed an agreement with Geoteric, an AI-driven seismic interpretation software firm, to expand the use of artificial intelligence in oil and gas exploration activities.
The agreement signifies a step-change in AI adoption for Petronas Carigali that will identify new hydrocarbon prospects in less time, increase drilling success and expedite exploration activities overall, the company said.
Geoteric is renowned for seamless integration into existing geoscience workflows and the introduction of first-to-market AI into the software in 2019 has had a transformative effect on whole-project efficiency - achieving reductions in cycle time by up to 90%.
The collaboration is expected to help Petronas Carigali achieve more productive and standardized project execution and additionally, places the company in the driving seat alongside Geoteric in developing new technologies and workflows.
Furthermore, by deploying an ‘all-access’ Geoteric model globally, Petronas will benefit from long-term value creation, technical excellence, and operational scalability, aligned with the company’s digital transformation and exploration excellence strategy.
Over the next three years and beyond, Petronas Carigali will leverage Geoteric AI across its operational portfolio, leveraging the software’s proven capabilities across the exploration and production lifecycle.
“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,” said Jan Grimnes, Chairman at Geoteric.