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Vietnam Oil and Gas Group Deploys AI to Optimise Data Analysis and Management

The Vietnam Petroleum Institute (VPI), under the Vietnam Oil and Gas Group (PetroVietnam), has built an Oilgas AI ecosystem using artificial intelligence (AI) and machine learning (ML). The system collects and analyses in-depth data in the oil and gas sector, with products such as crude oil, petroleum, liquefied petroleum gas, and natural gas.

VPI is partnering with an industry giant and taking measures to optimise the analysis, use, and management of data, helping firms improve work efficiency. For each product, Oilgas AI performs an analysis of market data, price forecasting, supply and demand, infrastructure, and inventory. It also helps users easily find, tap, and interact with vivid data through charts, reports, and dashboards. The data will be constantly updated, making it easier for users to monitor real-time data.

Petroleum suppliers, importers, and sellers can monitor the retail petrol price forecast through petroleum products at the Oilgas AI ecosystem. Its petrol price forecast model uses ML algorithms to model input data sources. It continuously updates new factors to provide the most accurate prediction of provisions and expenditures using the Petroleum Price Stabilisation Fund. It also inputs base prices of domestic and imported petroleum products.

According to an official, Oilgas AI targets becoming a network of experts, scientists, organisations, businesses, and consumers at home and abroad on the back of using the latest technological advances. This ecosystem creates a competitive advantage through the optimisation of analysis, mining, and use of data safely and conveniently. It also employs the application and use of models and algorithms that have been developed by VPI experts and other leading specialists in the oil and gas sector who are cooperating with VPI. Energy market products and services will provide solutions to help businesses make faster and more effective decisions in daily production and business activities, as well as devise long-term plans and strategies.

VPI has also started a free data mining service for users to experience the trial version of the Oilgas AI ecosystem. Following the trial period, VPI will provide optional service packages to meet the diverse needs of customers.

The organisation is also deploying AI/ML to identify the presence of fractured granite basements. The technology has an accuracy rate of over 80% and helps save exploration time and costs. VPI worked out a fracture prediction solution that applies AL/ML to accurately detect the presence of fracture systems based on real-time data. Relevant data will be used as inputs into ML algorithms, and then models will be classified, ranked, and assessed to find out the best for fracture prediction. The VPI has tested the accuracy of this prediction model on drilling data of 12 wells in some fields with similar geological structures, showing a prediction accuracy rate of more than 80%.

As OpenGov Asia reported, the results from the ML operations (MLOps) platform are expected to help improve drilling effectiveness, ensure safety for the process, and shorten the rig rental duration. Depending on each contractor’s drilling plan, the saved expenses can reach hundreds of thousands of US dollars.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com