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.
