At ENRich 2024, KPMG’s Annual Innovation and Energy Conclave, Union Minister Hardeep Singh Puri emphasized the crucial role artificial intelligence (AI) will play in transforming India’s energy sector. Speaking under the theme “AI for Energy,” Puri highlighted that AI’s integration is a timely and critical step in shaping a sustainable future, bringing significant improvements in operational efficiency and accelerating the shift toward cleaner energy sources.

Puri noted that AI is set to be a driving force in achieving Prime Minister Narendra Modi’s vision of a “Viksit Bharat” (Developed India) by 2047. Within the oil and gas sector, AI and generative AI are already being utilized to process real-time data, optimize operations, and improve safety. Both international oil companies and India’s Public Sector Undertakings (PSUs) are investing heavily in AI-driven technologies to enhance efficiency, reduce carbon emissions, and ensure long-term energy security.

He further explained how AI tools, including demand forecasting and customer and pricing analytics, are improving customer experiences across the energy sector. In upstream oil exploration, AI-enabled deep learning is revolutionizing the analysis of complex seismic data, helping identify potential hydrocarbon reservoirs. Real-time optimization of drilling parameters through AI has also contributed to increased drilling efficiency and lower operational costs.

Puri pointed to the recent modernization of India’s National Data Repository as a significant milestone in AI adoption. This repository, now upgraded to a cloud-based platform with an investment of ₹7,500 crore, provides instant access to seismic and production data, representing a departure from traditional industry methods.

Referring to research by J.P. Morgan, Puri outlined the potential of generative AI to boost global GDP by $7-10 trillion over the next three years. He projected that AI could contribute ₹33.8 lakh crore to India’s economy by 2030, significantly increasing workforce productivity and reshaping the global economy.

The Minister also highlighted India’s rapidly growing start-up ecosystem, now the world’s third-largest hub for unicorns. He praised KPMG’s efforts in supporting innovation and noted that Indian oil and gas PSUs have set up start-up funds worth ₹505 crore, with ₹271 crore already disbursed to 287 start-ups.

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Puri concluded by encouraging industry stakeholders to tap into India’s energy potential and adopt sustainable business practices. He also promoted the Avinya’25 initiative, which seeks to drive further innovation in the energy sector.

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