Palantir Technologies Inc. and BP announced an enterprise agreement that will extend their strategic relationship and introduce new artificial intelligence capabilities with Palantir’s AIP software.
Palantir stock jumps after Palantir and BP agree to 5-year Strategic Relationship With New AI Capabilities. The new contract will build on a decade of deep collaboration that has created a firm foundation for BP’s oil and gas production operations, using Palantir’s industry-leading software.
Since 2014, Palantir software has been deployed widely by BP to support its oil and gas production operations, from offshore oil platforms in the North Sea and the Gulf of Mexico to the Khazzan gas fields in Oman.
Matthew Babin, Head of Energy and Natural Resources at Palantir said “We are incredibly excited to continue our strategic relationship,”. “Going forward, our objectives together remain the same: further enhancing the efficiency of BP’s operations while increasing data integration. Now, AIP offers the opportunity to help accelerate human decision-making on top of the robust digital twin and deep operational workflows already in place.”
Sunjay Pandey, SVP of digital delivery at BP, said “Our strategic relationship with Palantir will continue to play an important role in supporting the ongoing digital transformation of BP’s operations. The use of advanced digital twin simulations helps us to safely monitor and optimize various aspects of the production process to enhance operational performance. We look forward to building on the progress we have made over the years.”
Palantir’s AIP software will assist BP in safely and reliably harnessing large language models (LLMs) to improve and accelerate human decision-making with suggested courses of action based on automated analysis of the underlying data.
The software will provide strong underlying data infrastructure and tools to ensure transparency in AI recommendations. It also means that software is designed to enable safe and reliable AI deployment and guard against hallucinations.
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