Palantir and bp Agree to 5-Year Strategic Relationship With New AI Capabilities
Palantir Technologies Inc. (NYSE:PLTR) and bp (NYSE:BP) have extended their strategic partnership with a new 5-year enterprise agreement. The deal introduces new artificial intelligence capabilities using Palantir's AIP software, building on a decade-long collaboration that has supported bp's oil and gas production operations. Key features include:
1. Integration of dynamic digital physical asset models with real-time data from over 2 million sensors
2. Development of a model-based digital twin of bp's oil and gas production activity
3. Implementation of large language models (LLMs) to improve decision-making
4. Enhanced security features to control LLM actions and provide auditable digital records
The partnership aims to further enhance operational efficiency and increase data integration in bp's operations.
Palantir Technologies Inc. (NYSE:PLTR) e bp (NYSE:BP) hanno ampliato la loro partnership strategica con un nuovo accordo aziendale della durata di 5 anni. L'accordo introduce nuove capacità di intelligenza artificiale utilizzando il software AIP di Palantir, costruito su una collaborazione decennale che ha supportato le operazioni di produzione di petrolio e gas di bp. I punti chiave includono:
1. Integrazione di modelli dinamici di asset fisici digitali con dati in tempo reale provenienti da oltre 2 milioni di sensori
2. Sviluppo di un gemello digitale basato su modelli dell'attività di produzione di petrolio e gas di bp
3. Implementazione di modelli linguistici di grandi dimensioni (LLMs) per migliorare il processo decisionale
4. Funzionalità di sicurezza avanzate per controllare le azioni degli LLM e fornire registri digitali auditabili
La partnership mira a migliorare ulteriormente l'efficienza operativa e ad aumentare l'integrazione dei dati nelle operazioni di bp.
Palantir Technologies Inc. (NYSE:PLTR) y bp (NYSE:BP) han ampliado su asociación estratégica con un nuevo acuerdo empresarial de 5 años. El acuerdo introduce nuevas capacidades de inteligencia artificial utilizando el software AIP de Palantir, construyendo sobre una colaboración de más de una década que ha apoyado las operaciones de producción de petróleo y gas de bp. Las características clave incluyen:
1. Integración de modelos físicos digitales dinámicos de activos con datos en tiempo real de más de 2 millones de sensores
2. Desarrollo de un gemelo digital basado en modelos de la actividad de producción de petróleo y gas de bp
3. Implementación de modelos de lenguaje de gran tamaño (LLMs) para mejorar la toma de decisiones
4. Funciones de seguridad mejoradas para controlar las acciones de los LLM y proporcionar registros digitales auditables
La asociación tiene como objetivo mejorar aún más la eficiencia operativa y aumentar la integración de datos en las operaciones de bp.
팔란티어 테크놀로지스 Inc. (NYSE:PLTR)와 BP (NYSE:BP)가 전략적 파트너십을 확대했습니다. 이번 5년 기업 계약은 팔란티어의 AIP 소프트웨어를 활용한 새로운 인공지능 기능을 도입하여 BP의 석유 및 가스 생산 작업을 지원하는 10년 이상의 협력을 기반으로 하고 있습니다. 주요 특징은 다음과 같습니다:
1. 200만 개 이상의 센서로부터의 실시간 데이터와 함께하는 동적 디지털 물리 자산 모델 통합
2. BP의 석유 및 가스 생산 활동에 대한 모델 기반 디지털 트윈 개발
3. 의사결정 개선을 위한 대규모 언어 모델(LLMs) 구현
4. LLM의 작업을 통제하고 감사 가능한 디지털 기록을 제공하기 위한 향상된 보안 기능
이번 파트너십은 운영 효율성을 더욱 향상시키고 BP의 운영에 데이터 통합을 증가시키는 것을 목표로 하고 있습니다.
Palantir Technologies Inc. (NYSE:PLTR) et bp (NYSE:BP) ont élargi leur partenariat stratégique avec un nouvel accord d'entreprise de 5 ans. Cet accord introduit de nouvelles capacités d'intelligence artificielle en utilisant le logiciel AIP de Palantir, s'appuyant sur une collaboration de plus d'une décennie qui a soutenu les opérations de production de pétrole et de gaz de bp. Les caractéristiques clés comprennent :
1. Intégration de modèles d'actifs physiques numériques dynamiques avec des données en temps réel provenant de plus de 2 millions de capteurs
2. Développement d'un jumeau numérique basé sur des modèles des activités de production de pétrole et de gaz de bp
3. Mise en œuvre de modèles de langage de grande taille (LLMs) pour améliorer la prise de décision
4. Fonctionnalités de sûreté renforcées pour contrôler les actions des LLM et fournir des enregistrements numériques audités
Le partenariat vise à améliorer encore l'efficacité opérationnelle et à accroître l'intégration des données dans les opérations de bp.
Palantir Technologies Inc. (NYSE:PLTR) und bp (NYSE:BP) haben ihre strategische Partnerschaft erweitert und ein neues 5-jähriges Unternehmensabkommen unterzeichnet. Der Deal führt neue KI-Funktionalitäten ein, die auf der AIP-Software von Palantir basieren und auf einer mehr als zehnjährigen Zusammenarbeit aufbauen, die die Öl- und Gasproduktionsoperationen von bp unterstützt. Zu den Hauptmerkmalen gehören:
1. Integration von dynamischen digitalen physikalischen Asset-Modellen mit Echtzeitdaten von über 2 Millionen Sensoren
2. Entwicklung eines modellbasierten digitalen Zwillings der Öl- und Gasproduktionsaktivität von bp
3. Implementierung von großen Sprachmodellen (LLMs) zur Verbesserung der Entscheidungsfindung
4. Verbesserte Sicherheitsfunktionen zur Steuerung der LLM-Aktionen und Bereitstellung von auditierbaren digitalen Aufzeichnungen
Die Partnerschaft zielt darauf ab, die Betriebseffizienz weiter zu verbessern und die Datenintegration in den bp-Betrieb zu erhöhen.
- Extended 5-year strategic partnership with bp, a major energy company
- Introduction of new AI capabilities using Palantir's AIP software
- Potential for improved operational efficiency and decision-making in bp's oil and gas production
- Integration of data from over 2 million sensors into a single operating picture
- Development of a model-based digital twin for bp's production activity
- None.
The 5-year extension of Palantir's contract with bp is a significant win for the data analytics company. While specific financial terms weren't disclosed, the deal likely represents substantial recurring revenue for Palantir. The introduction of AI capabilities through Palantir's AIP software could potentially increase the contract's value and solidify Palantir's position in the energy sector. For bp, this partnership may lead to improved operational efficiencies and cost savings, potentially boosting its bottom line. However, investors should note that the long-term impact on either company's financials remains uncertain without concrete figures.
Palantir's integration of Large Language Models (LLMs) into its AIP software for bp marks a significant technological advancement. The combination of LLMs with Palantir's existing digital twin technology creates a powerful decision-support system for bp's operations. Key features like transparency in AI recommendations and safeguards against AI hallucinations address critical concerns in industrial AI applications. This implementation could serve as a blueprint for AI adoption in other heavy industries, potentially opening new market opportunities for Palantir. However, the real-world performance and reliability of these AI systems in critical operations remain to be seen.
The extension of this partnership underscores the growing importance of digital technologies in the oil and gas sector. bp's continued investment in digital transformation, particularly in AI and digital twin technologies, reflects the industry's push towards increased efficiency and sustainability. This move could help bp maintain competitiveness in a challenging market environment characterized by volatile energy prices and increasing pressure for decarbonization. The success of this partnership could influence industry-wide adoption of similar technologies, potentially reshaping operational standards in the energy sector. However, the return on investment and actual operational improvements from these technologies will be important to watch.
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
During that decade, it has supported bp’s digital transformation programme, with a focus on delivering efficiencies in the oil and gas production system. Central to that programme has been the development of a model-based digital twin of bp’s oil and gas production activity, enabling performance improvements. This entails the integration of dynamic digital physical asset models with real time data from over 2 million sensors into a single integrated operating picture, through Palantir software.
Palantir’s AIP software will assist bp to safely and reliably harness large language models (LLMs) to improve and accelerate human decision-making with suggested courses of action based on automated analysis of the underlying data.
Within the software, the robustness of the underlying data infrastructure and digital twin are combined with tools to ensure transparency into AI recommendations. This means that the software is designed to enable safe and reliable AI deployment and guard against hallucinations. Meanwhile, security features control what LLMs can and cannot do together with fully auditable digital records of any decisions or actions taken.
“We are incredibly excited to continue our strategic relationship,” said Matthew Babin, Head of Energy and Natural Resources at Palantir. “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 digital delivery, 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.”
About Palantir
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240909534283/en/
Ben Mascall
bmascall@palantir.com
Source: Palantir Technologies Inc.
FAQ
What is the duration of the new agreement between Palantir (PLTR) and bp?
What new technology is Palantir (PLTR) introducing in its partnership with bp?
How long has Palantir (PLTR) been collaborating with bp?
What is the main focus of Palantir's (PLTR) software in bp's operations?
