Palantir, BP agree to five-year strategic relationship

Palantir Technologies Inc. (PLTR) and bp (BP) have announced an enterprise agreement that will extend their strategic relationship and introduce new artificial intelligence capabilities with Palantir’s AIP software. 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. 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 to improve and accelerate human decision-making with suggested courses of action based on automated analysis of the underlying data.