4Paradigm Empowers Energy Industry Transformation with AI Technology
4Paradigm and SPT Energy Group will complete the construction of a data governance system for the energy industry and establish a reliable and accurate forecasting system plus a real-time detection and early warning platform.
4Paradigm (第四范式), an Artificial Intelligence (AI) technology and service provider in China, signed a strategic cooperation agreement with the country's leading private oilfield service provider -- SPT Energy Group (华油能源集团) on Jun 10, 2019.
The eye-catching cooperation between the two sets an example for the energy industry to embrace and build an AI engine, accelerating the exploration and practice of the integrated intelligent platform for oilfield exploration, development and production.
According to the agreement, 4Paradigm and SPT Energy Group will cooperate in the following two aspects: First, jointly establish a new oil and gas field technology service company, combined with the industry experience of both parties to create a high-tech company that provides integrated solutions for oilfield exploration and production. Second, the two can use their respective advantages to select favorable oil and gas field in China for pilot projects, carry out the construction of smart oilfield platforms, and promote them at home and abroad.
SPT Energy Group has provided monitoring, collection and analysis services for oilfield companies since its inception. Therefore, the company formed a relatively complete technical system and supporting service capabilities in the process of oilfield exploration, development and production.
As China has entered a critical period for the energy industry to adjust company structure and improve management efficiency, technology innovation becomes one of the important factors to promote industry transformation.
Under this background, the cooperation came naturally and is a win-win strategy. Xia Bin, the general manager of 4Paradigm large consumer division said that based on AI technology, they together will complete the construction of a data governance system for the energy industry and establish a reliable and accurate forecasting system plus a real-time detection and early warning platform. Through digitizing the platform, we hope to put the relevant data of the upper, middle and lower reaches together for AI analysis, so that more business people can quickly form applications based on big data.
Xia added, “For example, 4Paradigm is training the single well condition diagnosis model with self-learning function, which can realize single well condition diagnosis and abnormal warning, which will simulate and predict the equipment operation system and improve the accuracy of oilfield exploration services. Moreover, in the petrochemical product price forecast, we help customers to establish the mark-to-market decision-making system has a prediction accuracy of up to 99.99% for product price in one to seven days."
Dai Wenyuan (戴文渊), the founder and CEO of 4Paradigm said that if AI technologies are only mastered by a few scientists and machine learning experts, it cannot be promoted to go mainstream and will fail to unleash its full potential. Thus, the company strived to lower the bar for the creation of AI applications, transforming AI from expert-only to everyone.
The 4Paradigm has completed more than 2000 AI landing cases and tens of thousands of application scenarios, dealing with problems financial, medical, government, energy, retail, media and so on.