FPT to ‘digitalise’ PVEP’s operation

FPT and PetroVietnam Exploration Production Corporation (PVEP) signed an agreement on research and development for new technologies in oil exploration and exploitation on October 17.

Under this agreement, FPT will provide support to PVEP to digitalise its operation and enhance the efficiency of its oil exploitation, minimise downtime due to system incidents and promote cost savings, as well as its risk mitigation.

The two sides will promote co-operation towards a long-term partnership and create conditions to apply new technologies, such as the Internet of Things, Big Data, artificial intelligence and data science. One of the existing projects of PVEP will be selected to pilot the application of new technologies.

“In the transport sector, industry 4.0 will help increase the traffic volume by 35 per cent and reduce accidents by 58 per cent. In the oil production sector, industry 4.0 would help provide practical forecasts, so as to optimise operation while ensuring safety, as well as cost-cutting. The figures would not be as impressive as 35% or 58%, but modest improvements could bring significant economic benefits,” said FPT Chairman Truong Gia Binh.

Representatives of FPT and PVEP signed the cooperation agreement.

When oil companies were facing difficulties owing to low oil prices, the application of technology-enabled solutions in oil exploration and exploitation became critical.

General Director of PVEP Ngo Huu Hai said that as oil exploration always had risks, especially when oil prices remained at a low level for a long time, PVEP had to promote the application of advanced technologies to improve efficiency. “Approaching industry 4.0 is a completely new issue, and this is urgent to avoid falling behind. I fully trust FPT and expect the project to be successful. PVEP will pilot the application of new technologies, first in wells with simple structure, then to other projects, domestically and internationally,” said Mr Hai.

By signing this agreement, PVEP and FPT will strengthen their comprehensive and long-term cooperation in research and development for new technologies in oil exploration and exploitation. PVEP will have an opportunity to gain access to the latest trends of industry 4.0.  With its experience and strengths, FPT will help PVEP know what to do in industry 4.0, prepare human resources, build ecosystems and infrastructure to take advantage of advanced technology. FPT will have an opportunity to improve its service and technology solutions.