10/27/2021 | Press release | Distributed by Public on 10/26/2021 19:10
Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) and PGS ASA ("PGS", Head Office: Oslo, President and CEO: Rune Olav Pedersen) are pleased to announce that their group companies have signed a Memorandum of Understanding (MoU) to jointly develop and commercialize Artificial Intelligence (AI) driven solutions to image subsurface structures. Analysis of subsurface images is required across the energy sector including oil and gas, carbon capture and storage, as well as in areas of the renewable energy sector, such as geothermal energy and offshore wind power.
Under this agreement, PGS will contribute seismic data from its global MultiClient data library along with technical expertise. Mit-PFN Energy Co., Ltd. ("MPE", a joint venture between Mitsui and Preferred Networks Inc.) will lead the AI algorithmic development, to be constructed within a modern, scalable compute infrastructure. The collaboration aims to significantly reduce the turnaround time needed to generate images of subsurface structures, whilst significantly improving accuracy. It is the intention to apply the developed technology in clean energy businesses, contributing to the global effort to reduce carbon emission.
Mr. Yasuchika Maruyama, General Manager, E&P Division, Energy Business Unit I of Mitsui says:
"Mitsui has identified the innovation and application of new digital technologies as a key area that will create new business opportunities and improve productivity across the group. This collaboration between MPE and PGS is aligned with our digital strategy and will help to transform and grow our business model. We now look forward to working with PGS, and combining our respective areas of expertise, to apply the power of digital technology to help create a more sustainable energy industry to the benefit of society."
Mr. Artem Lytkin, Vice President, New Energy Business Development of PGS, says:
"PGS New Energy aims to accelerate energy transition by helping energy companies to effectively deal with subsurface risks as they execute on their energy transition goals. PGS has a long tradition of serving the industry as a top tier provider of high-quality geophysical measurements and interpretation services. We are pleased to announce our collaboration with Mitsui, a leading provider of digital solutions. Together we seek to develop and deploy artificial intelligence methods to further strengthen our data processing and interpretation workflows."
Through the business alliance between MPE and PGS, Mitsui will work to create high-value-added business models that combine its Group's wide-ranging platform of business assets with PGS's data and imaging expertise, alongside the established geophysical services business platform.
PGS and its subsidiaries ("PGS" or "the Company") is an integrated marine geophysics company and operates on a world-wide basis. PGS business activities supports the energy industry, including oil and gas, offshore renewables, carbon capture and storage. The Company's headquarter is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange (OSE: PGS). For more information about PGS visit www.pgs.com.
Mit-PFN Energy Co., Ltd. ("MPE") is a joint venture between Mitsui and Preferred Networks Inc. in which Mitsui holds a 51% interest, which develops a solution that apply deep learning technology to seismic data analysis.
Mitsui & Co., Ltd (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 65 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.
Mitsui has over 5,500 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world's main mega-trends: sustainability, health & wellness, digitalization, and the growing power of the consumer.
For more information on Mitsui & Co.'s businesses visit www.mitsui.com.