Palantir Technologies Inc. (NYSE:PLTR) has extended its partnership with bp (NYSE:BP) to support the oil and gas company in its goal of becoming a net-zero company by 2050 or early and ultimately get the world to net zero.
Palantir extends agreement with bp
Following the extension of the agreement, Palantir will offer bp its software at the enterprise level to deploy globally across the company in a multi-million, multi-year deal. The companies have partnered for over six years with Palantir’s software being key in accelerating the oil and gas company’s digital transformation. With the extension, bp will now use Palantir’s Foundry software for an additional five years with deployment in new business areas to accelerate its strategic digitalization ambitions and help support delivery of its energy transition objectives.
So far, bp’s digital twin applications which are powered by Palantir have delivered considerable value and improvements in hydrocarbon-based workflows. Interestingly, there are now opportunities to apply the applications and expedite bp’s ambition, changing networks, optimizing wind farms, electric charging networks, and support other nets zero objective aims.
Most importantly, the partnership has produced concrete outcomes in asset allocation, operations management, procurement, and strategic allocation. Also, they will continue leveraging the Foundry platform and associated applications to deliver value in operations, production, simulation, and modeling.
Foundry platform helps deliver energy efficiently and safely
Palantir COO, Shyam Sankar said that they started the company to work on the hardest problems. Sankar said that they built the platform to help deliver energy efficiency and more safely in a disrupted market at the same time support bp’s business transformation by scale and size. Most importantly, Palantir is still supporting bp’s risk monitoring efforts including workflows on infrastructure management and information flow management during the pandemic.
Bp CFO, Murray Auchincloss discussed at the beginning of 2020 about efficient procurement gains and digitalization scope having end-to-end purchasing impact. He said getting data in the right shape will help the company capably with different partners such as Palantir will help the company make strides in reducing waste.