Palantir Technologies Inc. (NYSE: PLTR), a leading provider of AI systems to the energy sector, and Bapco Upstream, a 100% owned subsidiary of Bapco Energies, today announced a strategic, multi-year partnership to deploy Palantir’s software to support and help accelerate Bapco Upstream’s ability to power the next generation of energy in the Kingdom of Bahrain.
Palantir’s Foundry Platform and Artificial Intelligence Platform (AIP) will be deployed in a three-year agreement to help Bapco Upstream maximize its return on investment on energy production in the country and support its mission to connect the energy infrastructure of the Kingdom of Bahrain in an unprecedented way. Using data and artificial intelligence is a key part of the Kingdom of Bahrain's strategy to deliver on its commitment to reducing carbon emissions, as pledged at COP26 by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to reduce emissions by 30 percent through decarbonization and efficiency initiatives by 2035, and double the Kingdom’s deployment of renewables, to achieve Net-Zero by 2060.
"We are honored to be selected by Bapco Energies to bring our platforms and expertise in the sector to Bahrain, particularly as they pursue their ambition to provide secure energy and advance on the energy transition," said Matt Babin, Global Head of Energy at Palantir.
Palantir has worked in the energy sector for more than a decade, helping customers from small operators to supermajors and national oil companies meet challenges and capture opportunities throughout the value chain, from production to distribution, to supporting the reduction of carbon emissions. Palantir’s newest platform, AIP, enables organizations to bring the power of large-language models, and other cutting-edge AI, to their enterprise networks, private data, and core operations - with maximum security and trust. The platform is designed to bring in siloed and disconnected data sources, logic assets, and systems of action into a single common operating picture, enabling users to optimize their decision-making.
“We are thrilled to announce our strategic partnership with Palantir. This collaboration marks a pivotal moment for Bapco Upstream as it aligns seamlessly with our commitment to innovation and business excellence,” said Johann Pleininger, CEO of Bapco Upstream. “We are poised to unlock new possibilities in our upstream operations by delivering value and driving efficiency throughout the organization.”
"Bapco Energies is positioning itself at the forefront of the AI revolution in energy production,” said Alex Karp, co-founder and chief executive officer of Palantir Technologies. “We are proud of this partnership, which will enable Bapco Upstream to boost output, improve efficiency, and meet Bahrain's energy goals.”
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
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