The regulatory body for the energy sector in Newfoundland and Labrador is figuring out how AI can be used in the industry – both in-house and for the companies they regulate.
Scott Tessier, the CEO on the Canada-Newfoundland and Labrador Offshore Energy Regulator, says they are in the “early days” of figuring out how AI can be used “effectively and securely.”
He says they are moving “cautiously,” but there are ways in which it can be used – such as for reviewing and comparing documents. He does note, however, that while AI can help them get a head start it can “never replace human judgement.”
On the regulatory side of things, Tessier says conversations are ongoing with businesses and other regulators.
He says it was a big topic of conversation at the International Regulators Forum in St. John’s last October. Tessier says he has been surprised by the degree to which regulators are open to AI. He stresses that there are risks that need to be mitigated, but everyone is open to the idea and believes it can make the industry better.
