Oil and natural gas remain two of the most valuable commodities in the energy sector. There has never been a greater emphasis on efficiency, minimizing downtime, and reducing environmental impact while meeting economic goals. From an oil well to a topside platform to a refinery, meeting objectives in terms of safety, cost, carbon, and production necessitates a well-defined strategy.
Artificial intelligence (AI) can help meet these needs and save billions of dollars in capital and operating expenditures. With the integration of a data strategy and AI solutions, oil and gas firms can get vital insights to improve their business outcomes in their upstream processes.
Examples of AI applications in the oil and gas industry include:
Artificial intelligence (AI) can help meet these needs and save billions of dollars in capital and operating expenditures. With the integration of a data strategy and AI solutions, oil and gas firms can get vital insights to improve their business outcomes in their upstream processes.
Examples of AI applications in the oil and gas industry include:
- Optimizing production with computer vision to analyze seismic and subsurface data faster.
- Minimizing downtime for predictive maintenance on equipment.
- Analyzing reservoirs and supercharging operational decision-making.
- Modelling to predict oil corrosion risks to reduce maintenance costs.
- Digitizing records and automating the evaluation of acquired geological data and charts, potentially revealing concerns such as pipeline damage or increasing equipment utilization.
- Boosting or substituting some human competencies, allowing humans to focus on more creative, value-added activities.
- Assisting in filling the labor gap as older generations retire, increasing productivity benefits.
- Improving the efficiency of oil and gas assets, saving hundreds of thousands of dollars on inventory and tightening supply chains.
