AI in Oil & Gas Industry
To find out whether Oil & Gas companies are using new technology such as AI,IIOT, and Big Data to increase the efficiency of their operations, and what types of new technologies do they use, the future trends, and the current adoption rates of this type of technology. This information will be used to advise clients on the next generation of operating oilfield practices and the potential role and impact of AI/IIot/Big data.
Oil & Gas Companies Using AI
- Shell is one of the industry majors adopting AI in its operations.
- BP is another major investing in AI with the development of a cloud-based geoscience platform that would provide the company with advanced capabilities thanks to its ability to interpret geology, geophysics, historic and reservoir project information and create unique knowledge-graphs.
- Oil and Gas companies have been slow to adopt AI compared to other sectors.
- However, AI can help companies solve a variety of issues such as an unconnected environment, frequent machine downtime and maintenance issues for its truck engines
How Oil and Gas Companies are Using AI/IIot/ Big data
- One of Shell's AI initiatives involves the deployment of reinforcement learning in its exploration and drilling program, with the aim to reduce natural gas extraction costs.
- Reinforcement learning is a form of “semi-supervised” machine learning, used by Shell to control its drilling equipment.
Different Types of AI Available to Oil and Gas Companies
- In the Oil & Gas industry, machine learning can be used to allow computer systems to interpret data and take decisions without human intervention, constantly improving the process by learning from previous experience.
- This type of AI can be used by Oil & Gas companies to monitor complex offshore operations and quickly respond to events that humans might not be able to detect.
The Likely Trends Going Forward
- The Oil & Gas industry is enthusiastic about the potential of AI in the industry.
- Growth and success in the industry is dependent on the adoption of new technology in operations.
- The AI market in Oil & Gas is expected to grow from an estimated $1.57 Billion in 2017 to $2.85 Billion by 2022, at a CAGR of 12.66%.
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