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%.