Over the past decade, the use of artificial intelligence (AI) and machine learning technologies in the oil and gas industry has gained significant interest. This has led to the growth in artificial intelligence in various oil and gas companies. With increasing challenges faced by the oil and gas industry in the past for exploration and exploitation of hydrocarbons, a cross disciplinary approach is being rendered which requires some critical processes to be semi-automated and some to be fully automated.
The price of oil has shown sluggish growth since its 2014 collapse. Although the adoption of new technologies has increased yields and resulted in to cost reduction in most areas, the industry continues to seek solutions to boost business, and many see Artificial Intelligence (AI) as the answer. Artificial intelligence in oil and gas industry is also gaining interest of consumers across the globe, since data interpretation through it highlights important geological features such as faults, nonconformity, folds and boundaries and field operations. Such information provided by artificial intelligence technology is very crucial to operators because geoscientists and engineers sometimes fail to acquire such insights due to poor conditions of the wells and fields or other external factors.
In recent times, major companies are investing heavily in predictive technology to become more productive. Artificial intelligence has enabled oil and gas operators to develop human capabilities and automate the processes to gain unobtainable outcomes. There are different ways to apply AI technologies to these different sectors. The common factor is that AI can help oil and gas companies lower costs and make more accurate decisions as have been proven in other sectors.
For instance, Intelligent Automation (IA) businesses have been using robotics for some time to help human transaction processing become more automated. But by adding the power of artificial intelligence to robotic process automation, businesses can employ critical thinking and quality checks among other traditional human processes, which have the potential to automate entire functions and free up time for engineers to focus on engineering.
In this panel session, discussions will center around emerging impact of Artificial Intelligence and digitalization on Oil and gas development, demonstrated areas of applications and how these have helped to drive down development and operating costs. The focus and key objectives of this session will be on the following:
- How can the energy sector leverage new technologies like artificial intelligence, machine learning and blockchain to improve on the operational efficiency and reduce unit development costs?
- How artificial intelligence will impact the skills needed to run the business and the ongoing ability to attract a new generation into the sector.
- Deepen discussions on addressing barriers to embedment of artificial intelligence and digital oil field operations for oil and gas companies and service sectors.
- What are the best approaches for increasing developer collaboration and improving the technology uptake for international oil companies and local independents in the E & P sector.