PS II


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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:
As the oil and gas industry becomes increasingly volatile due to price swings, and organizations undergo their own digital transformation, torrents of data are being unleashed that can all too easily overwhelm companies. The center of these transformation is the preponderance of the Big Data and mobile technology with huge potential gains in operational efficiency.  These transformational gains are premised on three (3) levers: accelerating growth of data generated by assets, the second is increasing importance of emerging technologies, such as Internet of Things (IoT), cloud and data analytics, which are having a big impact and finally, the propensity of companies for collecting and leveraging data from an increasing number of groups and specializations.
Together, these drivers are making oil and gas operators focus on designing a centralized strategy for managing their operational data as they pursue “intelligent information” – rather than merely collecting volumes of data that will languish unused in data swamps. The Big data technology is revolutionizing oil and gas operations which ultimately helps to derisk investments and significantly lower costs and make more accurate decisions.
 
Nowadays, with the help of advanced sensors and software powered by AI, companies can digest a large amount of data and output real-time responses on the best course of action. Within a few years, the Industrial Internet of Things (IoT) will comprise more than a trillion sensors that generate and share data, and these innovations will dramatically change the way oil and gas companies operate.
In this panel session II, discussions will center around applications of the Big data technology and how this can be a game changer in both conventional and unconventional oil and gas operating environments. Proven positive impacts of the big data and mobile technology in other sectors would be highlighted and areas of synergy with the oil and gas operations would be exhaustively x-rayed.

The focus and key objectives of this session will be on the following:
  • Proffer practical solutions to enshrine the concept of big data and emerging technologies, like many others, and workable adaptations and innovations.
  • Discuss implications of digital revolution from Big data and emerging technologies, application and possibilities and opportunities and the future of the energy industry.
  • Articulate enabling collaboration on big data and technology back bone and artificial intelligence can positively impact operational efficiency.
  • Deliberate how to address barriers to applications of Big Data Analytics into operating oil and gas environment and service sectors.

Synopsis

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.