Like any other industry, the Oil & Gas industry also recognizes the power of cutting-edge technologies like Artificial Intelligence & Machine Learning (AI/ML). Oil and gas are one of the most precious commodities in the world. The depletion of crude oils and the rise of oil prices have made companies turn to AI/ML to optimize and maximize their revenues.
The Oil and Gas Authority (OGA) is deploying AI in many ways to analyze historical/ real-time data and run analytics to plan and schedule production. AIML assists the OGA in discovering new oil & gas projections and enhancing production from existing infrastructures.
The research analysis from Mordor Intelligence estimates that Global Artificial Intelligence in the Oil & Gas market will reach a value of US$3,349.89 million by 2026. Let us look at AI’s role in the oil and gas industry and how it will transform it!
What and Why Of AI in the Oil And Gas Industry?
AI development services offer various applications in this spectrum, from planning to surveys to forecasting, safety, and support functions. Whether it is utilizing AI tools for oil production, improving safety for employees, or transportation, AIML can help enterprises to solve several challenges.
Businesses enjoy automated and enhanced data-rich tasks that reduce business risks. AIML leads to improved productivity, better efficiency from the old resources and more value addition to the supply chain while exploring new resources.
Ways To Use AI And Transform The Oil And Gas Industry
AI can be used in several ways, like reducing the downtime for the oil and gas equipment, reservoir understanding, predictive maintenance, and modeling to reduce the costs for care. Other than these, the following are some of the ways that tell us how AI implementation transforms the oil and gas industry:
Satellite images are necessary for the oil and gas business for several reasons like explorations, transportation, and production. However, manually evaluating the large data will consume a lot of time. Virtual assistants with AI can extract the essential data from the photos and show it to the decision-makers clearly.
Accidents in this business can cause severe consequences. The daily habits of some people, such as smoking or driving carelessly, can potentially cause accidents and severe financial loss. With the help of computer vision technology, the service station forecourts can be more secure due to a typical CCTV camera that can detect potential threats and alert the officers to take the right action.
CCTV cameras integrated with computer vision can easily comprehend the clip they are looking at. The algorithms are programmed to be wary of the possible dangers from patrons or staff members taking a puff near pumps and tankers.
Numerous data are being used in production and drilling, including good logs, seismic surveys, fluid analysis, data on static and flowing pressure, measures of sound output, and records of gas, water, and oil every month. AI can help in the data analysis from the sources and provide the information that will assist the decision-makers in reducing costs during the production and exploration phase.
Virtual assistants can be used by field operators, and by including the voice-enabled component, the operators can carry the chatbots with them. These bots can help them by inspecting the hands-free, real-time reports and recording audio messages.
For all businesses, customer support and engagement is necessary, with the help of AI-powered bots, it will help businesses to interact with customers and provide information about the products, queries, and recommendations.
Chatbots will do the surveys on their sites to gather feedback from customers and enhance the customer experience.
Oil and gas companies can use AI for drilling and mining raw hydrocarbons and other products to make fuel. AI will help by developing algorithms that offer precise and accurate intelligence which guides the drills in water and land. Precision drilling will reduce the risk of oil spills, accidents, and fires, and enhance the penetration rate.
Primary Benefits Of AI In the Oil And Gas Industry
AI is popular because of its ability to be more precise and accurate than any of the misconceptions formed about it. For the gas industry, this technology will be a great asset that will help them in monitoring revenue growth and product optimization.
Businesses will have the option to eliminate wasteful spending and time commitments with the help of custom AI solutions and enhance their business operations for better productivity. Following are the thorough benefits of AI in the oil and gas industry:
Secure Pipelines and Machinery
AI solutions integrated inside the cameras can detect any defects in the pipeline and machinery and raise alerts for the pipeline operators. It can also help with the management of minor oil leaks, system breakdowns, and high toxicity levels.
Monitoring of oil fields, gas stations, equipment, and mines will ensure the safety of employees and the overall work environment. Businesses can monitor accidents through AI-powered cameras, drones, robots, etc. It will reduce the potential damage extent. Regular inspection of the risk assessment will allow enterprises to take predictive measures to avoid any potential accidents.
Transport And Logistic Management
Logistics and transportation in the oil and gas industry are quite complicated since there are too many nodes and decision centers to consider from beginning to end. Artificial Intelligence will help businesses through the planning and execution of transportation services. AI will help the teams with better coordination and align their operation to reduce the shipping time.
Assesses The Corrosion Risk
In this industry, equipment failures are common, primarily caused by the corrosion in the oil. The chemical structure of the crude oil from the oil fields usually differs. Businesses must keep their crude oil in substantial tanks and refined oil through pipelines and use the latest engineering trends and techniques to eliminate the risk of corrosion by understanding the previous data.
Apps purportedly use machine learning in the oil and gas sector. It helps to analyze the data and find the causes of corrosion in past instances.
It is another essential element associated with the oil and gas industry. Oil and gas reservoirs should be constantly maintained and managed with geology, reservoir engineering, seismic interpretation, and specific production technologies to enhance the longevity of the production cycles.
In the past, it used to need a wide variety of specialists, but the industry, with the latest technology, can now reduce costs and utilize a single solution. Artificial Intelligence gathers historical data which can be used to model and classify the reservoirs and help to discover new and effective drilling locations.
Choose Ksolves For AI Implementation
Ksolves is a leading company that delivers end-to-end AI & Big Data solutions in more than 15 countries. With more than 10 years of experience, we are your choice to transform your oil and gas company with an AI solution with all the benefits and use cases mentioned above.
Our AI solution will benefit your business, help you get ahead of your competition, and obtain competitive business advantages. We have a client retention rate of more than 90% and offer 24×7 tech support to guarantee 100% customer satisfaction.
Contact us at firstname.lastname@example.org or call us directly at +91 8130704295 for AI & Big Data analytics services.
The oil and gas industry is rapidly implementing the digital revolution. Automating repetitive tasks can enhance productivity and safety while lowering the risk to the staff. Other than helping with decision-making, customized AI solutions can relieve the experts of time-consuming and tedious jobs while ensuring reliability and efficiency.