AI is increasingly assisting the oil and gas firms in exploring the hidden reserves of natural gas as well as optimizing their entire upstream processes.
FREMONT, CA: Artificial intelligence (AI) is transforming various industry verticals. The oil and gas industry is not alien to the technology as well. AI is already transforming a number of sectors within the oil and gas industry as a part of the global initiative to transform production as well as exploration operations digitally. The rise in the demand for oil and gas makes the exploration of new oil fields a priority for the companies in this space. Such an operation is termed as the Exploration and Production (E&P) or the upstream flow in the oil and gas sector.
There are considerable amounts of oil and gas resources beneath the earth. However, finding and extracting the oil and gas reserves is a cumbersome task that risks huge amounts of money and effort. However, AI is enabling the oil and gas firms to power their exploration efforts along with a marked increase in production efficiency. According to a report, oil and gas investment for AI is expected to reach $3 billion by 2022. AI is especially being used for exploration and production processes where it is challenging to process massive amounts of data available for pump speeds, valve positions, pressures at various places in the system, flow rates, and temperatures. AI is enabling the firms to make sense of the above data accompanied by an increase in the probability of discovering an oil field.
According to the statistics, beta tests in drilling programs are resulting in better results with AI than with the conventional wisdom of the geologist and petroleum engineers. AI capability can assist the firms in interpreting geophysics, geology, historical as well as reservoir project information creating a unique knowledge graph. Such insights can offer a much higher probability of the successful exploration of the gas reserves.
The firms involved in the oil and gas industry understand the essence of AI across the upstream operations and are leveraging the technology to satisfy their quest for exploring new oil and gas fields.