Artificial intelligence (AI) and machine learning (ML) are rapidly gaining popularity in the oil and gas business.
Fremont, CA: Artificial intelligence (AI) and machine learning (ML) are rapidly gaining popularity in the oil and gas business. Between 2018 and 2020, the percentage of the companies that used these technologies more than doubled, rising from 13 percent to 32 percent. Today, 50 percent of oil and gas executives claim they have already started using AI to solve problems at their companies, and a 92 percent are either investing in AI now or plan to do so over the next two years.
Let's look at significant industrial applications for these technologies and the essential role private cellular networks play in properly harnessing them.
High-resolution video drones & robotic devices may employ artificial intelligence to conduct site inspections and propose actions for oil platforms, pipelines, and other hazardous industrial sites with greater speed and precision while keeping workers safe.
Proactive asset maintenance
Operators may predict equipment failure before it occurs by using ML-enabled asset condition monitoring on pumps and compressors, avoiding unnecessary downtime and extending the life of the expensive gear.
Consider smart drill bits with sensors under the cutting wheel that collect real-time data about the formations drilled and send it to the Edge Cloud for comparison and interpretation against massive seismic datasets - all previous drilling jobs - to assist steer drilling operations. For example, one used this solution in the mining industry to initiate autonomous mining with linked Pit Vipers.
The prospects for AI- and ML-powered automation in oil and gas are practically infinite, ranging from upstream applications like drill modeling and geospatial data analysis to mid- and downstream applications like inventory management and hazardous emissions monitoring.