June 9 (Reuters) – With AI fast becoming a buzzword across the industry, oil and gas companies are looking for ways to use the technology to drive innovation in the energy sector.
Here are 10 predictions about future applications of AI in the energy sector, according to broker Jefferies.
Asset management and monitoring
Jeffries expects energy companies to partner with technology companies to develop digital replicas of infrastructure, manage assets, and facilitate predictive maintenance to identify defects before they occur.
Shell has partnered with Swiss modeling and simulation company Akselos to use its digital twin technology.
Optimize your search
AI can be used to better map recoverable volumes from discovered reservoirs.
Shell is using AI-based technology from big data firm Spark Cognition for deepwater exploration and production to boost oil production, potentially shortening exploration timelines from nine months to as little as nine days.
drilling, well design
AI Platform can provide optimal designs, including placement and spacing, to maximize productivity.
William A. Hendricks Jr., CEO of oilfield services firm Paterson UTI (PTEN.O), believes AI will allow one person to manage four rigs instead of one at a time in 2022. said it could be.
Maximize Well Production
Leverage AI to monitor and adjust well output, flow, and pressure in real time to identify anomalies.
Range Resources (RRC.N) is testing these AI algorithms.
Maximize recovery
AI could help enhance oil recovery at brownfield sites subject to declining production and rising operating costs.
Italian oilfield services company Saipem (SPMI.MI) is developing an AI tool to maximize well quality.
Refinery optimization
AI will enable refineries to respond quickly to changing market conditions and adjust feedstocks and production accordingly.
Emission detection and monitoring
AI-based imaging techniques have the potential to identify methane plumes and quantify emissions.
Chevron (CVX.N) uses machine learning and advanced technology to detect and prevent emissions and make timely repairs.
cyber security
AI can identify and resolve security breaches in real time, identify vulnerabilities and minimize breaches.
Workplace safety and efficiency
AI can identify potential hazards, track worker fatigue, and improve efficiency.
Corporate and strategic decision making
It also helps improve capital budgeting, planning and risk management.
Edited by Ashreet Singh
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