Machine learning has the potential to transform the oil and gas industry, according to data analytics firm GlobalData.
Overall, machine learning has the potential to improve efficiencies, increase production and reduce costs in the sector, Global Data said in a statement sent to Rigzone, saying the technology could be used in the oil and gas industry. It is a rapidly growing field, he added.
In a statement, GlobalData highlighted several practical applications of machine learning in this area, analyzing seismic data, well logs and other geological data to identify potential oil and gas reservoirs. outlined that it can be used to GlobalData says machine learning algorithms can also analyze production data and identify patterns that can be used to improve well performance.
“Machine learning is a rapidly growing area in the oil and gas industry that has the potential to revolutionize the way companies explore and produce oil and gas,” said Ravindra Pranik, oil and gas analyst at GlobalData. there is,” the company said in a statement.
“It’s primarily used to automate repetitive tasks and help interpret seismic data and optimize the performance of operational equipment,” he added.
“The technology is also very useful in predicting potential equipment failures, thereby preventing nasty accidents and increasing operational safety,” Pranik continued.
GlobalData analysts said oil and gas companies are deploying machine learning algorithms to track performance across diverse assets such as drilling rigs, pipelines, LNG facilities and refineries. Pranik said the technology is also helping companies manage inventory and optimize supply chains.
“Additionally, new use cases for AI are emerging among industry players for carbon sequestration,” Pranik said.
“Researchers such as ExxonMobil and Equinor are using machine learning tools to study seismic data to narrow down potential sites to store captured carbon dioxide,” he added.
“Machine learning has great potential in the energy sector and will continue to find new applications for automation and optimization,” Pranik continued.
In a graph spanning 2019-2026 included in a statement sent to Rigzone, global data projected the artificial intelligence market to grow by the end of the forecast period. In the graph, the company showed that AI hardware, AI platform, AI consulting and support services, and specialized AI applications will all grow by 2026, collectively worth nearly $140 billion. These sectors were worth well below $60 billion in 2019, according to the graph.
Back in April, GlobalData focused on AI in a report identifying the top 20 oil and gas themes of the year. In its report, the company notes that AI will make the industry more agile, and that AI will help collect and evaluate operational data and support decision-making around equipment monitoring, scheduling maintenance activities, and identifying areas for automation. emphasized that it has been used
“As ESG, macroeconomic and industry themes impact the oil and gas industry, technology themes will continue to shape operating capabilities over the next decade,” Pranik said in a GlobalData statement accompanying the report. Stated.
“Timely and methodical investments in technology themes can give oil and gas companies a competitive advantage,” he added.
In a statement posted on its website last May, GlobalData said that digitization includes the daily adoption of digital technologies such as AI, big data, cloud computing, cybersecurity, the Internet of Things, and robotics. said. Oil and Gas Daytime Operations – Streamlining operations and reducing costs can improve industry productivity and profitability.
“The adoption of digital technologies in the oil and gas industry has so far been hampered by skilled technician shortages, data security concerns, and uncertainty about the cost effectiveness of adapting to aging assets. ‘,” Pranik said in a GlobalData statement posted on the company’s site. at the time.
“However, the ability of this technology to transform the industry and create a synchronous ecosystem to meet future energy demands has led more oil and gas companies to upgrade their assets with digital technology for long-term gains. I am,” he added.
“Improving operational performance while minimizing equipment downtime remains a key focus area for increasing corporate revenue. There is also a focus on digitizing workflows to improve productivity,” he continued.
Pranik further noted that digital technology is improving the oil and gas industry by streamlining processes and creating new frontiers for operations.
“These technologies are well suited for exploiting new hydrocarbon deposits, improving operational efficiency and reducing methane emissions,” he said.
To contact the author, please send an email andreas.exarheas@rigzone.com
