‘New oil’ could boost prospects for conventional oil and gas

Applications of AI

AI will transform oil and gas production efficiency while significantly assisting the transition to a net-zero economy. Data is sometimes described as the “new oil” and the economic power of the introduction of big data sets continues to grow dramatically. “New oil” also plays a strong role in adapting “old oil” as an industry to historical changes. While there is a significant shift away from fossil fuels for transportation and power generation, oil and gas are replacing transition fuels and widely used plastic components, including in clean technologies such as electric vehicles. It has many more uses, such as manufacturing. AI systems will become an increasingly important technology as all aspects of the oil and gas industry need to reduce environmental impact and increase efficiency. As a sector, AI in oil and gas is expected to register a compound annual growth rate of over 10% over the period to 2027. Qatar has a historic opportunity to sustain its oil and gas industry and make it more sustainable. , and aims to diversify the economy and become a world-class hub for AI technology. There are positive signs that this is happening. A policy document prepared by the Ministry of Communications and Information Technology in collaboration with Hamad Bin Khalifa University and the Qatar Computing Institute lays out a strategy to put AI at the heart of economic development. AI can help ensure dramatic improvements in economic development. The oil and gas industry contributes in three key areas: efficiency and cost savings, reduced environmental impact, and improved employee safety. Qatar has the potential to become a world leader in all three areas. AI is applied to every activity in the oil and gas industry. Some of the examples are summarized below. Exploration and production: AI plays a role from the beginning of exploration, powering robots that can detect oil seepage and reserves deep on the surface, including on the ocean floor. They help you analyze semantic waves and quickly discover the presence of hydrocarbons with minimal effort. AI tools improve the accuracy of mapping natural oil deposits. These can be used to forecast reservoir volumes and incorporate data on both reserves and market trends into business modeling. Drilling and smelting: Drilling can be done intensively and precisely. AI can identify optimal drilling locations and predict drilling risks. This enables accurate daily, monthly and lifetime production forecasts as well as defect and anomaly detection. Field Equipment and Services: Exploration, extraction, production and refining are interdependent processes. Data held in silos prevents optimal coordination. AI has the computational power to coordinate the whole, greatly improving the overall efficiency. All equipment used in industry has a lifespan. Predictive maintenance involves using AI tools to detect when a component, such as a valve or piece of pipe, is nearing the end of its life. This allows it to be replaced or repaired before failures that lead to supply interruptions. Digital Twin This technology involves building a virtual replica of the operational part. This digital asset is continuously updated with operational data from on-site sensors and more, and AI algorithms monitor performance in real time to generate early indications of asset failure. Using this technology is more cost effective than having a team of maintenance his staff, plus it runs 24/7. Additionally, as in other industry areas, automation can improve the efficiency of back office operations. Logistics and Transportation: Specialist AI logistics tools help optimize operations across the supply chain. AI has the computational power to ensure optimal efficiency, drawing information from sensors and intelligent devices linked to the Internet of Things throughout the process to integrate fleet data such as vehicle performance, fuel usage and inventory. to send. All these operational improvements will help us minimize environmental impact while minimizing environmental damage. At the same time, it also improves business efficiency. Precise targeting of drilling sites greatly reduces the disruption of traditional, more random approaches. Also, the use of AI will further improve environmental protection. For example, you can enhance your carbon capture system by determining the optimal amount of CO2 that can be safely stored in a porous rock site. AI tools are also used to monitor and reduce CO2 emissions in production and transportation. Qatar has consistent plans to build an advanced AI industry, including specialized applications to promote sustainable fossil fuel production, which will remain central to its economic development for some time. to come. A historic shift is underway in both computing technology and oil and gas. Qatar is poised to be a leader in both areas.

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