AI has the power to unlock the potential of any industry today and oil & gas are no exception. AI can replace some of the manual activities and let humans focus on more complicated and complex tasks.
Oil and gas are the subsets of the Energy Market. As per Statista, Artificial intelligence (AI) in the energy market is expected to reach a CAGR of 25.6 percent from 2019 to 2024. The global AI in energy market is projected to experience 7.78 billion U.S. dollars by 2024.
By harnessing the power of AI, the oil and gas industry can open the door to productivity and efficiency. Want to know how?
Let’s unveil how AI can contribute and revolutionize Operations in the Oil and Gas Industry-
Predictive Analysis
Traditionally, oil and gas companies schedule maintenance of machines at a specific time, which can result in unpredicted downtime and breakdowns. However, with Artificial Intelligence bagged with machine learning algorithms, a vast amount of data can be analyzed from sensors and past performance.
Data can detect trends and patterns and inform the potential risks in advance, facilitating decision-makers to identify early warning signals and predict equipment failures.
Helps in Detecting Oil Exploration Sites
Hydrocarbon exploration by geologists is a time-consuming and costly process, and teams often face various challenges. However, the adoption of AI has transformed the way companies search for oil extraction sites and has thus boosted exploration activities.
By analyzing complex data with machine learning algorithms, geologists can identify irregularities and can better detect potential oil reserves and drilling sites.
Ensure Better Safety and Security Standards
Oil and gas industries are much more prone to critical risks as the exposure to injury is high. Employees are exposed to toxic fumes of different temperatures that can risk their health. Therefore, companies are compelled to follow safety measures.
AI-powered sensors can track environmental anomalies and equipment health, and hence in case of any concern, it sends automatic alerts to prevent potential threats. Thus, AI can detect anticipated collapse before it escalates.
Offers Better Field Insights With Analytics
Oil and gas industries deal with enormous data yielded from various sources, for instance from manufacturing, production, environmental, and supply chain that requires to be analyzed for making informed decisions and for better visibility of whole operations. This can be done traditionally but will take a huge amount of time.
Instead, the adoption of AI can be a paradigm shift as it offers real-time data insights by integrating sensors and machine learning algorithms and providing insightful recommendations based on company needs.
Predict Price Fluctuations by Demand Forecast
Applying traditional demand analyzing solutions with today’s data can’t help the oil and gas industry to make demand predictions. The oil and gas industry usually faces a challenge related to price fluctuations but adopting AI can be a game changer.
AI with machine learning algorithms is a powerful weapon to predict fluctuations in price. For instance, it can predict a price rise pattern and thus help oil and gas firms to optimize their production. On the other hand, in case of price dropping, alerting the companies of the potential losses.
Final Words
AI is the talk of the town, and all for the right reasons as it is offering promising solutions. AI truly has the power to revolutionize oil fields. The oil and Gas industry comes under a large-scale and complex sector, that requires automation of tasks to save time and cost. To make the processes easy and get precise data, implementing artificial intelligence can help get real-time data insights.
We at Canopus Infosystems, and with our cutting-edge technologies can help you leverage AI and achieve the future of oil and gas better. Our pre-vetted resources can help you stand out from the competition to reinvent your business.
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