According to the forecasts of analytical agencies and experts, by 2025, the global artificial intelligence market will reach 190.61 billion dollars, and the compound annual growth rate, according to the same forecasts, will be 36.62%. Impressive, isn’t it?
The impact of AI on all spheres of human life is hard to miss: AI has penetrated medicine, education, industry, and, of course, the financial sphere. But did you know that many AI-based solutions are being implemented in the oil and gas industry?
The oil and gas market is quite stable, although some experts note its fluctuations in terms of value and fields. For example, the author of the Forbes article “2024 Oil And Gas Outlook: A Year Of Divergence” discusses this.
Many companies are actively working with AI in the oil and gas industry, developing effective solutions using advanced technologies. We asked a few questions to experts about how they are using AI in this field and what predictions they can share about it. We will tell you about it below.
Options for using AI in the oil and gas industry
Khalid Parekh, Founder & CEO at AMSYS, notes:
“AI can revolutionize the oil and gas industry by enhancing efficiency, safety, and decision-making. In exploration and drilling, AI algorithms can analyze vast geological datasets, optimizing site selection and predicting potential reserves. Predictive maintenance powered by AI helps monitor equipment health, reducing downtime and operational costs. Machine learning algorithms can enhance reservoir modeling, improving extraction strategies. AI-driven robotics contribute to safer inspection and maintenance tasks in hazardous environments. Smart sensors, coupled with AI analytics, enable real-time monitoring of operations, enhancing safety protocols. Additionally, AI aids in supply chain optimization, predicting demand fluctuations and improving logistics. Overall, by leveraging AI technologies, the oil and gas industry can streamline operations, minimize environmental impact, and make more informed, data-driven decisions.”
Ilya Smirnov, Head of AI / ML Department at Usetech, shares cases of AI application in the oil and gas industry:
“Usetech has many years of experience in the oil and gas industry. We actively use AI and machine learning to implement projects in this field, as well as mathematical modeling and Computer Vision. One of the examples realized by our team is:
The Resource Consumption Model: On the basis of our developments, the system of support and decision-making was introduced, allowing the producer to reduce daily fuel consumption by up to 5% and to increase the output quality.”
Other expert, James Hill, CEO of MCF Energy, adds:
“Artificial Intelligence and Machine Learning have revolutionized the oil and gas industry. These technologies can be leveraged to optimize the drilling process and identify areas of high potential in a more sustainable and efficient way than ever before. I’m a geologist with over 40 years in energy, and the drilling process has been optimized ten-fold thanks to the shift away from human analysis, which is often accompanied by human error.
Additional ways AI can be used in the industry is to make operations safer while allowing for extraction in previously inaccessible areas. The environmental benefit is that AI helps with accuracy and precision, meaning drilling and extraction won’t be done where it doesn’t need to be.”
What predictions can you write about the use of AI in the oil and gas industry?
“Natural gas and oil companies would not be successful at finding oil and gas deposits without technology. The industry has been using technology since the beginning of time, but as technology has advanced not all companies have chosen to advance their practices.
Overall, the industry is ecstatic about new advancements. The sector has grown exceptionally over the last few years, and the adoption of industry-specific technology has really accelerated economic and operational activity.” — notes James.
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