Machine learning has the potential to transform the oil and gas industry, according to data and analytics firm GlobalData.
Overall, machine learning has the potential to improve efficiency, increase production and reduce costs in the industry, GlobalData said in a statement sent to Rigzone, adding that the technology is a fast-growing field in the oil and gas industry.
Highlighting some practical applications of machine learning in the industry, GlobalData noted in the statement that it can be used to analyze seismic data, well logs and other geological data to identify potential oil and gas reservoirs. GlobalData noted that machine learning algorithms are also capable of analyzing production data and identifying patterns that can be used to improve performance.
“Machine learning is a fast-growing field in the oil and gas industry and can revolutionize the way companies explore and produce oil and gas,” Ravindra Puranik, oil and gas analyst at GlobalData, said in a company statement.
“It is largely used to automate repetitive tasks and support seismic data interpretation and performance optimization of operational equipment,” he added.
“The technology is also very useful in predicting potential equipment failures, thereby preventing any harmful incidents and increasing operational safety,” continued Puranik.
The GlobalData analyst said oil and gas companies have deployed machine learning algorithms to track the performance of various assets, including drilling rigs, pipelines, LNG facilities and refineries. According to Puranik, the technology also helps companies with inventory management and supply chain optimization.
“Also, a new use case for AI is emerging among industry participants in terms of carbon sequestration,” said Puranik.
“Researchers at ExxonMobil, Equinor and others are using machine learning tools to study seismic data and narrow down potential places 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,” Puranik said.
In a chart, which was included in the statement sent to Rigzone and covered from 2019 to 2026, GlobalData projected that the artificial intelligence market would grow until the end of the forecast period. The company showed in the chart that AI hardware, AI platforms, AI consulting and support services, and specialized AI applications would grow through 2026 to nearly be worth a combined $140 billion . These sectors were worth far less than $60 billion in 2019, according to the chart.
In April, GlobalData highlighted AI in a report that identified the top 20 oil and gas themes this year. In this report, the company noted that artificial intelligence will make the industry more agile and highlighted that it has been used to collect and evaluate operational data and support decision-making on equipment monitoring, the scheduling of maintenance activities and the identification of areas for automation.
“Amid ESG, macroeconomic and industry issues impacting the oil and gas industry, technology issues will continue to shape operational capabilities in this decade,” Puranik said in a GlobalData statement accompanying the report.
“Timely and methodical investments in technology issues could provide competitive advantages for oil and gas players,” he added.
In May last year, GlobalData noted in a statement published on its website that digitization, it said, involves the adoption of digital technologies such as artificial intelligence, big data, cloud computing, cyber security, the Internet of Things and robotics in everyday life. daily oil and gas operations – enables the industry to improve productivity and profitability by streamlining operations and reducing costs.
“The adoption of digital technologies in the oil and gas industry has previously been hampered by a shortage of skilled technicians, concerns about data security and uncertainty between the costs and benefits of adapting assets aged,” Puranik said in a GlobalData statement posted on the company’s site. at the time.
“However, as technologies have the ability to transform the industry and create a synchronized ecosystem to meet future energy demands, a growing number of oil and gas companies are upgrading their assets with digital technologies to gain in long term,” he added.
“Minimizing equipment downtime while improving operational performance remain key focus areas for increasing company revenue. There is also a growing emphasis among producers on digitizing workflows to improve operational visibility to improve decision-making,” he continued.
Puranik went on to point out that digital technologies are improving the oil and gas industry by streamlining processes and creating new frontiers for operations.
“These technologies are well-suited to tap new hydrocarbon reservoirs, increase operational efficiency and reduce methane emissions,” he said.
To contact the author, please send an email andreas.exarcheas@rigzone.com
