The use of artificial intelligence (AI) and other digital technologies in the oil and gas industry has increased in recent years and is projected to continue growing in the future. The Covid-19 pandemic accelerated the adoption of new technologies in the industry, with AI now considered a game changer. Market research indicates that the use of AI in the oil and gas market is expected to increase by 11 percent until 2027, and 92 percent of global oil and gas companies are investing in or planning to invest in AI within the next 5 years.
Despite this steady adoption, the rate at which oil companies are embracing AI remains slower than in other sectors. AI has the potential to enhance safety, operational performance, and supply chain management in the oil and gas industry. By utilizing AI technologies, supply chain errors could be reduced by 20 to 50 percent, which is especially crucial following the disruptions caused by the Covid-19 pandemic.
In addition to supply chain improvements, AI can significantly enhance safety standards by monitoring platforms, pipelines, and infrastructure to prevent leaks and oil spills. This technology not only saves companies from significant financial losses, but also helps protect the environment. Shell, BP, and ExxonMobil are among the leading energy companies that have embraced AI, implementing it across various aspects of their operations.
Shell has integrated AI technologies throughout its supply chain, resulting in reduced extraction costs and improved drilling systems. ExxonMobil utilizes AI to assess drilling viability and implement closed-loop automation, which allows rig workers to focus on crucial tasks. BP has partnered with Microsoft to enhance drilling processes and has made multiple investments in AI companies to improve decision-making. The company has also utilized AI-driven robots to collect data and enhance safety in its refineries.
AI and other innovative digital technologies are increasingly crucial for the efficiency and safety of oil and gas operations. However, there is enormous room for improvement in the energy sector when it comes to implementing the latest AI technology.
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