The AI in the Oil and Gas market is expected to be valued USD3.81 billion by 2025, at a CAGR of 10.96% over the forecast period 2020-2025.
The industry of Oil and gas is highly valued in the energy sector. And considering the recent surge in the demand, reducing the downtime and improving efficiency are two challenges faced by this industry. As we all know that since 2014 due to fluctuating oil prices, oil and gas companies have witnessed massive profit slashing.
But at the same time, it is mandatory for them to keep a strong check on the environmental impact of energy production and consumption. To combat such issues oil and gas companies are finding the technology approach to reduce environmental impact and achieve business goals. Here, the integration of Artificial Intelligence is a blessing for oil and gas organizations, helping in channelizing the working mechanism with AI-enabled predictive analytics.
AI invasion in the oil and gas industry
With the help of AI in data science, the offshore oil and gas business can make the complex data used in oil and gas exploration and production, much accessible. This helps the companies to identify better exploration measures.
Following the same example, in January 2019, BP decided to invest in Houston-based technology start-up, Belmont Technology. This helped them to utilize the AI capabilities, and develop a cloud-based geoscience platform nicknamed Sandy.
Within the oil & gas industry, Artificial intelligence (AI) is much beyond its regular capabilities. And it is more a diverse scientific field with the help of two primary applications; machine learning and data science.
Machine Learning helps in refining the process
The mechanism of ML – machine learning allows the computer systems to learn and further interpret data. And this can be done without human interference. It refines the process through iterations and produces the outcome as per the need.
Also, the offshore oil and gas industry can take benefit from it. As such companies can monitor complex internal operations. And further respond to the issues, that are hard to be detected by the human operators. In the same way, Machine Learning further can be used to run simulations. This is made possible with the predictive data models, that help in identifying the patterns based on a variety of inputs.
This helps the oil and gas industry to test the potential impacts of new developments. And companies can gauge the environmental risk of a new project, much before the execution.
Extract useful insights with Data Science
On the other hand, data science helps AI to extract information and insights from data. This is done by using neural networks, helping to link related pieces of data together. And further, a much clear image is produced from existing information.
Challenges with AI
One of the most troubling situations occur with AI technology high capital investment; it is the lack of skilled AI professionals. This scarcity leads to the biggest hurdle in achieving the desired outcome.
Let’s get a quick look at the ways through which AI technology is enhancing the e operational process in the oil & gas industry.
SSH- Smart safety helmet
With the help of SSH- Smart safety helmets, the risk of injury decreases. You can track the head gestures and brain activity, and further, recognize if there is any abnormal activity. This is possible with the help of sensors, that are infused within the helmet, that collects data. Further, this data can be utilized for computing the risk of an accident in real-time.
In this helmet, there are well-formed hardware components, such as helmet displacement sensor, collision sensor, air quality sensor, data processing unit, wireless transmission, and an alternating unit. If there is any sort of fatigue or stress occurs, sensors capture the data without a fail.
Truck engine maintenance
The engines used in trucks capture a massive amount of data. This helps in assessing the different parameters like vibration, temperature, pressure, and throughout. This valuable data can be utilized to derive useful insights. Further, the usage of these insights can help in enhancing engine performance, reduce costs, and implying effective maintenance measures.
There are many restricted or designated areas where only a few people get access. But is there any way to keep track of such actions? Yes, RFID tags help you to track the location of workers and get real-time triggers. These tags give you instant information about any unwanted entry made to any of the restricted areas.
Indeed, AI holds immense potential to enhance the working mechanism of the oil and gas industry. And here early adopters will win the race, and they will be in a position to take advantage. Further, they would be able to protect their assets and stay ahead of the competition.
Hence, it is a smarter choice for the oil & gas industry to seize the opportunity and help their business grow advanced.