How oil and gas industry are transforming with AI and ML

Abstract

The Oil and Gas Industry is witnessing a major transformation due to the advent of Artificial Intelligence (AI) and Machine Learning (ML). These advances are changing operations by making things work better, cheaper and safer. Companies are using Artificial intelligence and Machine Learning to analyze large data points generated due to exploration, production and distribution activities which generate actionable insights leading to data driven decision making. AI and ML techniques for exploration, well placement optimization such as mount point selection or drilling parameters suggest based on geological data analysis including a historical performance. Using data in a real-time and predictive manner, manufacturing plants can catch early signs of equipment issues such as rising temperature encouraging proactive measures to be taken which reduces downtime and maintenance costs. Furthermore, reservoir management, hydrocarbon extraction and energy efficiency are optimized via AI-based optimization strategies.