The Present and Future of Artificial Intelligence in The Oil and Gas Industry
Oil is one of the most sought-after commodities in the energy sector. Nearly one-third of the world energy supply comes from oil. As demand and supply of oil fluctuate in the market, upstream and downstream companies in the sector face difficulty in pricing this commodity. For this very reason, organizations want to minimize their costs to absorb the impact of the constant change in the oil market. One of the most effective ways in which companies have been able to reduce their operating costs is through artificial intelligence.
Artificial intelligence has allowed oil and gas companies to reduce their workload at multiple levels. Intelligent robots can navigate their way around a storage facility at the plant or carry material from one place to another. Artificial bots can help customers to find their way on online websites, and respond to their queries without any human assistance.
Oil and gas companies are incorporating virtual assistants in their contact centers that can guide users on how to acquire and use different services offered by the company. These artificial intelligence resources can answer calls, and provide online support as well. Studies have shown that AI bots can considerably reduce the amount of workload on the call center staff. Besides that, they can achieve high-resolution rate and learn from every human interaction they make.
Deepsea intelligent machines
One of the major issues deep sea oil exploration companies face on offshore projects is identifying the right spot for drilling. Some of the biggest names in the industry are working on intelligent robots that can dive deep into the ocean and analyze the bottom soil to determine the amount of oil seeping below the surface accurately. This helps in reducing the number of trials required to hit the right drilling spot.
Most of the energy projects today are data-driven. What this essentially means is that companies are gathering data from many different resources during an oil exploration and distribution project. Everything from machinery located at remote locations to a resource employed at the extraction or distribution plant is relaying data to a centralized system.
Oil and gas companies are using effective data gathering and manipulation techniques to analyze vast amounts of data to gain useful insights about their operations.
Artificial Intelligence is helping companies in many areas of the oil sector. Companies are using artificial intelligence for drilling on remote sites, refining the extracted material from the ground and for optimizing their plant operations.
The most significant benefit of artificial intelligence is that it allows machines to become more effective with time. It also makes use of other hardware and software to help managers make optimal use of company resources. Artificially intelligent systems gather useful data through wireless networks from the internet of things and use it to provide valuable insights for decision making.
The early adopters of this technology are already reaping the benefit of artificial intelligence. You can expect AI to soon become a determinant factor of how efficient the operations of an oil company are.