3 Benefits of Artificial Intelligence for the Oil and Gas Industry

Original article was published by Otavio Corrêa on Artificial Intelligence on Medium

3 Benefits of Artificial Intelligence for the Oil and Gas Industry

We are witnessing the newest industrial revolution, and Artificial Intelligence is its flagship.

From automated cars to virtual assistants, like Amazon Alexa, Artificial Intelligence (AI) has become one of the most popular technologies of the 21st century. With interconnected home devices and algorithms which recommend playlists made for you, we are used to the benefits of the technology in our day-to-day lives. But how are industries taking advantage of those innovative tools?

Along with IoT (Internet of Things), AI has been one of the most sought after technologies by industries that seek to achieve the best performance of their assets. Through smart software and hardware, high-end technologies are becoming the sensation of the industrial market. The promise is the best cost-benefit, more safety, and sustainability for the operations. Therefore, industries from diverse sectors are investing in this smart future.

How does the Oil and Gas industry use Artificial Intelligence?

In the United Kingdom, the National Data Repository (NDR) was developed in 2019 by the Oil And Gas Authority (OGA). The NDR is a data center which compiles information to preserve and promote data on the country’s natural resources. In specific, on oil exploration and production. According to the virtual magazine Offshore Technology:

“The NDR contains 130 terabytes — the equivalent of around eight years’ worth of HD movies — of geophysical, infrastructure, field and well data. This data covers more than 12,500 wellbores, 5,000 seismic surveys, and 3,000 pipelines. The NDR uses AI to interpret this data, which the OGA hopes will uncover new oil and gas prospects and enable more production from existing infrastructures”.

OGA is utilizing AI to ensure a more sustainable future in the UK, with carbon reserve and storage data. Artificial Intelligence can also be used to guarantee the safety of the installation in Oil and Gas platforms. You can do it by using AI as an analytic solution for asset integrity monitoring. It provides valuable insights with cost-efficiency, being much sought after for being a more economical and safer way to detect errors in operations.

3 Benefits of Artificial Intelligence for the Industry:

Therefore, we can highlight some benefits of artificial intelligence in Oil and Gas Industry, as:

Make better decisions with analytics;

The data from the operation and equipment can be collected in many ways. Smart industries are increasingly investing in hardware powered by IoT technology. IoT sensors have connections with virtual platforms which receive data from the equipment in real-time, offering valuable information about asset integrity.

Combining all of those data with the analysis provided by Artificial Intelligence, industrial plant managers can make better decisions aiming at cost-benefit.

Reduce operation and maintenance cost

Building this flow of digitized information between IoT sensors and Artificial Intelligence, two more technologies are significant for reducing operation and maintenance costs: Digital Twin and Machine Learning.

Through Digital Twin, there is a continuous flow of real-time information between the physical object and the digital representation. With more data about the industrial plant being provided for Digital Twin and AI, Machine Learning can predict which equipment needs or will need maintenance for instance. Thus, offering predictive maintenance, proven to be the safest and with the best cost-benefit in the market.

Ensure Safety and Security Standards

With full control over the industrial plant offered by these technologies, the chance of equipment technical failure is drastically reduced. With predictive maintenance, you can avoid industrial accidents, increasing the safety of workers who need to work in person at the plant. In addition, using software for inspection and maintenance of assets, it is possible to reduce the number of people exposed in the field. .

These are some examples of how technologies can also work together for the best result. You can see more information about how Vidya uses artificial intelligence to increase asset performance by clicking here.