Original article can be found here (source): Artificial Intelligence on Medium
Artificial Intelligence Transforms Oil & Gas Industry
Artificial Intelligence has revolutionized many industries in different ways. Nowadays, it is implemented in every operation of a business, thus maximizing its efficiency. Through machine learning, companies can identify issues that might potentially prove harmful to the business. A sector that can be really benefited from the digital transformation that AI brings is the Oil and Gas industry. Indeed, an AI expert can help companies in this sector optimize their operations, thus decreasing the production cost, and enhancing the ROI.
In greater detail, the operations of an oil and gas business that can be enhanced by Artificial Intelligence are:
Data Analysis for the Creation of Geological Models
The process of an oil and gas company that can benefit the most from machine learning is the exploration and discovery processes. Artificial Intelligence can process a huge amount of data in just a short amount of time. This also includes seismic data, as well as other geological information. This leads to the creation of accurate geological models that can be used, to aid the drilling operations. Indeed, these models can tell where precisely the company should dig. As a result, the oil and gas company will decrease the amount of money and time spent on exploration and mapping.
Optimization of the Drilling Operations
A great cost for every oil and gas business comes from the drilling and production processes. The old and traditional ways of production are unable to cut on the costs. With the consulting of an Artificial Intelligence technology though these processes can become optimized and bring extra profit.
Providing data from previous operations to the machine learning will enable it to find the best practice for each new operation. These predictive models can also help companies realize the dynamics of their processes.
Automate Maintenance Processes
Maintenance aims to inspect and recognize all of the potential threats that the oil and gas company faces. The integrity of the machines and pipes is tested with the help of specialized techniques, such as ultrasonic testing, radiography, and magnetic flux leakage. Even though there are specially trained personnel to check all of this testing, AI will become essential to this process. This happens because machine learning can recognize all the patterns of the data that indicate an issue, quicker and more accurately than humans. Ultimately, Artificial Intelligence technology will not only help identify those issues but also predict them.
Implement the Surveillance System
Tasks in the oil and gas sector continue throughout the day. For this reason, every company must monitor their assets non-stop. The operators that are currently responsible for this monitoring have to constantly check on the flow rate, temperature, and pressure of the pipelines. However, this is also a task better performed by Artificial Intelligence technology, as it can monitor many different parameters at the same time.
Increase Worker’s Security
An important benefit of the implementation of Artificial Intelligence into an oil and gas company is the extra security that it can bring to the workers. Manual routines can be automated, thus reducing the risk for the workers’ health. Machine learning can also provide insights that can be used in real-time for the minimization of danger.
The oil and gas sector can undergo an impressive digital transformation with the help of Artificial Intelligence technology. The implementation of new and effective techniques in the drilling, exploration, and production processes will lead to an enhancement of the companies’ ROI.