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Artificial Intelligence

Oil & Gas Technology

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Artificial Intelligence Report, Oil & Gas Technology Report

Artificial Intelligence in Oil & Gas - Thematic Research

Data is more valued and in more demand than oil.

There are only a few commodities that are so valued and always in constant demand such as oil. However, there is one other commodity that is even more valuable and this is data.

The oil and gas industry has historically been very static, and cautious towards implementing advancing technologies. This is partly due to oil prices being constantly in flux. Many saw investment in expensive technology as too much of a risk. Over the past few years, however, oil prices have been on a downward trend and this may continue. Along with this, there is increasing pressure by market dynamics on oil and gas companies to become more flexible using technology.

Is this going to indicate difficult time ahead for the industry?

 

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  • What you need to know...
  • Deep learning – a field of machine learning – is likely to become the most lucrative AI technology over the next five years, because of the competitive advantage it will provide to those who can master it.
  • Revenues from cognitive systems and AI are set to grow substantially, with AI capabilities being increasingly embedded across business functions and technology solutions.
  • Both governments and large tech companies are investing heavily in AI. For example, the UK government is funding AI research to the tune of $117 million, and AI is one of the key beneficiaries of the $35 billion or so Horizon 2020 European funding program.
  • Identifying faults or detecting potential risks within oil pipelines has involved difficulties for humans when manually carrying out these checks.

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The tech's sector angle

Companies in most of the industries are coming face to face with game-changing disruption from AI. The best CEOs are being asked to restructure their businesses to make sure AI is part of their core competency, or else this will result in stagnation or elimination. AI is largely being disseminated by the tech titans including Microsoft, Alphabet, Amazon, Alibaba, Baidu, IBM and Facebook.

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