Oil and Gas Industry is seemingly lagging behind the counterparts in the race to adopt Artificial Intelligence. Although, the industry has evolved tremendously over the last century; but, it has remained sluggish in the implementation of the AI.
Oil And Gas Industry’s Laggard Approach in Adopting AI
As per the studies and experts, the industry has ample of research material, and there is a lot of proof of concepts and studies around which the industry data can be put into technology for better innovations. However, the ideas have not been implemented in the operations to create a better value.
Cognite Co-founder Shares Insights on AI implementation in the industry
As per the Co-Founder of Cognite, a Norwegian firm that works with the industry data, there is very little happening in the Oil and Gas Industry in terms of innovation and manifestation of data for value creation.
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Geir Engdahl was on a panel for the AI conference Time Machine2019 by an Austin Firm. He explained the lagging of the Oil and Gas industry in the AI implementation.
He said that AI is not well defined and since the term is overly used and hyped, it is losing its real meaning. As per the Cofounder, AI is primarily is an umbrella term for most of the innovative and new age technologies which are interestingly associated with machine learning. Machine learning is the best AI technology yet, and people, in reality, talk about Machine learning by using the term AI.
Machine Learning is the Need of the Hour
Machine learning utilizes millions of data points associated with a single problem area, and it also uses a series of algorithms to understand patterns to conclude. The machine can learn through these patterns and help humans with close predictions about the problem considering many insights as per the probability.
Industry Needs Innovation
The Oil and Gas industry needs innovations and adopts technology to analyze oil field data to reduce costs per barrel and also find real-time applications. Ken Topilinsky, SVP of Engineering at the Dallas Based Company Hunt Oil Co, said,
“We’d got models for torque and drag … but also bit-wear, because clearly if the bit wears out when you’re just about to the end of the hole, and you’ve got to pull, that’s a costly operation,” he explained. “If we can get smarter about adjusting the drilling parameters to have the bit last longer, then that’s great.”