Artificial intelligence (AI) and machine learning (ML) are gaining acceptance quickly in the oil and gas industry. Between 2018 and 2020, the percentage of companies that had deployed these technologies more than doubled—from 13 to 32%. Today, 50% of oil and gas executives say they have already begun using AI to help solve challenges at their organizations and 92% are either currently investing in AI or plan to in the next 2 years.
While these technologies have mostly been operationalized for specific use cases or particular processes, they are increasingly being incorporated into a whole host of systems and software to improve efficiency, productivity, and profitability. And the potential impact is significant: International Data Corporation estimates that the benefits enabled by AI and ML can reduce an organization’s total costs by up to 20%, improve asset availability by 20%, and extend the lives of machines by years.
Technologies Enable Transformation
It’s not AI and ML on their own that make a difference. It’s the capabilities they unlock when applied in combination with other technologies, as illustrated by the following applications.
- Safety monitoring
- Proactive asset maintenance
- Upstream automation
- Process automation
Connectivity Enables Technology
AI and ML can’t operate in a vacuum. They require vast amounts of high-quality, near-real time data to fuel innovations. Advanced cellular connectivity is the fastest, most reliable, and most cost-effective way to capture and manage that data.
Furthermore, the low latency and high capacity of 5G allows AI processing to be distributed among the device, edge cloud, and central cloud—enabling flexible system solutions for better efficiency, enhanced privacy, improved performance, and new levels of automation.