What’s all the fuzz about AI?, Could we trust software technologies within the Energy Sector? Will the #Upstream Industry transform with the advancement of technology? The Oil and Gas sector has been particularly conservative in adopting artificial intelligence, however, many new technologies have emerged as game changers in the industry. Why? because AI powered software applications are making operations, exploration and production more efficient. Also, more reliable and profitable. Here we share some remarkable technologies in the industry.
- Predictive maintenance. Downtime and related costs can be reduced through applications predicting equipment failures and maintenance needs. For example, GE Digital APM software which uses machine learning algorithms to predict equipment failures, schedule maintenance, and optimize asset performance specifically for the oil and gas industry.
- Digital twins: Creates a virtual replica that simulates an asset, enabling monitoring and optimization in real time. Such as, AVEVA Unified Supply Chain. This software provides a digital twin of the value chain, from upstream exploration to downstream refining and petrochemicals.
- Benchmarking software, such as Belltree’s bMark™, provides a powerful tool for comparing and evaluating oil and gas assets against industry peers. This enables companies to identify performance gaps and opportunities for improvement.
Belltree’s bMark™ is a unique benchmarking software. It collates a national or global scale database and uses bespoke RF% and Well Count, offering data to build more accurate models of reservoirs. Improving production forecasting and reducing exploration risk. Additionally, this cutting-edge solution enables correlations to identify opportunities for reserve uplift in mature fields. Learn more: https://belltreegroup.co.uk/
AI is indeed here to stay in the Oil and Gas industry. It enables users to make sense of the vast amounts of data generated in their operations, ultimately leading to improved production. It is likely that AI will become widespread in the industry. More and more operators adopting these tools as they progress through their production lifecycle and optimization of operations becomes increasingly crucial.