AI's contributions in oil, gas to hit $2.85b by 2020

Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence. - Supplied photo

The UAE Minister of State for Artificial Intelligence Omar Sultan Al Olama said technologies are reshaping the energy scene globally.
"Technology is going to change the impact of output and return in the energy scene globally. The factors are data, artificial intelligence and Internet of Things to name a few as well as block chain and other emerging technologies," Al Olama said at Adipec.
"Through Artificial Intelligence, all sectors are changing. Any process that is algorithmic is being disrupted by this technology. And this disruption is retuning higher yields, increasing efficiency and improving safety and security. We can use data to drive faster and accurate decisions."
The minister noted that the impact of Artificial Intelligence on oil and gas sector will be $2.85 billion by 2020.
"The impact is going to be much bigger in years to come. Higher efficiency, yield and productivity are going to give much more returns as the years go by," he said.
Leveraging Artificial Intelligence gives competitive advantage in maintenance, assets, drilling, exploration, simulation, logistics and surveying.
"Any company or government that merges data and oil is going to get yields never seen before. We will see higher efficiency, lower costs and profits never seen before. We can use AI, block chain, sensor technology to ensure that every single barrel will be accounted for," the minister said.
"Technology can ensure that every second spend on producing oil and gas is done in the most efficient way. In next few years there will be more than trillion connected devices on the Internet of Things in the world. These devices will allow taking much better decisions and making things more efficient."
Giving a perspective of future, Al Olama said: "We will see fully automated fields. We will see more usage of robotics and automation, use of UGV conducting site inspections in remote areas, autonomous ships and trucks delivering oil will make things more efficient." - ashwani@khaleejtimes.com