The power of Artificial Intelligence (AI) and its associated technologies, such as computer vision and machine learning, can have a profound impact in the oil and gas industry. Error-prone, manual processes negatively effect maintenance activities and business functions. AI plays a significant role in transforming field service operations to achieve greater efficiency and drive optimized business decisions. Here are three ways AI applications improve operations within oil and gas companies.
Much of the equipment used in the oil and gas industry operates at high pressure and temperatures, so material deterioration or corrosion can be expected. AI-driven computer vision cameras can recognize this damaged equipment, analyze it, provide statistical data around predictive maintenance, and notify field service operators directly and quickly. This saves human effort and time while driving safety measures and improved maintenance decisions.
There are many decisions to be made in the fracking process, starting with production, drilling and choosing the right equipment. Each decision comes with a high cost, making it critical that the right decision is made for the best results. AI tools collect a wide variety of data from different sources, analyzes different data points, and creates forecasts. This ability of AI to perform improved data analysis and visualizations supports the fracking industry to achieve production and maintenance activities at low cost and improved efficiency.
For an improved customer experience, AI is used to optimize the distribution process of oil and gas for retailers and other end customers. AI analyzes customer profiles and determines the best way to sell to them and anticipate their demand needs.