Oil and gas is one of the most profitable industries in the world. Usually, most of the oil and gas industry operations happen in highly susceptible and risky environments. Within the oil and gas industry, artificial intelligence is used in several ways. Artificial Intelligence in the oil and gas industry optimizes various business functions, operations, productivity, and safety aspects. Here are some of the key ways areas AI can improve oil and gas industry.
Compared to traditional oil and gas exploration, AI can be cost-effective and provide more precise data. AI algorithms can analyze data and plot areas to drill and provide information on the amount of extraction in a single reservoir.
The role of AI in the oil and gas industry is not just exploration and drilling. Artificial intelligence collects data from various types of machinery and sensors within the production, transportation, and distribution processes and segments the data to uncover patterns and discrepancies in the systems. AI can forecast various risks and proactively suggest measures to take to avoid any damage.
AI-powered computer vision systems monitor various areas of the oil and gas environment from exploration to distribution and ensures that workers adhere to safety procedures such as wearing the required protective equipment and staying within designated safety areas.
Equipment in the oil and gas industry operates at critical temperatures and pressures, because of which equipment undergoes material degradation and corrosion is a natural phenomenon. Also, manually monitoring the equipment is error-prone, and if left unnoticed can incur severe losses. Here AI-enabled computer vision cameras can detect defects with precision.