Artificial Intelligence Is Revolutionizing Oil and Gas
Big Oil and many companies have started adoption of digital solutions. They seek cost cuts through innovation and new technologies. Technology experts say that the number of companies using advanced digital solutions for their businesses is growing every day. Many oil and gas firms are already using data analytics, digital oil fields, predictive maintenance, robotics, automation, with the help of machine learning and Artificial Intelligence. Big Oil embraced new technologies and digitalization to boost profits and efficiency. However, the oil and gas sector was the slowest ones to adopt new technological utensils in their field. Now, digital transformation and disruption is the main characteristic and technological advancement of every oil industry anywhere in the world.
Recently, oil and gas firms have started to form partnerships with oilfield services providers. For example, they proposed Big Tech to work with them on digital transformations of their everyday operations. As you might know, Big Tech is a multinational entity that includes the four huge online services, computer, and software companies. These companies are Google, Amazon, Apple, and Facebook; they were the ones that dominated cyberspace ever since the 2010s.
The gas and oil industry collaborates with the Big Tech
The gas and oil industry’s first collaboration comes from three of the biggest companies in their respective sectors. U.S. oil and gas supermajor Chevron teamed up with these Microsoft and Schlumberger. The company has teamed up with Big Tech to unlock opportunities and efficiencies. Also, These giants are aiming to accelerate the creation and combining of innovative Petro technical and digital technologies.
However, together the companies will jointly work to build Azure-native applications for Chevron in Schlumberger’s DELFI cognitive E&P environment. They will process data, visualize information, interpret statistics, and in the end obtain insights from a variety of sources. Eventually, they will build the most optimal system for the gas and oil industry.
Joseph C. Geagea, executive vice president, technology and services for Chevron stated that Chevron believes that the industry advancement will create new systematic development opportunities. It will also accelerate existing data analyzing processes. It will create one source for vast quantities of information, thus enabling built-in Artificial Intelligence to compute and create a unique data ecosystem.
What does this partnership offer?
Microsoft’s chief executive Satya Nadella noted that working together would definitely accelerate the industry’s digital transformation by bringing the latest cloud and AI technology to the energy sector.
As a result, many tech giants including Google and Amazon are already selling digital solutions to the biggest oil and gas companies in the world. In addition, ‘Digital’ is already a fundamental part of any modern 21st-century businesses.
According to recent statistics, a total of 80% of executives are currently experimenting with one or more of these four technologies. Unsurprisingly, AI is the top-cited technology that is capable of creating the greatest impact on energy firms in the near future.
However, the next challenge to develop the new generation of oil and gas technologies. The only thing left is to wait and see the product.
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