How AI is Transforming the Oil and Gas Industry

 

Change is inevitable. Growth is optimal. – Artificial intelligence not only evolves the renewable energy and commodity industries but also the thriving Oil and Gas sector. It will not be wrong that AI ML in oil and gas industry will benefit it a lot. Artificial intelligence in the oil and gas industry has enhanced businesses' expected growth to productivity ratio, operation, and safety. Here, we have some statistical analysis of the transforming Oil & Gas industry in the United States.

Oil and Gas Market: Statistics, Worth

The global worth of the oil and gas market was valued at $131 billion by 2021, and it is expected to increase to $171 billion by the end of 2024. In addition, the oil and gas demand is projected to increase by 52% by 2045. Consequently, artificial intelligence and machine learning will streamline the productivity, demand, and consumption of oil refineries and save companies billions of US dollars. Artificial intelligence oil and gas is changing it rationally. So, let’s discuss some real-world applications of AI for oil and gas.

Applications of Artificial Intelligence in Oil & Gas Industry

Renewable energy, commodity, and oil gas industries are on the verge of drastic change due to undertaking modern research in these fields. In the meantime, we have curated some applications of modern technologies that will evolve the oil and gas sector.

• Production Index Prediction: Machine learning algorithms like fuzzy logic, expert systems, and neural networks are implemented to forecast the oil and gas production from wells and gas reserves. Moreover, it also assists refineries in efficiently extracting purified oil and its derivatives from crude oil natural reserves. Artificial intelligence oil and gas businesses are making 15% more in annual revenue.

• Optimizing Production: MILP (Mixed-Integer Linear Programming Model) models and techniques for commodities also can optimize the production process. The oil extraction machinery, crude oil processing plants, and reservoirs can also be improved by 30% by the introduction of these technologies.

• Real-time Production Scheduling: The real-time production planning AI-based solution has also improved crude oil processing and production. The expert systems automatically measure and forecast system progress as BI charts and dashboards.

• Reducing Equipment Downtime: Equipment downtime is known as the time system is not operating and working properly. Artificial intelligence oil and gas has seen prominent updates to enhance equipment downtime.

• Maintenance Using Digital Twins: The digital twin has changed manual system maintenance by hiring human power. It has made the refinery system more efficient where human error can occur and leads maintenance to weeks and months. Moreover, AI oil and gas have transformed the oil and gas mining process to meet future business goals. 

• Geological Assessment: Last but not least, artificial intelligence for oil and gas also made it possible for companies to efficiently analyze different geographical regions for the discovery of oil and gas reserves instead of hiring mining companies for millions of dollars. Our deep learning solutions forecast the availability of natural reserves of fossil fuels using imaging analysis.

AI-Based Oil & Gas Solution Providers: Odyssey Analytics

The race to innovate business has transformed the conventional industrial system into AI-based smart industries where everything is operated and maintained via artificial intelligence. Odyssey analytics is one of the leading artificial intelligence-based solution providers for the oil and gas sector. They are helping oil and gas companies in the following ways:

• Production index forecasting using machine and deep learning techniques.

• Crude oil production optimization using Odyx yHat.

• Instant system maintenance using digital twins technology.

• Real-time forecasting for reducing equipment downtime.

• Geological assessment employs deep learning techniques to analyze real-time captured images and forecasting.

• Deployment of expert systems artificial intelligence for oil and gas to put the system on autopilot mode.