Oil and gas companies collect exceptional quantities of data, but a large share of it goes unused. Harnessing the power of this data could support companies through the downturn and position them for long-term success. Artificial intelligence (AI) is the best tool for the job.
AI is already widely used in predictive maintenance models (which fortify asset integrity by pre-empting failures), hydrocarbon discovery, and operational streamlining. Companies cannot afford to forego the efficiency gains these popular use cases offer, but industry adoption is still nascent.
With oil and gas companies seeking carbon neutrality within the next three decades, industry-wide upheaval is inevitable. There is a profound opportunity for companies to excel by using AI in the oil and gas industry in bold new ways.
Leading oil and gas suppliers in artificial intelligence
The oil and gas industry faces many challenges. The shortage of easily accessible hydrocarbon reserves forces companies to use remote reserves that are hard to discover, costly, and risky. Moreover, sustainability concerns are shifting demand away from oil and gas towards cleaner sources. Finally, as ever, huge operational expenses and the asset-heavy nature of the industry make adaptation slow and difficult. Traditional cost-cutting measures are considered unviable. Companies know that to survive and thrive is a matter of making the right investments.
Leading adopters of AI in oil and gas include BP, ExxonMobil, Saudi Aramco, Shell, Gazprom and Rosneft.
Discover the leading artificial intelligence suppliers in oil and gas
Using its experience in the sector, Offshore Technology has listed some of the leading companies providing products and services related to artificial intelligence.
The information provided in the download document is drafted for oil and gas executives and technology leaders involved in oil and gas artificial intelligence solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Amongst the leading artificial intelligence suppliers in the oil and gas sector are ABB, Honeywell, Geoteric, Schneider Electric, OAG Analytics and Rockwell Automation.
Future of artificial intelligence in oil and gas
AI has already revolutionised several industries. Now, in the oil and gas industry, most supermajors have already used it for predictive maintenance and operational streamlining, with impressive returns. Those who haven’t made such investments will do so quickly to avoid missing out. Additionally, some companies are exploring how the other, younger AI technologies can help their businesses; Shell, for example, is using computer vision at its service stations.
The oil and gas AI platform market was worth $2.2bn in 2020 and is forecast to reach $5.3bn by 2024.