The oil & gas industry continues to be a hotbed of patent innovation. Activity is driven by the need for more efficient drilling, safety enhancement, and cost and time reduction, and growing importance of technologies such as the Internet of Things (IoT), artificial intelligence (AI), big data, and robotics. In the last three years alone, there have been over 523,000 patents filed and granted in the oil & gas industry, according to GlobalData’s report on Artificial intelligence in oil & gas: drilling tool wear estimation. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 196,000 patents to analyze innovation intensity for the oil & gas industry, there are 60+ innovation areas that will shape the future of the industry.
Drilling tool wear estimation is a key innovation area in artificial intelligence
Drilling tool wear estimation refers to the process of predicting the condition of drill bits and other drilling tools used in mining or other drilling operations. By analyzing various factors such as the material being drilled, the drill bit design, and the drilling parameters, drilling companies can predict when a drill bit will wear out and needs to be replaced.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 70+ companies, spanning technology vendors, established oil & gas companies, and up-and-coming start-ups engaged in the development and application of drilling tool wear estimation.
Key players in drilling tool wear estimation – a disruptive innovation in the oil & gas industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to drilling tool wear estimation
Source: GlobalData Patent Analytics
Halliurton is one of the leading patent filers in drilling tool wear estimation. The company offers DS365.ai.cloud service that runs on the OSDU Data Platform and uses iEnergy Cloud architecture to improve subsurface drilling and production. DS365.ai uses AI and machine learning (ML) models that are industry-specific and increase operational efficiency and productivity. Some other key patent filers in the space include Schlumberger, and Saudi Arabian Oil.
In terms of application diversity, Equinor leads the pack, while General Motors and Linde are in the second and third positionts, respectively. By means of geographic reach, Ledaflow Technologies held the top position, followed by Groupe Industriel Marcel Dassault, Toray Industries, and Panasonic.
AI has the potential to emerge as a game changer in the oil & gas industry as it can help to automate drilling, optimize performance, decrease costs, and increase production.
To further understand the key themes and technologies disrupting the oil & gas industry, access GlobalData’s latest thematic research report on Artificial Intelligence (AI) in Oil and Gas.