How Artificial Intelligence is Used to Optimize Oil and Gas Production
While the oil and gas industry is unique in many ways, any businesses can benefit from the same core features of AI.
If it can be measured, it can be documented. If it can be documented, it can be added to a database. And, of course, if it can be added to a database, AI can analyze it.
Almost any process that can be put in writing can be enhanced with AI. It’s just a matter of getting the right tools to gather information and allowing AI to do its job after the fact.
Gas Prices and Culture
Consider the supply and demand nature of liquid fuel for cars. Gasoline prices are tied to culture, so even if there are reserves more than big enough to keep any country driving, market pressures can change how people feel about the industry.
Right now, gas prices and customer satisfaction are on a heavy delay. Oil and gas companies rely on reports from their vendors, clients, and franchises.
Automation can allow fuel companies to pump data directly from the gas station to the parent company (pun intended). Unfortunately, that won’t help you understand demand and customer satisfaction at other gas stations.
With AI, you can gather details from many other areas to create a faster big picture with a smaller environment. From local gas station changes at user-powered sites such as GasBuddy to news reports that discuss fuel, prices and news climate can be linked.
Industrial Oil and Gas Data
The same links can happen with many other petroleum, oil, and gas processes. Crude oil delivery, the performance of specific derricks, the durability of small parts used to maintain machines, and the fatigue of oil workers can be added to mass databases.
These details can link and un-link from one another to find trends, compare performance, and figure out better ways to move forward.
Environmental protection is always an issue, and being able to monitor potential disasters and regulation changes can be a massive game changer. AI can record trends about product pressure, transfer speeds, and other details to predict disaster.
Poorly performing machines and parts can be detected earlier, making it easier to make specific replacements and reduce downtime. Fewer oil spills is better for everyone, and data can help prevent massive waste.
Contact an oil and gas technology specialist to discuss other ways that AI plays a part in improving business performance.
This article was originally published on RobertBensh.net.