Adding artificial intelligence to energy production

Image: Shutterstock These are turbulent times for the energy industry, and oil and gas companies need every technology innovation they can get. Artificial intelligence (AI) might soon become one of the biggest competitive differentiators for these businesses. what’s hot on zdnet As consulting firm McKensey & Company noted in an April 2017 report, soaring demand in emerging markets, new energy sources, and the expected growth of electric vehicles are among the factors disrupting the industry. Within the oil and gas industry, AI and machine learning are already being used for processing high volume data and to achieve operational efficiency, said Arunkumar Ranganathan, associate vice president and head of the domain and process consulting groups for energy, utilities, and services at technology consulting firm Infosys. “AI techniques are yet to be applied [for] interpreting geophysical and geological functions and in other core business functions,” Ranganathan said. “However, AI is gaining in popularity to further optimize, automate and improve business efficiencies and to enhance the efficacy of complex operations.” For example, AI is being used to optimize the drilling process and improve operational efficiency, leading to a reduction in drilling costs. “Applying AI techniques during operational planning and monitoring can drastically improve…

Link to Full Article: Adding artificial intelligence to energy production

Pin It on Pinterest

Share This