Friday, 14 October 2016

What Happened When Artificial Intelligence Entered The Oil & Gas Industry

It is the story of the industry, which was facing some trouble related to data collection, analytics, and other issues that were affecting the production immensely. Then a hero destroyed all the problem causing factors of the industry and made it efficient again. Yes, the artificial technology has had the same effect on the oil industry. With the increased use of artificial intelligence oil and gas, the machine learning and analytic prediction became much easier. The advanced computer software and hardware, have allowed a better data-driven solution to the industry. Many companies have implemented this technology in order to enhance their productivity and performance.

Better Predictions - The recent drop in the oil prices made it really important for the leaders of the industry to keep an eye on the future prediction and increasing the accuracy of the data collection. The artificial intelligence oil and gas, allow the companies to easily collect and transmit the valuable data through wireless networks, which enhances the decision-making process of the management system. This technology is also able to read all the available data in order to find out the patterns and trends of the past. This is how it helps the oil companies to take right actions by providing necessary recommendations and the prediction regarding the assets. These predictions stay free from the human error and deliver top notch accuracy which helps in the efficiency and production. Also, the collected information is used to keep an eye on the performance of the equipment. Many times it predicts the possible failure of an equipment, which gives proper time to the workers to take action in order to avoid it.

Machine Learning - The machine learning is also a part of artificial intelligence oil and gas process. It analyzes the available data in the real time and provides recommendations regarding the multiple variables that affect the process of extraction. It doesn't take long to predict the right location for the drilling process. Adding to that, this technology allows one to understand the pressure, condition of the equipment, seismic vibration, and all the other micro factors of drilling. When all these factors are combined together, then come out the best data for a particular extraction process. This data is then used to enhance the factors like the quality of equipment and the angle of drilling in order to get the best results.

All of this was not possible with the human analysis process used earlier. These new types of software always give the results with great efficiency. This increases the production, which as a result, increases the amount of cash for the company. Plus, the prediction of possible accidents like lost circulations and blowouts reduces the chance of any negative situations from arising.

Hence, it would not be wrong to say that artificial intelligence oil and gas is the superhero of the oil field. The benefits include better production, accuracy in data collection, recommendations regarding the extraction, and even predicts the possible accidents. Along with moblize, there are plenty new additions being made in this technology every year.