AI Technology in Oil and Gas Industry

The natural skill of an AI Model is to dig deeper into the unexplored and study a pattern. If we use this grammar on any vertical, we can create an efficient tool. In this blog we will explore how Artificial Intelligence can play a crucial role in decision making processes of Oil and Gas companies.

AI is strategically used for firstly cost saving, secondly enhanced decision making and also for safety and security purposes. Let’s discuss the scope below.

 

1. Legal Compendiums

Oil and Gas Industry has an elaborate document management process and it involves a lot of legalities. As a result compliance is steepest challenge. Therefore, managing contracts, leases, property rights, environmental issues, state regulations might not be the easiest nut to crack.

Now imagine a situation where you can feed these data to an AI Model where deep learning does all the pattern analysis, establish all the dependency factors and start communicating to you by reverting with vital information is a dream come true.

2. AI for Human Resource Team

A quick interaction tool for efficient man management is an absolutely necessity. In Oil and Gas industry we all know that there is a huge percentage of workers who work on-site. Therefore, it is important to support remote workers in on-field jobs. In addition to routine HR responsibilities of recruitment, interview scheduling and on-boarding, HR Executives in this industry keep a significant focus on compliance programs and skill upgradation. A chatbot trained specifically to monitor, automate, track and report activities is highly desirable.

3. Sentiment Analysis of Customers using AI

Now let’s figure out the customers of the Oil and Gas companies. The main customers of Oil and Gas companies are Utilities, Refineries, Petrochemical companies, Retail Fuel Stations, Power Generation Companies, etc. Since all these verticals are connected to the international market, it is very important to follow the international news, events, festivity, economic growth or recession. AI here helps in understanding all these factors and assist in decision making.

4. Data Visualisation

The sole purpose of technology is to make life easier. Now the question is how. In this world of speculation on the power of AI, there are some promising goods. Data Visualisation techniques is widely used by Oil and Gas Companies to determine exploration sites, understanding seismic zones, analysing flow of fluids, and some crucial mining activities. Data Visualisation of deep learning is helping in optimising machine performance, managing spare part inventory and performance optimisation.

5. Price Discovery using Artificial Intelligence

Predictive models in AI is used to determine future pricing of oil and gas. A change in OPEC pricing or war-time scenario affecting supply of Oil impacts oil pricing. AI model designed to perform sentiment analysis and therefore risk management is proving to be a blessing for the Oil and Gas companies. Morever, induction of AI is enhancing market transparency and helping to develop dynamic pricing models.

6. Email Summarisation

Automation in email is a proven wonder of Artificial Intelligence. With the use of NLP, man machine communication is reaching new heights. Online chatbots are not only helping in forming properly structured emails, it is also being able to read, interpret analyse emails and feed data for deep learning. Besides, summarising technical points, creating reports based on email data, creation of marketing material, compliance alerts are also some key benefits.

 

7. Logistics and Supply Chain managed by AI

Proper Logistics and Supply Chain Management is the key factor to increase operational efficiency. A predictive maintenance of vital assets like pumps, turbines, pipelines, transformers, machines can help arresting unexpected breaksdowns.

AI is also helping in fleet management by optimising routes based on geopolitical environment, climatic conditions, road traffic, and market demand. In case of supply chain, AI is analyzing real time data using GPS and IoT data and thereby minimizing disruptions.

 

8. Refining Process Optimisation powered by AI

AI is analyzing market data to study trends, crude oil quality and helping in selection of feedstocks. Artificial Intelligence helps in detecting any anomalies to prevent equipment failures and enhancing overall safety. By monitoring real time data from laboratory results quality of crude oil is also deeply scrutinized. Studying energy usage patterns, consumption of electricity and water help safety protocol optimisation.

 

 

It is not that we are speaking about a distant future here. Artificial intelligence is already being used in Oil and Gas companies. For example: Cairn, Oil and Gas Arm of Vedanta, is making use AI for fuel gas optimisation and reduction of flaring.

 

How can you facilitate AI?

You do not have to hire data scientists or AI researchers to get your AI tool ready. Ofcourse if you can, nothing like that. But there are companies like OpenAI, Meta, Google, Mistral and many others. The API to their LLM is available and can be integrated to your system by Top Web Developers using Restful API services. Talk to our AI consultants to know how you can facilitate AI in your application. AI is no more a future, it has arrived.