Oil and gas companies should invest in machine learning tools to rise to the challenges posed by the double disruptions of Covid-19 and the Ukraine conflict. Machine learning (ML) is the most practical enterprise application of Artificial Intelligence (AI) and is estimated to add up to $16tn to the GDP by 2030. ML technology could revolutionize the oil and gas industry, helping detect and analyze geological data for potential reserves, and analyzing production data to boost well performance.
ML offers several benefits to oil and gas companies, including automation, improved processes, and demand forecasting – without needing recruitment of experts in understanding and applying ML in oil and gas datasets. Companies can use ML to modernize their maintenance practices, detect and address leakages, streamline data management and documentation, and optimize inventory and supply chains.
GlobalData’s Theme Report of Machine Learning in Oil and Gas looks into recent developments in the field and provides a comprehensive overview of different aspects of ML applications in the oil and gas industry. The report also elaborates the competitive advantages of integrating ML and AI across the industry, and how the accelerated adoption could offer significant improvements in production, profitability, and safety.
With the right solutions and tools, oil and gas companies can proactively address the repercussions of the disruptions, while harnessing powerful insights from ML to drive more informed decisions. If currently involved in ML, the recommendations in the report will definitely help the companies build a firm footing in the industry. Finally, ML is the advent of AI and is poised to offer irrefutable advantages to the stakeholders of the oil and gas industry.
