Machine learning has the potential to revolutionize the oil and gas industry, according to GlobalData, a leading data and analytics company. By analyzing seismic data, well logs, and other geologic data, machine learning algorithms can identify potential oil and gas reservoirs. They can also be used to analyze production data and recognize patterns that can be utilized to enhance well performance. The technology can help optimize various processes including project design, construction, logistics, inventory management, maintenance, and forecast market demand.
GlobalData recently released a thematic report, “Machine Learning in Oil and Gas,” which outlines the growth of the machine learning sphere in the oil and gas sector. It also points out how major oil and gas giants, such as BP, ExxonMobil, Saudi Aramco, Shell, and TotalEnergies, have used machine learning solutions to address their business problems.
Ravindra Puranik, Oil and Gas Analyst at GlobalData, highlights the importance of machine learning for oil and gas firms. He notes that two major disruptions – the COVID-19 pandemic and the Ukraine war – have led to a need for increased oversight and performance optimization across industries. This has presented an opportunity for machine learning to step in and automate tasks, modernize maintenance practices, detect leakages, streamline data management, and optimize supplies.
Puranik also notices the potential of AI to contribute to the global economy. The Organization for Economic Co-operation and Development (OECD) estimates that AI could add up to $16 trillion to the world’s GDP by 2030 – equivalent to more than 10% of the gross world product.
Finally, Puranik points out the numerous applications of machine learning in the energy sector, such as tracking performance and predicting potential equipment failures. Companies are also using the technology to study seismic data and select sites for carbon dioxide sequestration.
GlobalData provides customers access to data-driven insights, leveraging a network of more than 4,000 business data experts, across market research, data science, analytics, and digital transformation. With a library of 15,000+ syndicated reports, they assist in the improvement of decisions that drive growth and profitability.
Ravindra Puranik is an Oil and Gas Analyst at GlobalData. With 8+ years of experience in the petrochemical industry, he specializes in downstream sector analysis, operational cost optimization, and disruption-triggered solutions. His extensive work with oil and gas companies has allowed him to gain a deep understanding into how machine learning can revolutionize the petrochemical landscape.
