AI is Driving Value in the Oil and Gas Sector
Faced with changing regulations, emerging competition and continuous market volatility, businesses in the oil and gas industry are putting a priority on transforming their operations. These market pressures are not new to the industry, and are the reason why oil and gas businesses have regularly investing in new technologies. For example, several industry leaders were early adopters of big data, and AI – witha goal of balancing efficiency and profitability without sacrificing safety. Unlike other industries who are still exploring the potential of AI, oil and gas AI use cases in production span a wide array, from exploration and drilling operations to delivery and consumer retail. The business benefits across the entire value chain is clear and business are investing heavily. A recent EY survey indicated that more than 92% of oil and gas companies around the world are 'either currently investing in AI or plan to in the next two years.'
Building on this momentum, oil and gas companies increasingly turning their focus towards the next frontier in artificial intelligence: Causal AI. This emerging approach to data and AI is a significant evolution from traditional AI that is grounded in correlations. Instead Causal AI focuses on the power of understanding cause and effect relationships. This deeper insight into understanding why things happen, and how to change outcomes empowers leaders to make better decisions that can optimize operational efficiencies, reduce downtime, enhance strategic planning, and ultimately increase profitability without sacrificing safety or environmental risks.