Before AI, oil field technicians were required to manually prepare a drill for digging oil, make their calculations, enter the correct pressure levels, and finally calibrate the speed for that drill.
AI Ushering the Fourth Industrial Revolution
Artificial intelligence today is impacting a lot of businesses including oil and gas. Intelligent drills calculate the depth of the dig, the amount of pressure necessary, and the speed of the drilling to be done.
This makes the entire process more accurate and efficient. With these benefits it shouldn’t come as a surprise that AI will have a powerful impact on the future of work. There are those who forecast that it will help usher in the Fourth Industrial Revolution.
Early Adopter or Late Bloomer?
With the advent of new technologies come the division of companies. That can happen even in companies within the tech industry.
Take Nokia’s reluctance to back then to jump into the touch screen phone craze. It eventually led to the former phone manufacturing giant’s decline.
We see the same thing in the oil and gas industry. There are early adopters as well as late bloomers when it comes to smart drills and AI technology.
Why Make the Switch
It is no secret that the companies in the oil and gas industry are facing a huge wave of criticism. This is due to the environmental impact of their production as well as the consumption of their products.
Where can AI help? Here are a few ways:
This technology can help optimize their operations as described earlier.
It can help with planning and forecasting
Reduces downtime eventually saving money
Improves the performance of the company’s facilities
Increased workplace safety through remote inspection and maintenance
Companies like Royal Dutch Shell, Total, and ExxonMobil have jumped into the bandwagon. They have spearheaded innovations in customer satisfaction, optimization, and exploration. That is how they are staying ahead of the competition.