While some experts have portrayed this technological advancement as the cure of all things, others have referred to it as the answer to all our prayers. Artificial Intelligence has, perhaps, become the most significant technological advancements of our times. While in its early days, some only envisioned the deployment of artificial intelligence in certain sectors, today almost every other industry sees the potential of applying artificial intelligence in one or more segments. The oil and gas industry is no different, with a vast majority of operations having a direct impact from AI-driven actionable insights. In this article, we are talking about two firms: Baker Hughes and Telesto Energy who are spearheading this phase of artificial intelligence in oil and gas.
Leading the way: Artificial Intelligence Companies
According to EY, Artificial Intelligence is a collection of technologies that include Machine Learning, Natural Language Processing (NLP) and robotics that allow machines to sense, interpret, act and learn on data to aid decision‑making.
A lot of work in the field of Artificial Intelligence in oil and gas is centered on predictive and analytic algorithms and the process that enables the deployment in a huge variety of tasks in the upstream industry. The upstream sector especially has a lot of potential in terms of bolstering efficiency. Most drilling and production wells are located in remote areas, and sending workers there increases costs. With the help of insights drawn through AI, onsite operating costs can be reduced.
Let us have a look at the two firms who are enabling insights through artificial intelligence to drive efficiency in the oil and gas patch:
- TELESTO ENERGY: Singapore-based Telesto Energy Pte has been deriving higher profits for its clients over the years. Combining Artificial Intelligence, Big Data Analytics, and classical physics, Telesto Energy provides enterprise-class AI solutions to the upstream oil and gas industry. The firm formulates predictive models that seamlessly connect to the data sets through IoT. Through real-time analytics, Telesto Energy has been able to deliver valuable insights to oil majors operating in the challenging conditions across the world. In one instance, Telesto Energy has been carrying out research and providing the Shell UK team with offset data regarding operators’ prediction vs. reality. The data has facilitated global benchmarking for the oil major. In another instance, Telesto Energy has been carrying out field supervision and onsite monitoring of HF operations for the Indian oil major, ONGC. Backed by a team of multi-disciplinarian experts, Telesto Energy has enabled the deployment of artificial intelligence in the oil and gas industry. It will remain a preferred choice for firms looking to enhance efficiency and profitability, all the while reducing costs involved in operations.
- BAKER HUGHES: The world’s first full-stream service provider needs no introduction. Baker Hughes has been at the helm of introducing AI solutions to the energy industry. The oilfield services giant recently joined hands with C3.ai and Microsoft to offer enterprise AI solutions to the energy industry. The alliance will allow clients to leverage the energy technology expertise of Baker Hughes, C3.ai’s proven AI platform and applications, and the Microsoft Azure cloud computing platform. Earlier in September 2019, Baker Hughes and C3.ai jointly released BHC3 Reliability application. It utilizes “deep learning predictive models, natural language processing, and machine vision” to combine data from many sources throughout a plant in a “system of systems approach” that notifies operators about potential equipment failure and thereby, proposes action.
What lies ahead?
The only consistency in the modern world’s commodities like fuel prices is their fluctuation. This incessant fluctuation has forced oil and gas companies to keep pushing for optimized efficiency and reduced costs. In this context, artificial intelligence has become more than a tool for deriving higher profits from operations by drawing insights using the data sets available. An unsaid advantage of using artificial intelligence in oil and gas is its ability to process large sets of data quickly and recognize relevant patterns. As part of global efforts of Telesto Energy, Baker Hughes and many others to digitally transform exploration and production operations, the adoption of Artificial Intelligence in oil and gas has significantly picked up the pace. As more hands join this frontier, it would be interesting to observe how artificial intelligence-related ventures turn out in the future.