3 Impacts of AI in Oil and Gas Industry

Artificial intelligence (AI) has taken the world by storm, and industries from retail to oil and gas have been getting in on the action. Although much of what you see today in terms of AI isn’t really all that new, the hype surrounding the use of AI in oil and gas as well as other industries has started what some are calling a new “digital gold rush”.

To help you get a better understanding of the impact of these technologies, below are three ways companies are using AI to boost productivity and increase efficiency in the oil and gas industry:

1. Safety

AI systems have been implemented in oil refineries and across drilling sites to improve safety. AI systems can monitor conditions in real-time and make split-second decisions based on data.

An AI system that utilizes cameras can also track the whereabouts of various people and items in a workspace to send out alerts if trouble is spotted. In addition, AI access control systems can detect intruders who gain unauthorized access to sensitive areas and document changes in a work environment if malicious actions are taken.

2. Pricing and Cost Data

AI tools can also be used to monitor pricing and cost data. This is incredibly beneficial to oil and gas companies as well as suppliers, but these tools can help investors as well. Many people and companies that trade in commodities need to monitor oil and gas prices throughout the day to make quick decisions based on changes in markets. AI can complete historical analyses of prices and trades to suggest future actions or even complete trades for investors automatically.

3. Spill Response

Oil spills can be major hazards to humans and wildlife, especially when they occur in the world’s oceans. AI systems can monitor the various safety mechanisms on oil tankers to provide real-time feedback about conditions in the event of a leak or oil spill. AI can even notify the appropriate authorities and deliver a full report about a spill to speed up efficiency in getting the spill mitigated quickly.

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