Tag Archive for: airevolution

AI is transforming oil & gas, boosting efficiency, output, and safety as energy giants race toward full digital transformation.

The AI revolution in oil & gas: A new era of smart energy

The oil and gas industry is in the middle of a massive digital overhaul. Artificial intelligence (AI) is rapidly changing everything, from finding new resources and drilling wells to managing production and day-to-day operations. Facing rising costs, unpredictable markets, and pressure to cut emissions, energy companies are increasingly turning to AI to boost efficiency, increase output, and enhance safety. What began as a cautious approach to AI has quickly become a full-on sprint towards digital transformation. Supermajors like BP plc BP, Chevron CVX, ExxonMobil XOM and TotalEnergies TTE are now using AI to gain competitive advantages that seemed impossible just 10 years ago. So what are the AI revolution in oil & gas happening now?

BP and Palantir: The Power of Digital Twins

British oil major BP is a prime example of a leader aggressively using AI across its operations. At the heart of this strategy is a decade-long partnership with software maker Palantir Technologies PLTR. Together, BP and Palantir have built a sophisticated digital copy — or digital twin — of BP’s global oil and gas infrastructure. This includes operations in key areas, such as the Gulf of America, the North Sea, and Oman’s Khazzan gas fields. This digital twin brings together data from over two million sensors, giving BP a real-time view of its physical assets.

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Source: yahoo!finance

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Gas is the only cost-efficient energy generation capable of providing the type of 24/7 reliable power required by the big technology companies to power the AI boom.

AI needs a lot of electricity — oil and gas will help

Global energy demand is projected to surge in coming years amid the growth of artificial intelligence, which requires massive amounts of electricity. AI needs a lot of electricity to sustain provision.

The Wall Street Journal reported that big tech companies’ “obsession” with finding enough energy to power the AI boom was the talk of CERA Week by S&P Global last month.

America’s electric grid will need a major boost to power the rapid rise in data centers popping up across the country, and despite the push for renewables, there is growing skepticism that wind and solar energy sources will be able to keep up with the demand. Now, there is a renewed look at old-faithful: fossil fuels.

The Financial Times reported this week that producers believe the AI revolution will “usher in a golden era for natural gas,” with one executive telling the outlet, “Gas is the only cost-efficient energy generation capable of providing the type of 24/7 reliable power required by the big technology companies to power the AI boom.”

But what if AI helps find more energy to power itself?

Phil Flynn, an energy market analyst and FOX Business contributor, says AI will substantially impact the U.S. oil and gas industry not only by increasing efficiency in finding oil, but by assisting in producing it in cleaner ways.

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Source: Fox Business

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