1 Executive MBA Oil and Gas Management, University of Petroleum and Energy Studies, Uttarakhand, India.
2 Technology Lifecycle Management, SLB, Houston (TX), United States.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 1234-1238
Article DOI: 10.30574/wjarr.2024.23.3.2722
Received 27 July 2024; revised on 08 September 2024; accepted on 10 September 2024
The Oil and Gas Industry is witnessing a major transformation due to the advent of Artificial Intelligence (AI) and Machine Learning (ML). These advances are changing operations by making things work better, cheaper and safer. Companies are using Artificial intelligence and Machine Learning to analyze large data points generated due to exploration, production and distribution activities which generate actionable insights leading to data driven decision making.
AI and ML techniques for exploration, well placement optimization such as mount point selection or drilling parameters suggest based on geological data analysis including a historical performance. Using data in a real-time and predictive manner, manufacturing plants can catch early signs of equipment issues such as rising temperature encouraging proactive measures to be taken which reduces downtime and maintenance costs. Furthermore, reservoir management, hydrocarbon extraction and energy efficiency are optimized via AI-based optimization strategies.
Artificial Intelligence; Machine Learning; Oil and gas; Predictive analytics; Operational efficiency; Safety management
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Ganesh Shankar Gowekar. How oil and gas industry are transforming with AI and ML. World Journal of Advanced Research and Reviews, 2024, 23(3), 1234-1238. Article DOI: https://doi.org/10.30574/wjarr.2024.23.3.2722