It’s no secret that recent advancements in technology has propelled many industrial sectors into appropriating intelligent decision making and encouraging insights driven strategy development, thus making it far more profitable than it was when it had been averse to change. With recent universal stress on reduced environmental impact as well as fluctuating oil prices, it has become imperative, now more than ever, for the oil and gas sector to indulge itself heavily in creating avenues for utilization of technologies like Artificial Intelligence and Machine Learning.
In our life, we are constantly analyzing the environment around us, making predictions about the world, recognizing different objects, faces etc. To understand this, look at this picture.
The concern though is that the oil and gas sector has always been on the conservative side of things, specifically when adopting policies that may change the already tried and tested established norms. Since its inception it has been reliant on the age-old elementary paper-based functioning of day to day activities and with the economics too showing a developmental trend, they have solely been focused on hiring specialized personnel or improving the existing ones, while completely ignoring the possibilities of achieving exponential growth through effective exploitation of up and coming technologies.
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Of course the industry has been booming, raking on the moolah with its traditional form of doing business and its only fair that they have an attitude which says, “If it’s working, it’s the best”. However, the industry must understand that it was established with technological innovations as its engine. Technology is the only thing which can cover for vast differences in practical know-hows (inculcated by the core personnel through years of research as well as heat and trial) of technical workflows within the reservoir or otherwise, not to mention the amount of time and effort it will save so that the efforts can be better invested on something else. As things stand, automation is a great starting point for streamlining processes and then we can move on to endless such possibilities through productive leveraging of technological innovations.
One of the most effective ways would be to embrace a collaborative approach with technology companies like us that already have infrastructures and requisite expertise in place to carry out the work in a cost-effective and functionally prudent way. The advantages of this approach can be multi-faceted. For the oil and gas companies, it will be a way to understand the inherent technology as well as finding out the kind of infrastructural setup that is required, while for the technology companies it will be an opportunity to get themselves acquainted with the functional side of the client companies, be it locally or globally, and come up with solutions and products which may have far reaching benefits for the sector as a whole.
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