Some companies have already started their run towards an intelligent power industry, proving that well-designed AI systems are incredibly beneficial when repetitive and rule-based tasks are automated. This practice allows humans to engage with more worthwhile projects to face tomorrow’s power disturbances. In this context, Ai works as a series of methods and technologies that analyze environments and act upon data to carry out specific energy goals. At the same time, ML in oil and gas can prognosticate almost any outcome using data and produce accurate models, presenting outstanding industry benefits. In this article we’ll take a deeper look at how Ai and ML can change the energy industry and what companies can do to succeed.
The 6 Benefits
After facing the global pandemic, energy demand starts to recover with the economy’s reopening. As the market faces new challenges, oil and gas producers are rethinking processes and finding efficiencies. Below, we explain the top six advantages of adopting ML and Ai software for the oil and gas industry.
- Data Digitization
Although some companies are skeptical about how Ai and ML will change the energy industry, it’s only a matter of time before adopting these technologies becomes the norm. With Ai and ML, data management and storage can be far more effective. Companies can create algorithms for technologies to collect and structure information, detect certain patterns, and unleash significant findings. At this rate, business leaders can make well-informed decisions faster. Meanwhile, better performance will enhance energy production and distribution, saving time and money.
- Faultless Operations
Drones have become especially useful for fault detection due to their high-resolution and infrared cameras, plus the capacity to reach large geographical areas and rough grounds. Ai is then used to process images, discern power assets’ conditions, and decide whether they need replacements or repair.
- Disaster Recovery
Ai systems can access large amounts of information faster than any human could, providing better estimations and optimizing decision-making when a disaster happens. We’ll take Hurricane Irma as an example. When the disaster happened, it took 10 days to bring back the energy power in Southern Florida. Since Ai can predict power availability, it can also ensure its quicker delivery to those places where it is needed most.
- Prevention of Losses
Informal connections are a big challenge for the power sector, and a significant source of losses. Ai is applied to find inconsistencies in usage patterns, consumer data, and payment records and detect informal connections. Consequently, it optimizes physical inspections that can be extremely time-consuming.
- Predictive Analytics
Thanks to ML in oil and gas, Ai can prognosticate precise outcomes that are more effective and prolific than humans’ ones. Predictive analytics enables cost cutting, business resilience, power savings, and better customer experience. In general, to reduce risks and increase industry opportunities, neural networks need to analyze old patterns and historical data. These predictions help trade, buy, or sell energy in the stock markets, as ML in oil and gas identifies and foretells significant changes in the production or loss of power.
- Energy Storage Optimization
Currently, with the rugged and sensitive nature of renewable power containment, energy storage systems can’t use, concede, or even process large amounts of energy. That’s where Ai and ML can make a prominent difference since their storing energy methods are abundant.
A Future Powered by Ai
We need to start acting now since the increase of demand for Ai in the oil and gas market is inevitable. In fact, its value will go from $2 billion in 2019 to $3.81 billion by 2025. ML and Ai influence has already proved its efficiency, and early adopters are gaining dominant positions in the market.
In reality, it’s hard to picture a future where Ai is not embraced and failing to do so will leave companies behind. Our knowledge at Tiger General has given us the tools and experience to help several companies address their barriers and goals. If you need a new piece of equipment, fill out the Tiger General Truck Inquiry Form today!