Expanding Technology Frontiers in the Oil & Gas Industry

Artificial Intelligence (AI) technologies are being increasingly used in the Oil and Gas (O&G) industry to optimize production, reduce operational costs and maximize efficiency. According to a Markets and Markets report, AI in the global oil and gas market is expected to grow from an estimated USD 1.57 billion in 2017 to USD 2.85 billion by 2022, at a CAGR of 12.66%. The oil and gas enterprises are seeking novel approaches to address the issues that plague the industry at present. In view of the falling fuel prices, concerns over the environmental impact of energy production and personnel safety, companies are leveraging technological innovations such as AI to optimize processes and maximize the returns on investment. In this report, we present insights and trends related to the AI technologies used in the Oil and Gas industry, through a study of patents related to petroleum exploration and refining technology segments.