The oil and gas industry are dealing with massive disruption on several fronts from increasing oil price volatility due to Coronavirus and the failed OPEC deal. Combined with complexity of a rapidly changing energy sector where digital technologies, the drive for greener energy and demand for more consumer-centric services are putting shareholder returns at risk and reconfiguring policy mandates, industry players are forced to make a significant re-evaluation of energy value chains, assets and operations. The way we produce and consume oil & gas is shifting. Renewable energy sources, such as wind and solar, are growing exponentially and are expected to account for nearly 70% of global electricity production in 2050. Transport is being electrified, with 50% of all new cars sold globally forecasted to be electric by 2033.

Artificial intelligence is one of the most exciting technological improvements to encircle our society in living memory, however few individuals have a solid comprehension of AI as well as the plethora of ways that it is changing our planet. Nowhere is Artificial intelligence more significant and tumultuous than at the energy industry, where professionals from a broad assortment of backgrounds are discovering it immensely beneficial. Nonetheless, the use of AI from the petroleum and gas industry remains largely misunderstood, and lots of prospective entrants into the sector don't have any clue where to start cleaning up with this intricate topic. Here's a breakdown of how AI is disrupting oil and gas, and why intelligent machines will be imperative to the future of the energy sector. When there's a simple way to describe the part of AI from the gas and oil industry, it is that this technology has become an integral part of the way that energy businesses and professionals achieve their aims. Gas and oil companies have been enormous collectors of information; if nicely employees could not access tremendous treasure troves of information about the area they are working in, for example, they'd never have the ability to be successful in their tasks while ensuring workplace safety and cost-effectiveness.

Google says that it will not "build custom AI/ML algorithms to facilitate upstream extraction in the oil and gas industry," the company announced on Tuesday. This represents a small but significant win for climate activists. Google's comment coincided with the release of a new Greenpeace report highlighting the role of the three leading cloud-computing services--Google Cloud, Amazon Web Services, and Microsoft Azure--in helping companies find and extract oil and gas. Greenpeace notes that extracting known fossil fuel reserves would already be sufficient to push the world over 2 degrees of warming. Uncovering additional reserves will ultimately lead to even more warming.

Combined with complexity of a rapidly changing energy sector where digital technologies, the drive for greener energy and demand for more consumer-centric services are putting shareholder returns at risk and reconfiguring policy mandates, industry players are forced to make a significant re-evaluation of energy value chains, assets and operations. The way we produce and consume oil & gas is shifting. Renewable energy sources, such as wind and solar, are growing exponentially and are expected to account for nearly 70% of global electricity production in 2050. Transport is being electrified, with 50% of all new cars sold globally forecasted to be electric by 2033. Advances in digital technology are enabling these dramatic changes to our energy system and digitalization will play an important role in enabling the energy transition.

FREMONT, CA – Industries and organizations across the globe have realized the potential of artificial intelligence (AI), and the oil and gas industry is one of them. Petroleum oil is one of the most prominent resources in the energy sector and is the basis for many products such as wax, lubricant, kerosene, petroleum jelly, and so on. Over the last few years, the crude oil reserves are steadily reaching their limits. Also, the rise of alternative fuel sources has resulted in the reduction of oil prices, which has raised concerns in the oil and gas sector. To alleviate the adverse effects plaguing the industry, many organizations are turning toward modern technologies to increase productivity as well as revenue.

The traditional components of AI – perception, decision-making/cognition and action map up quite precisely with the business problems the Oil & Gas sector deals with- collect and process lots of data (perception); where to drill? This is my take as an outsider looking in. A few years ago I moved from Upstate New York to Texas. In a lighter vein that can be described as a move from "no fracking please, we're New York" to "Drill, baby, Drill". Time magazine described it well in a recent issue: How an Oil Boom in West Texas Is Reshaping the World .

As artificial intelligence (AI) makes a "powerful impact" on other sectors, more North Sea players are expected to deploy digital innovations. Louise Sayers is head of natural resources at advisory firm BDO, whose comments come as Shell announced its commitment to the North Sea yesterday. The energy giant said it hopes to be in the region for another 50 years, as it celebrates five decades of North Sea production. Ms Sayers said this was welcome news, and said now is the time for the North Sea to "grasp digital innovation". She said: "Oil and gas companies were forced to ruthlessly cut costs and sharpen their investment filters to survive the oil price crash in 2014.

At the recent LiveWorx event in Boston, PTC President and CEO Jim Heppelmann laid out the solutions that are available. The most interesting use cases for oil and gas are around connected workers, smart maintenance of refinery, connected refinery and remote asset monitoring with predictive maintenance capability that improves the uptime of the plant and refinery. Heppelmann talks of a convergence between the physical and digital worlds driven by technologies such as additive manufacturing, Internet of Things, machine learning, augmented reality, smart manufacturing and digital twins, which are creating new opportunities for innovation, for disrupting industries and even calling into question how we think about business strategy. "Today, it's no longer sufficient for companies or us as employees to think about some future state, some point B as our destination and then move methodically towards that place," he says. "That type of mindset allows everybody to close their mind, and to build up too much inertia along a point in time.

Drones are not new to industry or the oil and gas sector. They have been used by companies that are offering full-service video, or to capture survey photographs for some time. However, Renner Vaughn, director of oil and gas at commercial drone operator, Cape, believes that there is a major gap between what companies are hoping for and achieving in the use of drones. "What we've done at Cape, is bring the user drones together with aerial telepresence, our technology, to give experts that visibility they need in real time," Vaughn said. "Instead of hiring a company to go out and perform the survey for you, I'm trying to coach them on what to see and what's important in terms of the asset inspection.

We've been hearing for years about the digital transformation of multiple business sectors. And the technology sector is hardly alone in this regard: For the past decade, legacy industries have been making the transition, too,and the result has been massive opportunities for entrepreneurs.