The rapid growth of AI technology and how to successfully implement it is currently a hot topic across all industries, and oil and gas is no exception. For businesses to remain competitive and profitable in the future, they must deploy fit-for-purpose AI tools that can optimize processes and control costs in ways unimaginable just a few years ago.
Few companies in the industry have the staff expertise to develop tools in-house in this area. This means that we rely on third-party contractors for this service. I myself was curious to learn more about this subject and recently discovered the best product from Enverus, one of the industry's largest and most diverse providers of SAAS-based data analysis and consulting services. I was able to interview the person in charge, Jimmy Fortuna.
Enverus recently introduced an AI tool called Instant Analyst™. It is a product that works in conjunction with Amazon Web Services (AWS) generative AI technology to analyze massive data streams and enable real-time decision-making.
“When a user asks Enverus Instant Analyst an open-ended question, the AI-powered system exclusively searches Enverus’ vast repository of proprietary research and analysis,” Fortuna said. “This curated content housed within the Enverus Intelligence Vault™ includes tens of thousands of documents containing valuable insights and data points specific to the energy industry. Use only Enverus proprietary content By doing so, Instant Analyst ensures that the answers it provides are relevant, accurate, and easily verifiable.
Fortuna also notes that Enverus is considering using Enverus Fusion.TM Technology that enables customers to integrate data into the Instant Analyst knowledge base for specific uses. “this combination Increasing the number of data sources has the potential to further benefit our customers by enabling them to securely leverage sensitive data that only they own, while maintaining the high quality and accuracy that Enverus is known for. there is. ” he says.
Fortuna envisions the day-to-day tasks of employees being automated through AI technology. This has the effect that employees no longer have to be what we used to call them, freeing up their time to contribute more to things directly related to their area of expertise. As a software “power user”. He notes that efforts are already underway at Enverus to add his AI to his application, his company's proprietary software. “As a result, workflows that were previously the sole responsibility of ‘power users’ are now instead performed by people with little or no knowledge of how to use our software. “We think this could be a game changer and are putting a lot of effort into it,” he added.
Fortuna believes AI could also revolutionize a company's ability to deal with what is known in the industry as “massive workforce turnover.” The term reflects the reality that fewer and fewer young people are majoring in petroleum engineering, geology, and other important industry-related specialties, while at the same time hundreds of thousands of baby boomers are heading into retirement. used to represent Fortuna said AI is likely to help “bridge the knowledge gap between experienced and new employees,” allowing employers to retain and transfer knowledge within their organizations across generations. I think it will be helpful.
Interestingly, Fortuna says that forms of AI have been used in the oil and gas industry for years, but to make it happen you need to have the expertise to know what you're looking at. It is pointed out that there is. “If you didn't have a deep understanding of science, engineering, and statistics, you wouldn't have realized that artificial intelligence technology was used for certain very specific applications,” he says.
Machine learning is a specific area that has seen significant adoption in oil and gas in recent decades. “Some machine learning technologies have been used very effectively for problems related to seismic data that help identify where oil and gas deposits may be found deep underground,” Fortuna he points out. “In the power sector, other machine learning technologies have been used to predict power grid demand. Enverus has been at the forefront of both applications going back to the mid-1990s. Looking ahead to the next decade , the number of applications for artificial intelligence in the energy sector will explode.
conclusion
It's clear that AI is an exciting area, and if implemented ethically and properly, it has the potential to positively impact efforts in all sectors. When asked what we should expect to happen next in the oil and gas space, Fortuna says the answer is wide open.
“It's hard to say. We are in the very early stages of this technology, but we are already seeing amazing technological achievements,” he points out. “Just two years ago, I don't think anyone outside of the field of AI research could have easily imagined what is already possible today. What you think is obvious will soon become commonplace.”
It's a brave new world involving AI, and companies will need a lot of help to navigate it successfully.