Oil, Gas Companies Turn to AI to Cut Costs

Oil and gas companies are investing in artificial intelligence (AI) to help automate operations, anticipate equipment malfunctions, and boost fossil fuel production, while reducing costs.

For example, Norwegian firm Aker BP deployed an AI program from Texas-based SparkCognition to track data from sensors affixed to a well pump at an unmanned oil platform, and to detect glitches so engineers can intervene and avert shutdowns.

Earlier this year, Exxon Mobil partnered with Microsoft to install AI programs to optimize its West Texas Basin operations, and implemented an algorithm to draw actionable data from sensors monitoring its global refineries.

The algorithm sifts through data for problems and solutions, like the optimum hydrocarbon mix for generating specific petroleum products.

The oil industry's growing interest in AI is driven by falling data storage costs and machine learning innovations.

From The Wall Street Journal
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