Despite the increasing speed of technology and innovation that is pressuring the industry, oil and gas CEOs consider technological disruption as more of an opportunity, 2018 KPMG CEO Outlook: Oil & Gas, reported. Namely, AI and robotic solutions can create models to predict behavior or results more accurately.
In an earlier insight, marine energy consultancy Wood Mackenzie identified up to US$150bn in annual operating cost savings that could be achieved in the energy and natural resources sectors through digitalisation. In its latest research, Woodmac takes a closer look at the likely digitalization impact on the upstream sector, noting that the oil and gas industry has always been at the cutting edge of technological innovation.
As artificial intelligence emerges in a growing number of industries, the need to ensure safe use of AI has become a priority. DNV GL launched a position paper to advise on responsible use of AI, asserting that data-driven models alone may not be sufficient to ensure safety.
A new industry project in UK is set to explore the technical, regulatory and societal issues of using autonomous surface vessels, integrated with existing manned shipping operations, to support offshore wind farm operations and maintenance, as well as to develop a timeline for the phased introduction of autonomous vessels.
UK-based University of Aberdeen, WFS Technologies, and OGIC launched a joint technology project to design and construct the world’s first ExtremeEdge OLM (On-line Monitoring) system for offshore subsea and platform structures. The cooperation seeks to deliver the first generation of real time fatigue monitoring system driven by AI.
Aberdeen’s Oil & Gas Innovation Centre has invested £300,000 in three new projects, which aim to improve efficiency and reduce costs in the oil and gas industry. The projects include an Intelligent Hydrate Tool, a new remote monitoring and analytics system and a flow control device to identify changes in fluids.
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