The current epidemic has shown to the oil and gas sector how reliable enterprises can improve overnight. As we have seen in the case of Sharara Oil, the operations of the stations and refineries have been disrupted, resulting in an unplanned disruption. Due to the disconnection of supply chains, parts of the traditional source markets could not be reached on time, which delayed the necessary repairs. Border closure and unprecedented fall in demand have already severely hampered tight economic activity.
Not only are these conditions likely to continue in the short term but there are other challenges ahead. Supply deficits and concerns over hydrocarbon prices were forecast in the medium term, and oil demand could rise in two decades as demand for oil declines and pressure on climate change mountains.
In order to grow in this bold new world, oil and gas players must respond with a change of heart from the industry’s bold, road-breaking history. At AVEVA, we have a mission to help companies take advantage of existing opportunities, while striving to save lives and livelihoods for the companies and communities we serve.
Success in the post-epidemic world requires creative thinking and action. Here, two dynamic new technologies create a sustainable future for the oil and gas and partner industries and the world around us. These are artificial intelligence or AI and cloud computing.
AI is enabling better decisions
AI has been with us for over six decades. As it becomes more sophisticated, it will enable companies to improve productivity in a wide range of applications. With fully integrated data analytics, teams can use mathematical processes in all their activities. Thus, individuals are endowed with size and capacity: knowledge, intelligence, and the ability to identify new opportunities. AI allows people to make better decisions that improve the capacity of human resources – and even recommends action courses. Overall, McKensey predicts that it will drive 2% growth over the next decade – or $ 1 trillion a year.
Over the past 15 years, we have been using AI to increase the value chain for specific applications for forecast analysis in the AVEVA, maintenance and asset performance areas. For example, Aramco uses AI and advanced analytics solutions to help you avoid unplanned breaks in your various projects.
Blurred offers are connected perceptions
Use the cloud here and we can integrate independent products by integrating AI modules into a wider range of intelligence for better performance. Combined analysis comes with integrated systems. AI is able to produce more complex insights and recommendations for human resources to grow faster and less likely to make mistakes. If AI supports better decision making, the cloud is the glue that connects everyone.
When narrow AI is integrated into different products, it helps to expand the benefits of AI across the enterprise as opposed to the cloud. This vast AI leads to general artificial intelligence – the ability to make complex decisions using a combination of different types of AI, the ability to learn something in one place and apply it in another. General AI development is very sustainable, and the potential benefits are enormous. The lessons learned from resourcefulness can be applied to another class.
With COVID-19 transitioning to digital business models, the trend has accelerated, and we are now partnering with customers around the world to take advantage of those benefits.
Jim Chapel, IIA Global Director and Advanced Analyst, AVEVA