The Oil & Gas Industry- How Partnering with Industry 4.0 will help?

The price of oil has shown slow growth since its 2014 wreck. Although the adoption of new technologies like directional drilling and hydraulic fracturing has improved yields, the industry remains to explore solutions to boost business, and many see AI as the answer.

1. The Exploration & Production (E&P) sector

It involves locating and extracting crude oil or natural gas. Most drilling and production wells dwell in isolated areas, and sending workers there raises expenses. The operational costs can be cut by utilizing sensors and the Internet of Things (IoT) powered by AI to manage data collection and system control in real time.

2. Safety

Retrofitting railcars and tracks with smart sensors and thermal detectors can give real-time geolocation data and monitor key safety characteristics to depreciate the risk of derailments. Pipelines with smart sensors can detect leaks quick and observe pressure, temperature, and any irregularities in the pipeline’s infrastructure.

3. Environmental concern

It's undeniable that climate change and the potential environmental risks go hand-in-hand with the oil and gas industry. Given the challenges in consolidating current technologies in the energy model, it is crucial that the existing methods and processes of exploration and production should grow to make the industry more productive and to minimize its latent environmental consequences.

4. The downstream sector

It includes oil refineries, petrochemical plants, petroleum product distributors, and natural gas distribution companies. This sector generates many products including gasoline, diesel, jet fuel, lubricants, plastics, fertilizers, natural gas, and propane. Downstream refiners must streamline their refinery and petroleum delivery operations to stimulate revenue growth. AI can build several technologies which can improve modeling speed and project financials through scenario analysis, dropping operating costs.

With the coming together of the Oil & Gas Industry and Industry 4.0, significant reforms and enhancements can be anticipated. Tvarit AI, Researchers, and Businessmen along with the government are eagerly looking forward to the same.

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