Applications of AI and Data-Driven Modeling in Energy Production and Marketing Processes

Abstract

Faster and more accurate decisions are what the Oil and Gas industry needs with the world's fast-evolving energy needs and economy. The area of Artificial intelligence and Data-driven modelling is relatively new and has not found popular application in the industry. AI is an emerging technology that can be used to predict event outcomes and automate anomaly-detection processes. The various applications of AI in different industries were researched into. This paper highlighted important processes that can be improved with the application of Artificial Intelligence through data-driven modelling. It also highlights areas in the various industries where AI intelligence is already being applied and ways it can be improved. AI and data-driven modelling has the potential to improve exploration accuracy, reduce production down-time, reduce cost of maintenance, and reduce health and safety risks. This body of information can serve as a guideline for adopting AI in the oil and gas industry. A trend of industry-tailored intelligence solutions would be more effective in the evolving energy industry.