Artificial Intelligence can transform oil, gas sector- GECF

From optimising operations and enhancing safety to boosting exploration and sustainability, the connection between AI and the oil and gas industry is multifaceted and holds significant potential for transforming diverse aspects of the sector, according to the Gas Exporting Countries Forum (GECF).

At a recent workshop organised by the GECF, an array of renowned specialists from around the world explored the profound impact of AI and digital technologies on the energy sector and found practical applications of these technologies in the energy sector.

Mohamed Hamel, secretary general of the GECF said that although AI may seem like a relatively recent concept, its applications in the oil and gas sector have been in existence for a long period.

“Exploration, production, and marketing are domains where AI has made remarkable achievements. While we recognise the notable strides made in AI utilisation within the oil and gas industry, we must also acknowledge that the advent of large language models presents unparalleled opportunities,” he said.

Hamel added that we must also recognise the risks associated with AI, including data privacy and security concerns, potential bias and lack of reliability, regulatory compliance, and the displacement of certain job roles

According to the statement, the workshop was held at a time when the world is seeking sustainable energy solutions. Participants agreed that the integration of AI technologies has emerged as a catalyst for innovation and progress.

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Hamel further said that although AI may seem like a relatively recent concept, it is important to acknowledge that its applications in the oil and gas sector have been in existence for a long period. Exploration, production, and marketing are domains where AI has made remarkable achievements.

“In exploration, advanced algorithms and data analytics have significantly enhanced the accuracy of seismic data processing and interpretation, leading to more informed decision-making and improved success ratios,” the secretary general said.

“In production, AI-powered systems have streamlined processes, optimised drilling techniques, and enabled predictive maintenance, resulting in increased operational efficiency, lower environmental footprint, and reduced costs.”

In marketing, Hamel said that AI has facilitated customer analytics, demand forecasting, and targeted marketing strategies, thus enhancing business performance and competitiveness.

“While we recognise the notable strides made in AI utilisation within the oil and gas industry, we must also acknowledge that the advent of large language models presents unparalleled opportunities,” he said.

“However, we must also recognise the risks associated with AI, including data privacy and security concerns, potential bias and lack of reliability, regulatory compliance issues, and the displacement of certain job roles.”