Improving Offshore Platform Production With Artificial Intelligence

2021 ◽  
Author(s):  
Philippe Herve
Keyword(s):  
Artificial Intelligence ◽  
Carbon Emissions ◽  
Oil And Gas ◽  
New Technologies ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Carbon Neutrality ◽  
Oil And Gas Companies ◽  
Oil And Gas Sector

Abstract The oil and gas sector is facing a changing market with new pressures to which it must learn to adapt. One of the biggest changes in expectations is the increased focus being placed on carbon emissions. Many consumers, investors, and lawmakers see reforms to the oil and gas industry as one of the most important avenues toward reducing carbon emissions and curbing climate change, and accordingly, a large number of companies have already made ambitious pledges towards carbon neutrality. New technologies may offer the best avenue for oil and gas companies to reduce their carbon emissions and meet those neutrality goals. Digital technologies—and in particular, artificial intelligence—can aid in decarbonization even with relatively small investments, primarily by enabling large increases in efficiency and reducing unscheduled downtime and the need for flaring. This paper discusses how artificial intelligence-powered predictive maintenance can be applied to reduce carbon emissions, and a case study illustrating a real-world deployment of this technology.

Artificial Intelligence and Robotics in the Oil Industry: Will it Take My Job?

2021 ◽  
Author(s):  
Armstrong Lee Agbaji
Keyword(s):  
Artificial Intelligence ◽  
Oil And Gas ◽  
New Technologies ◽  
Oil Industry ◽  
Oil And Gas Industry ◽  
Human Robot Interaction ◽  
Gas Industry ◽  
Deep Dive ◽  
The Future ◽  
And Robotics

Abstract Historically, the oil and gas industry has been slow and extremely cautious to adopt emerging technologies. But in the Age of Artificial Intelligence (AI), the industry has broken from tradition. It has not only embraced AI; it is leading the pack. AI has not only changed what it now means to work in the oil industry, it has changed how companies create, capture, and deliver value. Thanks, or no thanks to automation, traditional oil industry skills and talents are now being threatened, and in most cases, rendered obsolete. Oil and gas industry day-to-day work is progressively gravitating towards software and algorithms, and today’s workers are resigning themselves to the fact that computers and robots will one day "take over" and do much of their work. The adoption of AI and how it might affect career prospects is currently causing a lot of anxiety among industry professionals. This paper details how artificial intelligence, automation, and robotics has redefined what it now means to work in the oil industry, as well as the new challenges and responsibilities that the AI revolution presents. It takes a deep-dive into human-robot interaction, and underscores what AI can, and cannot do. It also identifies several traditional oilfield positions that have become endangered by automation, addresses the premonitions of professionals in these endangered roles, and lays out a roadmap on how to survive and thrive in a digitally transformed world. The future of work is evolving, and new technologies are changing how talent is acquired, developed, and retained. That robots will someday "take our jobs" is not an impossible possibility. It is more of a reality than an exaggeration. Automation in the oil industry has achieved outcomes that go beyond human capabilities. In fact, the odds are overwhelming that AI that functions at a comparable level to humans will soon become ubiquitous in the industry. The big question is: How long will it take? The oil industry of the future will not need large office complexes or a large workforce. Most of the work will be automated. Drilling rigs, production platforms, refineries, and petrochemical plants will not go away, but how work is done at these locations will be totally different. While the industry will never entirely lose its human touch, AI will be the foundation of the workforce of the future. How we react to the AI revolution today will shape the industry for generations to come. What should we do when AI changes our job functions and workforce? Should we be training AI, or should we be training humans?

The Financial Significance of the Oil and Gas Sector for the Russian Economy

2012 ◽  
pp. 76-91
Author(s):  
L. Eder ◽  
I. Filimonova
Keyword(s):  
Oil And Gas ◽  
Federal Budget ◽  
Oil And Gas Industry ◽  
International Markets ◽  
Balance Of Payments ◽  
Financial Indicators ◽  
Gas Industry ◽  
Russian Economy ◽  
Oil And Gas Companies ◽  
Oil And Gas Sector

The article describes the complex of economic and financial indicators reflecting the results of Russia’s oil and gas industry in 2011. Price environment of the major energy resources with regard to their realization at the domestic and international markets is analyzed. Main indicators of economic performance of the oil and gas industry (revenue, profit, profitability) are reviewed with differentiation by companies. The authors consider the tax burden for the oil and gas companies; show their role in forming federal budget revenues. The paper presents the analysis of specialized funds and reserves that are formed at the expense of oil and gas industry sources; examines Russia’s balance of payments as well as revenues generated by oil and gas exports. The stock market structure of Russia and the world is described with consideration of particular oil and gas companies.

Digitisation will cut energy sector costs globally

2017 ◽  
Keyword(s):  
Artificial Intelligence ◽  
Oil And Gas ◽  
New Technologies ◽  
Oil Industry ◽  
Oil And Gas Industry ◽  
Added Value ◽  
High Tech ◽  
Gas Industry ◽  
Content Type ◽  
World Economic

Significance While many industries have been transformed by the development of such new digital technologies as data analytics and artificial intelligence, the oil and gas industry has been a laggard. That is starting to change as the industry looks to new technologies to help it become more efficient and productive. The oil price downturn, which has put a premium on cost cutting, has accelerated the move to take up new technologies. The opportunity is significant, with a World Economic Forum report (pdf) from earlier this year claiming that the industry could generate 1 trillion dollars in added value over the next decade by embracing digitisation. Impacts Local communities in oil-producing regions face disruption as digitisation reduces employment and puts a premium on high-tech skills. The oil industry will be a significant new market for tech firms working on artificial intelligence, machine learning and automation. Embracing new technologies could help the oil industry attract younger workers, a key challenge as a wave of older talent retires.

scholarly journals Problems of Innovative Development of Oil Companies: Actual State, Forecast and Directions for Overcoming the Prolonged Innovation Pause

Energies ◽  
2021 ◽  
Vol 14 (4) ◽  
pp. 837
Author(s):  
Yana Matkovskaya ◽  
Elena Vechkinzova ◽  
Yelena Petrenko ◽  
Larissa Steblyakova
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Graphical Analysis ◽  
Actual State ◽  
Innovative Development ◽  
Gas Industry ◽  
Oil Companies ◽  
Oil Sector ◽  
Oil And Gas Companies ◽  
Oil And Gas Sector

The study of the rates of innovative development of various sectors of the modern economy makes it possible to determine the existence of a scientific and practical problem, eliciting the need for urgent identification of the reasons for non-innovative development of Oil and Gas Companies and development of the directions for innovation development. Based on a number of methods, including methods of graphical analysis, time series forecasting, construction of linear trends, correlation analysis and scenario forecasting, the authors stated the fact of the serious depth of the problem of innovative insufficiency in the oil sector in comparison with other sectors and they built six scenarios for the development of these companies. The applied methods made it possible to not only come to the conclusion that with the current level of investment in R&D in the oil and gas sector, Oil Companies may find themselves in difficult conditions, especially if breakthrough technologies show themselves in the non-hydrocarbon energy of the future, but also made it possible to determine the most important directions for the development of Oil Companies, including the formation and development of the oil and gas industry 4.0, marketing strategic management of the activities of these companies.

scholarly journals Skill-relatedness and employment growth of firms in times of prosperity and crisis in an oil-dependent region

2021 ◽  
pp. 0308518X2110661
Author(s):  
John-Erik Rørheim ◽  
Ron Boschma
Keyword(s):  
Firm Performance ◽  
Oil And Gas ◽  
Employment Growth ◽  
Oil And Gas Industry ◽  
Relative Performance ◽  
Gas Industry ◽  
Positive Side ◽  
Oil And Gas Sector ◽  
Shed Light

Many studies have shed light on the positive side of relatedness, but little attention has yet been devoted to possible downsides of relatedness for firm performance in regions. We found in a case study of the oil-dependent Stavanger region in Norway that plants in industries that are skill-related to the dominant oil and gas industry showed lower employment growth than plants in other industries. This was the case both in the boom and the crisis periods, even when controlling for supply linkages to the oil and gas sector. However, we also found that plants skill-related to the oil and gas industry increased their relative performance during the crisis to some degree, but they did not outperform the non-skill-related plants during the crisis.

Effective Taxation Mechanism and Profitability in Fuel and Energy Industry: Case Study of Selected Oil and Gas Companies in Uzbekistan

2017 ◽  
Vol 4 (1) ◽  
pp. 29-33
Author(s):  
Sherzod Jalilov
Keyword(s):  
World Economy ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Energy Industry ◽  
Gas Industry ◽  
Optimal Balance ◽  
Oil And Gas Companies ◽  
The Impact ◽  
Model Based Analysis

Fuel and energy industry rules one of the well-positioned markets in the world economy which supplies planet’s most needed and limited resources with evergrowing demands. Being a marketable supplier and leading movement of large flows of capital requires being surely treated as a leading investor, employer, and taxpayer. Taxation of fuel and energy industry, especially oil and gas industry has been an irreplaceable source of revenue for oil and gas exporting economies. New taxation rules, methods, and types have been regularly introduced to keep an optimal balance between government and company to keep both fiscal and corporate stability. However, taxation always does not stimulate corporate stability and in most cases hinders expansion. Changes in taxation directly effect in profitability and perspectives of the company. This paper examined the impact of taxation on the profitability of oil and gas companies in Uzbekistan. Model-based analysis proved that tax factors negatively influenced the profitability of selected oil and gas companies.

Trends and Prospects of Development of the Oil and Gas Sector in the Context of Digitalization

2020 ◽  
Vol 26 (1) ◽  
pp. 35-45 ◽  
Author(s):  
A. G. Kazanin
Keyword(s):  
Oil And Gas ◽  
Digital Technologies ◽  
Oil And Gas Industry ◽  
Global Market ◽  
The Arctic ◽  
Business And Society ◽  
Gas Industry ◽  
Exploration And Production ◽  
Oil And Gas Sector

The modern oil and gas industry is heavily dependent on the processes and trends driven by the accelerating digitalization of the economy. Thus, the digitalization of the oil and gas sector has become Russia’s top priority, which involves a technological and structural transformation of all production processes and stages.Aim. The presented study aims to identify the major trends and prospects of development of the Russian oil and gas sector in the context of its digitalization and formation of the digital economy.Tasks. The authors analyze the major trends in the development of the oil and gas industry at a global scale and in Russia with allowance for the prospects of accelerated exploration of the Arctic; determine the best practices of implementation of digital technologies by oil and gas companies as well as the prospects and obstacles for the subsequent transfer of digital technologies to the Russian oil and gas industry.Methods. This study uses general scientific methods, such as analysis, synthesis, and scientific generalization.Results. Arctic hydrocarbons will become increasingly important to Russia in the long term, and their exploration and production will require the implementation of innovative technologies. Priority directions for the development of many oil and gas producers will include active application of digital technologies as a whole (different types of robots that could replace people in performing complex procedures), processing and analysis of big data using artificial intelligence to optimize processes, particularly in the field of exploration and production, processing and transportation. Digitalization of the oil and gas sector is a powerful factor in the improvement of the efficiency of the Russian economy. However, Russian companies are notably lagging behind in this field of innovative development and there are problems and high risks that need to be overcome to realize its potential for business and society.Conclusions. Given the strategic importance of the oil and gas industry for Russia, its sustainable development and national security, it is recommendable to focus on the development and implementation of digital technologies. This is crucial for the digitalization of long-term projection and strategic planning, assessment of the role and place of Russia and its largest energy companies in the global market with allowance for a maximum number of different internal and external factors.

Guest Editorial: Artificial Intelligence in the E&P Industry: What Have We Learned So Far and Where to Next?

2021 ◽  
Vol 73 (01) ◽  
pp. 12-13
Author(s):  
Manas Pathak ◽  
Tonya Cosby ◽  
Robert K. Perrons
Keyword(s):  
Artificial Intelligence ◽  
Science Fiction ◽  
Oil Recovery ◽  
Oil And Gas ◽  
Autonomous Systems ◽  
Oil And Gas Industry ◽  
Human Judgment ◽  
Gas Industry ◽  
The Media ◽  
And Function

Artificial intelligence (AI) has captivated the imagination of science-fiction movie audiences for many years and has been used in the upstream oil and gas industry for more than a decade (Mohaghegh 2005, 2011). But few industries evolve more quickly than those from Silicon Valley, and it accordingly follows that the technology has grown and changed considerably since this discussion began. The oil and gas industry, therefore, is at a point where it would be prudent to take stock of what has been achieved with AI in the sector, to provide a sober assessment of what has delivered value and what has not among the myriad implementations made so far, and to figure out how best to leverage this technology in the future in light of these learnings. When one looks at the long arc of AI in the oil and gas industry, a few important truths emerge. First among these is the fact that not all AI is the same. There is a spectrum of technological sophistication. Hollywood and the media have always been fascinated by the idea of artificial superintelligence and general intelligence systems capable of mimicking the actions and behaviors of real people. Those kinds of systems would have the ability to learn, perceive, understand, and function in human-like ways (Joshi 2019). As alluring as these types of AI are, however, they bear little resemblance to what actually has been delivered to the upstream industry. Instead, we mostly have seen much less ambitious “narrow AI” applications that very capably handle a specific task, such as quickly digesting thousands of pages of historical reports (Kimbleton and Matson 2018), detecting potential failures in progressive cavity pumps (Jacobs 2018), predicting oil and gas exports (Windarto et al. 2017), offering improvements for reservoir models (Mohaghegh 2011), or estimating oil-recovery factors (Mahmoud et al. 2019). But let’s face it: As impressive and commendable as these applications have been, they fall far short of the ambitious vision of highly autonomous systems that are capable of thinking about things outside of the narrow range of tasks explicitly handed to them. What is more, many of these narrow AI applications have tended to be modified versions of fairly generic solutions that were originally designed for other industries and that were then usefully extended to the oil and gas industry with a modest amount of tailoring. In other words, relatively little AI has been occurring in a way that had the oil and gas sector in mind from the outset. The second important truth is that human judgment still matters. What some technology vendors have referred to as “augmented intelligence” (Kimbleton and Matson 2018), whereby AI supplements human judgment rather than sup-plants it, is not merely an alternative way of approaching AI; rather, it is coming into focus that this is probably the most sensible way forward for this technology.

EBITDA and DACF multipliers as an indicator of investment attractiveness of domestic vertically integrated companies

2021 ◽  
Vol 20 (4) ◽  
pp. 718-752
Author(s):  
Oleg V. SHIMKO
Keyword(s):  
Oil And Gas ◽  
Stock Exchange ◽  
Oil And Gas Industry ◽  
Financial Economic ◽  
Consolidated Financial Statements ◽  
Gas Industry ◽  
Debt Burden ◽  
Fixed Assets ◽  
Settlement Agreements ◽  
Oil And Gas Companies

Subject. The article addresses the EV/EBITDA and EV/DACF ratios of the twenty five largest public oil and gas corporations from 2008 to 2018. Objectives. The purpose is to identify key trends in the value of EV/EBITDA and EV/DACF ratios of biggest public oil and gas corporations, determine factors resulted in the changes over the studied period, and establish the applicability of these multipliers for assessing the business value within the industry. Methods. I apply methods of comparative and financial-economic analysis, and generalization of consolidated financial statements data. Results. The study revealed that EV/EBITDA and EV/DACF multiples are acceptable for valuing oil and gas companies. The EV level depends on profitability, proved reserves, and a country factor. It is required to adjust EBITDA for information on impairment, revaluation and write-off for assets that are reported separately from depreciation, depletion and amortization costs, as well as for income or expenses arising after the sale of fixed assets and as a result of effective court decisions or settlement agreements. It is advisable to adjust DACF for income, expenses and changes in assets and liabilities, which are caused by events that are unusual for oil and gas companies. Conclusions. The application of EV/EBITDA and EV/DACF multiples requires a detailed analysis and, if necessary, adjustments of their constituent components. However, they are quite relevant in the context of declining profitability and growing debt burden in the stock exchange sector of the global oil and gas industry.

Mining the air: Political ecologies of the circular carbon economy

2021 ◽  
pp. 251484862110614
Author(s):  
Holly Jean Buck
Keyword(s):  
Fossil Fuels ◽  
Oil And Gas ◽  
New Technologies ◽  
Oil And Gas Industry ◽  
Carbon Utilization ◽  
Gas Industry ◽  
The Public ◽  
Fossil Carbon ◽  
Political Ecologies ◽  
Carbon Economy

Can fossil-based fuels become carbon neutral or carbon negative? The oil and gas industry is facing pressure to decarbonize, and new technologies are allowing companies and experts to imagine lower-carbon fossil fuels as part of a circular carbon economy. This paper draws on interviews with experts, ethnographic observations at carbontech and carbon management events, and interviews with members of the public along a suggested CO2 pipeline route from Iowa to Texas, to explore: What is driving the sociotechnical imaginary of circular fossil carbon among experts, and what are its prospects? How do people living in the landscapes that are expected to provide carbon utilization and removal services understand their desirability and workability? First, the paper examines a contradiction in views of carbon professionals: while experts understand the scale of infrastructure, energy, and capital required to build a circular carbon economy, they face constraints in advocating for policies commensurate with this scale, though they have developed strategies for managing this disconnect. Second, the paper describes views from the land in the central US, surfacing questions about the sustainability of new technologies, the prospect of carbon dioxide pipelines, and the way circular carbon industries could intersect trends of decline in small rural towns. Experts often fail to consider local priorities and expertise, and people in working landscapes may not see the priorities and plans of experts, constituting a “double unseeing.” Robust energy democracy involves not just resistance to dominant imaginaries of circular carbon, but articulation of alternatives. New forms of expert and community collaboration will be key to transcending this double unseeing and furthering energy democracy.

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